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The population of Dhaka is getting higher each and every day and its evident that flats in Dhaka are becoming more and more crammed due to population growth and migration into Bangladesh’s capital city. There are now only a few places left to construct new apartments, unless people decide to live in used flats in Dhaka.
Between new and old flats in Dhaka, which one is the better buy? Although there is no right or wrong answer, it really comes down to your own unique needs and wants. Thanks to BestBari, we have compiled a list of advantages and disadvantages of buying new vs. old flats so you can make an informed decision before you buy a flat in Dhaka.
Advantages of Buying a New Flat in Dhaka
- Attractive rental market: New flats are popular with tenants, since they are move-in ready and often feature high quality end fittings and amenities such new gym, pool and lifts. From a pure investment perspective, new flats generate more interest on the rental market.
- Structural engineering: Lower New flats usually lead to less building and maintenance costs since the foundations and structural engineering of the property are sound. New apartment buildings are usually built with new material and the structure of the building is engineered using the latest technology and architecture.
- More outdoor space and parking: New flats generally include outdoor space and also secure parking. Some of the newer flats in Dhaka include a nicely designed courtyard, with upper levels including spacious balconies with city views.
Disadvantages of Buying a New Flat in Dhaka
- Expensive to maintain: Although new flats in Dhaka have more amenities like new swimming pools, gyms and lift, they are not cheap to service and maintain since all flat-owners will need to contribute to the up-keep and maintenance, which can become very expensive.
- Limited interior space: older flats are often bigger, since the property developers in the past had the permit to purchase more land to build more spacious apartment. However, with the mass migration and scarcity of land in Dhaka, it has become harder to source floor plans with a lot of space that used flats usually have.
- Undesirable floor plans: Dhaka is a highly desirable city to live in, so it is has become difficult for property developers to purchase any sort of land. With the limited land size, many property developers have they have been forced to work with undesirable floor plans and layouts which may not be ideal for a new home buyer.
Advantages of Buying a Used Flat in Dhaka
- Older flats are often cheaper: Buyers with limited budgets are more drawn to older flats, which are often cheaper than newly constructed flats. This also means there are more flats to choose from within a certain budget.
- Added value: You can use the money you can save by buying a used flat, rather than a new flat to upgrade it for renovations. Please read our article on Simple ways increase the value of your Dhaka flat.
- Lower maintenance costs: Used flats are usually cheaper to maintain than new flats. With a used flat in Dhaka, you will avoid paying for high maintenance costs relating to fixing swimming pools, gyms and new lifts.
Disadvantages of Buying a Used Flat in Dhaka
- Potential structural issues: older buildings may have structural problems such as concrete issues, problems with plumbing and leakage which are expensive to fix and maintain.
- Warranty risk: A big risk with used flats is that there is no third-party warranty for the actual condition of the flat. With newer flats, there can be warranties in place as part of the purchase contract which older flats may not offer.
- Lack of technological advancements: modern-day flats are far more advanced and smarter than flats in older builders. For example, there are smart switches, windows and appliances operated using Wi-Fi and Bluetooth installed in newer apartments.
There are many advantages and disadvantages when it comes to buying a new or used flat in Dhaka. As a home buyer, you will need to weigh up the pros and cons to make the right decision according to your needs and wants for your ideal property purchase.
On behalf of BestBari, we hope you have found this article helpful to understand the pros and cons of a buying a new vs used Flat in Dhaka. Please visit our News and Reviews page for more useful articles like Why Invest Real Estate in Bangladesh. We wish you the very best and hope you find your perfect flat for sale in Dhaka!