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When it comes to Dhaka flats, renting is not everyone’s cup of tea, you are at the mercy of the landlord’s decision about renovations and rent. At the same time, if you are a property owner you may be stuck in a home loan with high interest and not have the same flexibility as renters.
So, is it better to rent or buy a flat in the Dhaka real-estate market? In this article, brought to you by BestBari we explore this age-old housing debate. Without further ado here are the pros and cons of renting vs buying a flat in Dhaka.
Pros – Renting a flat in Dhaka
- More affordable:
Renting is generally more affordable than having to purchase a home and pay off a mortgage vs paying rent. Since renting can be more affordable, it could mean you have a wider choice of which location you would like to live in. In addition, renting may free up your savings, which you can use to invest in other type of assets.
- Less maintenance:
Renting is does not usually involve much upkeep or maintenance, other than keeping your flat tidy for landlord inspections and repairs. It also means its cheaper for you since you won’t have to contribute to the building and maintenance costs.
- More flexibility
Renting also means more flexibility. When you rent, you can easily relocate from flat to flat in different areas if you want, right after your rent lease expires. This can be attractive for those in Dhaka that need to move from home to home due to their career or education.
Cons – Renting a flat in Dhaka
- No investment returns
When you buy a flat in Dhaka, you will likely pay off your home loan at some point. However, at least it is going towards an investment that you own and as flat prices in Dhaka increase you may miss out from getting in the property market altogether. As the common saying goes, “rent money is dead money”.
- Limited freedom
Another significant disadvantage of renting is the lack of freedom you have to do things to your home. For example, when you rent you don’t have the option to paint your walls or change your bathroom fittings or drill holes for hanging up paintings, you will likely need landlord approval before making changes to the flat.
- No forced savings
When you buy a home and have a home loan, the mortgage repayments are similar to a regular savings plan as you regularly pay off your liabilities and save more in interest. Renting doesn’t really encourage forced savings and it can be tempting to spend the funds rather than save or invest it.
Pros – Buying a flat sale in Dhaka
- Stability and freedom
Buying a flat can give you stability and freedom, knowing that there is no risk of the landlord kicking you, not approving requests or suddenly increasing your rent. Living in your own flat also gives you the freedom to renovative and decorate your home as you please.
- Rising flat prices in Dhaka
Dhaka is one of the fast-growing cities in South-East Asia and the demand for accommodation is increasing day by day, making apartments in Dhaka more expensive. Depending on the location, property generally increases value in the long-term and having an asset increase in value overtime is appealing to many people and for their families.
- Build equity:
Following from the previous point made above, owning a flat can increase its value overtime and you can use this additional value known as “equity” to buy more flats or invest in other investments. If the value of your Dhaka flat is increases over time, as you pay off your mortgage gradually, your equity will also be increasing.
Cons – Buying a flat sale in Dhaka
- Mortgage and interest
When buying a flat in Dhaka, most people apply for a home loan and the interest and fees can substantial over the long-term, especially with higher interest rates. Thanks to BestBari has done the hard work and research for you to find the very best interest rates, discounts, processing times across different banks and financial institutions to help finance your ideal flat sale in Dhaka. BestBari has exclusive partnerships with banks and financial institutions and we can offer you competitive home loans to make your dream home into a reality. Please contact our friendly home loan specialists and feel free to use our free home loan calculator tool.
Buying a flat in Dhaka can also be expensive since given Dhaka’s booming population growth. Thanks to BestBari you can research and compare from many high-quality property listings on our marketplace webpage to find the cheapest Dhaka flat prices in the market. In addition, BestBari has a wide access to a trusted network of high-quality real-estate relationship managers and property developers who can help you research and compare the best prices on discounted price within your budget. Click this link to be connected to one of our trusted property consultants free of charge.
It is fair to say that purchasing a flat in Dhaka can also be a challenging and daunting experience, especially as the competition to find a good-quality flats in Dhaka are getting more fierce and high-quality property listings are becoming scarcer in supply. There is also the countless amount of legal and paperwork involved in the process. BestBari can eliminate this unnecessarily complexity and administrative burden for you to one of our friendly legal specialists who will provide you VIP service through the end-to-end process. Please contact us and one of our friendly property relationship managers will contact you to directly to set up an appointment with a legal specialist to assist throughout the purchasing process.
Overall, the decision to buy or rent is not a simple one. There are different pros and cons as discussed in this articles and at the end of the day, it’s a very personal decision with different factors to consider such as finances, family needs and investment goals and risk appetite. Doing your own market research and speaking with a specialist is always a good idea. Consider engaging a property buyer’s agent from BestBari by contacting us to help you get the best Dhaka flat prices with our trusted network of real-estate agents.
On behalf of BestBari we wish you the best of luck with either renting or buying your dream home in Dhaka. We hope you found this article useful and if you enjoyed the guide please visit our News and Articles page, including our article Pros and Cons of Living in Dhaka Flats
We wish you the very best and hope you find your perfect flat in Dhaka!