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Key Terms To Know When Buying A Home In Bangladesh

Key Terms To Know When Buying A Home In Bangladesh

April 18, 2021

Investment in buying a home in a developing country like Bangladesh is an excellent decision. When you buy a home for business purposes, it is undoubtedly one of the best decisions in our opinion. At the same time, nothing can be better than having a sweet home for living. So, buying a home for living and business purposes signifies the same importance.

But all of your investment and effort might not give you back the better thing in the future if you don’t have a clear idea of some key points while buying. That is why some important key terms to know when buying a home in Bangladesh are necessary for you. So, move on to the discussion without wasting time.

Key Terms To Know When Buying A Home In Bangladesh

You have to think, you are going to invest a healthy amount for a real estate property. So, you shouldn’t invest without understanding a single important fact for this purpose. So, understand and apply all the following points before purchasing a house finally.

Appraisal

An appraisal is necessary for knowing the actual price value of the property. It is done after calculating many factors such as the quality of the property and compared the price of the home nearby. Usually, this task is done by a professional and licensed appraiser. Usually, this is done by the bank or housing company that gives you the loan. It helps you to determine the actual price value of the home.

Inspection

After that an inspection is also necessary and an important key point for buying a home. Inspection by a general person and inspection by a professional has a sky-high difference. It also should be done by a professional inspector. Usually, the inspector tries to find out all things which are of the best quality and which need repair or upgrade. You know, a home needs different kinds of material and workers of a different category to be made. That is why, without a professional inspector, it is nearly impossible to find out any issue.

Transaction Method

Sometimes this becomes a major issue if it is not discussed in the past. The way you feel comfortable with the transaction, others might not have an interest in it. So, discuss with the person to choose your convenient transaction method in which both you feel comfortable.

Closing Costs And Down Payment

When the buyer and customer sit together with all documented files to finalize the deal then it is called the closing. At that time, both parties set an amount that is received by the seller and hand over the property. This amount is called down payment.

After finalizing the deal and completed the down payment, the other expenses are usually paid such as lender fees, appraisal fees, taxes, etc.

Commission of Real Estate Agent

It is a good idea to consult a good real estate company such as GLG ASSETS LTD as the company helps you a lot. Definitely, a fee is charged by the real estate agent. In many cases, the real estate agent gets commission from both sides (buyer and seller).

Debt To Income

It is a ratio actually between your monthly debt and income. The lender will calculate your all debt including the monthly housing debt and then it will be compared with your monthly income. Then they compare these two factors and decide if you are eligible to get a loan or not!

Equity

It is the amount that remains after subtracting the mortgage loan from the actual price value of the house. All lenders will try to burden you with more interest. So, it is always best for you if you have more equity.

For Sale By Owner

You may have seen many advertisements for houses that are going to be sold by the owner directly. The owner knows his property top to bottom, but you? Primarily you know nothing. We advise you to consult with a real estate company to take all responsibilities. You know, GLG ASSETS LTD is always ready to help you in such a way.

Pre-Approval Letter

It is very important to check this letter before getting the loan from the bank. The bank will give you a letter just before giving you the loan for buying the house. In that paper, all information will be written about the amount you are getting, interest, duration of the mortgage, and all others. Check the letter carefully and read every word.

Other Important Factors To Consider

Almost every buyer tries to understand all the mentioned points above. And most of cases they forget to consider the following matters. So, it’s our request to pay attention to the following points before buying a home in Bangladesh.

Invest In Luxury Apartment

We know, everybody tries this but always it might not possible. But we advise you not to invest in any apartment anywhere if you expect a good return from it. Think it is the time of globalization and Bangladesh is an important part of it. The possibility of getting a maximum return is obviously more in a luxury home or apartment than an ordinary house.

Inspect The House Inside

You have to understand the thinking of your targeted customers. What is their expectation? That is why you should take a decision after knowing how many bedrooms the apartment or house has? You also know all about the house inside for example dining room, bathroom, kitchen, balcony, fireplace, and others.

The Facilities You Will get

If you can provide more facilities you can attract more buyers. Ask yourself, does the house have a playground for kids? Does it have a fire extinguisher? Does the house have a fire exit? What is the service policy? Get all answers to the questions then you can understand.

Rules And Regulations

It is applicable when you are going to buy an apartment or a portion of a house. The house definitely has a homeowners association. Of course, you will be the owner of the property (if you buy) but you and other should follow the rule and regulations those are taken by the homeowners association. Before moving on, know the rules and regulations of the house to understand are they comfortable for you or not!

Final Words

More or less these are the key terms to know when buying a home in Bangladesh. Hopefully, you understand and think of every single point before making the final decision. We know, in some cases you might not understand or may get confused about some matter. Don’t hesitate to come to GLG ASSETS LTD for any help in this regard. The company has been working for many years to give you such a helping hand that no one had offered you before.