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At the present, in the year 2020, Dhaka City is one of the most densely populated city in the world and with the rising number of people, we can also see an increase in the numbers of Residential Apartments in every corner. Yet, many finds it difficult to make the final decision when buying their very own Apartment. Let us explore why this uncertainty arises and how to overcome it in order to make the purchasing easier for all.
Before diving into the main topic, it is required to know where one stands as a buyer in the real estate industry. According to acclaimed Real Estate Expert, Mr. Amit Chakrabortty (CMO, Suvastu Properties Ltd.), Buyers in the Real Estate Industry can be primarily segmented into three categories, namely:
And, it is natural that the First Time Buyers faces the dilemmas the most, but it can prevail for the others as well. Questions arises as there are a lot of factors to be considered when buying the perfect dream home and at the same this, one needs to know whether the right price is offered for the product.
Think about any other products, if you know the rate and the unit of measurement, you can easily calculate the price. If you know what determines the price of that product then you can be assured before buying it. The same is possible for Real Estate and you can easily decide whether to invest in a certain property.
One thing is certain, that the amount to be spent to buy an apartment is huge as compared to that of any other products, and the return of benefit exists for lifetime as well. Hence, we often refer to this purchase as “Investment” in Real Estate.
Now let’s have a look at some of the key aspects which determine the price of an apartment:
Of course, the price of the raw materials plays a vital role in the pricing. It is understandable that the price is the lowest at the primary stage of the project development, and as the construction work progresses the price increases at different stages thus, it is wise to buy at an early stage.
After you determine the price, you can find out the ‘per square feet’ rate of the apartment. After that you need to investigate what will be the rent for that apartment. From that calculation, you can find out how long will it take to recover or in other word, to reach the break-even point, normally, 12-16 years to reach the break-even point is considered as a good return on investment in the real estate industry.
Most of the time, the cost per square feet for apartment increases due to the brand value and the promises and security that comes along with it. This is critical because sometimes, lower cost per square feet than the market value might cause a compromise in some of the other factors.
Suvastu Properties Ltd. always practices a transparent business policy in the Real Estate Sector, where they arrange an open discussion with the clients and regarding the costs, quality and other related features.
by Siam Mim