Pros And Cons of Buying A Used Flat In Dhaka

As per the current population of Bangladesh, it is very evident that apartment buildings are crammed into this city wherever there is open space. There is no one to blame as the population is increasing day by day. Moreover, there is a continuous migration of people coming to the capital in search of better living. So, one way or another, Dhaka has to provide shelter for these people. As there are hardly any open places left in the city to construct new apartments in, many people choose to buy a used flat in Dhaka as an alternative. If you thought there were too many things to consider before renting an apartment, you may feel overwhelmed by the  massive debate on the advantages of used flats. Here at Bproperty, we took the liberty to weigh out the pros and cons of buying a used flat in Dhaka.

advantages of used flats

A Used Flat offers A Better Deal

There are a couple of key advantages of used flats and there can be two ways of explaining them. You can buy a flat for residential purposes, or you can buy it as an investment to sell it off at a higher price later. If you are a savvy to the latter choice, then buying a used apartment is a good deal. The reason is, a used flat in Dhaka is always sold at a lower rate than the market price. Therefore, if you buy an apartment right now, you may find it comparatively less expensive. With time, property prices tend to appreciate, and then you can sell it off at a higher price (which will be lower than the market price at that time). Just make sure to check the quality of the apartment you want before confirming your decision to buy an apartment.

Added Value For The Price

There is a fair chance that if you buy a used flat in Dhaka, it has already gone through some form of renovation. It could be wall paint or floor tiles. Maybe the developers replaced bathroom fittings or added an extra cabinet in the kitchen. All these  are definite advantages of used flats and add value for the price you will pay. Still, that will be lower than the current market price.

Easy Going Negotiations

If you are going to buy a new apartment for the first time, you may go through some common stages everyone goes through when buying real estate. You may likely try to buy it from developers. The reason is, developers are professionals and they know more about the value of the property. On the other hand, usually, the previous owners of a used flat in Dhaka take responsibility for selling their apartments. In that case, the market becomes unstructured as they hardly know about the property price. This increases the chances of getting a great deal.

disadvantages of used flats

Adaptability With Modern Features

Modern-day apartments are much more advanced, having been built with higher-quality materials. They are more earthquake resistant, power backup facilities, elevators, fire extinguishing plans and other safety & security measures. If you buy a used flat in Dhaka, you might not be able to enjoy all these facilities which direly adds to the list of disadvantages of used flats. Alternatively, even if you somehow manage to do so, it may cost you a fortune.

A Silent Scream For An Upgrade

You might feel satisfied with the price, but when you finally move in, you will start to think that you need an upgrade. The disadvantages of used flats may affect you less depending on how determined you are. If you are not, it is worth it to invest in a new flat rather than dealing with the silent scream in your mind.

Depreciation Factor

You cannot avoid this issue if you plan to buy any apartment, let alone a used one. Everything we buy is perishable. Some depreciate at a faster rate than others. Picking the right apartment floor is also something to consider that can add or subtract from depreciating factors. Many people prefer to buy brand new flats directly from developers to avoid these extra calculations and worries of depreciation on properties. So, if you buy a used flat in Dhaka, it may already have exhausted a significant portion of its time of value; leaving you in a less than appealing situation.

In the end, the choice is yours. From Bproperty, we tried our best to provide the critical advantages and disadvantages of used flats. Hopefully based on this, you will be able to make a better decision. Happy apartment hunting!