What is the first step when I want to buy a property?
What is the first step to buy a property? Here with all Bangladeshi Property Markets, we have come up with 5 key steps to help your purchase process:-
1. Working out your budget
It is very important to work out how much you can afford to spend on a property and it depends on whether you are a first-time buyer or already own a property. If you already own a property you have to consider if you can cope with higher mortgage payments and the cost of moving (stamp duty fees and conveyancing fees). As a first-time buyer you need to have saved a deposit of at least 30% of the property value. But according to Bangladesh Bank Regulation you can borrow a maximum of 2 (two) crores from any government banks but any private bank can give as much money as you need based on your financial conditions and credits and eligibilities. You also need to consider having extra savings for the moving costs. Lenders usually agree to offer you a mortgage 4 to 6 times your income (if you are buying alone) or 2 and a half times combined income (if buying together). Seek professional help if you are unsure how big of a mortgage you are eligible for. A broker will help you secure a mortgage in principal. In principle is when a lender provides a document of how much they are prepared to lend you. This provides sellers reassurance that you are ready to buy. However, we can guarantee a 100% success in procuring loans for our clients. Please make an appointment with our ExpoTech Teams.
2. Put in an offer
When you have found a property you would like, you will have to put in an offer. You shouldn’t rush and accept the asking price, first do some research and find out how much other similar property in the same area go for. After, think about any potential disadvantages which could encourage the vendor to accept your offer price.
3. Start the conveyancing process
Once your offer has been accepted, you will need to instruct our ExpoTech Properties Ltd legal team to carry out all the legal work to transfer the property under your name. We will do the register bayna for you. We will arrange the surveys of the property on your behalf. Your mortgage lender will want a valuation of the property to make sure it is worth the price. Some lenders will cover this cost themselves but if not, you will pay the fee depending on your new property. A more in depth property survey may highlight any potential issues with the property such as damp. If the report shows major repairs you could reduce your offer to reflect the cost of repair. Our structural engineers will do a structural survey of any property whether old or new for our clients. We do not want to see a situation that after buying a property, a major issue of structure, Gas leaks; Water & Sewage issues props up.
4. Exchanging contracts
ExpoTech Legal Team should let you know once they have conducted all the searches and have received all the information they require from the vendor. The mortgage lender should also provide you with a firm offer. Now, you should be able to exchange contracts. You will have to sort out buildings insurance for your new home which starts on the date of exchange. When you exchange, you will agree a completion date which is when you will move into the property.
5. Completion and sorting out your move
Completion is when you hand over the funds required to buy the property. ExpoTech Legal Team will arrange it on your behalf and you will usually be charged for this a small telegraphic fee, whatever the bank changes. You will have 30 days to pay any Stamp Duty owed and again ExpoTech Legal Team should arrange it for you. They will also register your property on Land Registry. As soon as you know your completion date you can start to plan your move. Book a removal company as soon as possible and think about any issues with furniture you might have. Work out what items you need to buy to decorate your new home as some might take weeks.
What is the first step when I want to Sell a property?
Our ExpoTech Properties Limited team have street by street knowledge of each individual street within new and old Dhaka which makes us the local experts. Our valuations are accurate and always reflect the market at the time, plus we vet every buyers to ensure they are committed and ready to proceed.
With 80% of our properties going Under Offer within 3 to 6 months, we thrive on getting properties to market quickly and effectively using all the usual marketing techniques and more.
Immediately on instruction from you, our most valuable clients, you will become part of our ExpoTech Properties Limited journey with recommendations on mortgage advisors, solicitors, removals companies as well as tips on how to get your property photo ready and advice on how to ensure the selling process can run as smoothly as possible.
What can I expect after instructing ExpoTech Properties Limited to sell my property?
Firstly, we prepare your ‘Sales Pack’. This service is completely free and maximises your chances of a timely and successful sale as well as reducing the time to draft a contract and ultimately reduces the likelihood of your transaction falling through.
We offer this as part of our standard service for all our clients that sell their home or plot of land or flat through ExpoTech. Experience has taught us that having this foresight saves sales and reduces stress.
Guide to Selling
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Get An Accurate Valuation
Find out exactly how much your home, or plot of land or flat or shop is worth, call our sales team and book an appointment for them to come round, take a look at your property. We can then provide an accurate idea of what your property is worth. Prices from Real Estate agents may vary, ExpoTech will happily match a higher valuation however please do chat to our team about the implication this might have in terms of length of time your property is on the market, and how buyers may perceive this.
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Instruct Your Agent i.e. ExpoTech Properties Ltd.
You will normally have two options, sole agcy or multiple agency. Sole agency will mean you instruct one agent only, this will normally mean a smaller fee, more personal service, and a tailored marketing campaign to ensure the right information hits the market at the right time. Multiple agency is when you instruct more than one agent. This may mean a higher fee and the complications of managing more people.
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Get Marketing!
All Real Estate Agents market in different ways, here at ExpoTech we ensure every property hits the market and portals with professional photos and 3D Video tours within 24 hours of instruction. We believe time is an essence and time is money. We don’t waste both.
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Viewings
Get your property ready for viewings, de clutter and make the right impressions. We have plenty of tips on our Blog page – How To Refresh Your Home! ExpoTech Properties Ltd offer a Pre-Viewing clean prior to viewings as part of our service. Viewings will take place at your convenience however we advise our sellers to vacate the property when viewings take place to give the buyer comfortable time to look around with zero pressure.
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You’ve Got An Offer
We put over EVERY offer we receive to you both verbally and writing. We will of course advise whether we feel it is an offer you should consider but obviously the final decision is yours. Before we send offers over we will check the buyer’s ability to proceed and also collect information about their current situation in terms of mortgage/speed to move etc.
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Offer Agreed
Once you receive an offer we will do the following:
• Prepare a memorandum of sale
• Write to all parties to confirm the agreed price
• Ask you to confirm your decision in writing either on WhatsApp, emails or texts.
You will then agree on dates for the survey on your property and exchange of contracts. -
Exchanging Contracts
The following has to be completed before contracts can be exchanged, ExpoTech Legal Team will be managing this for you:
• Preliminary enquiries following receipt of draft contract
• Issues in the Lease
• Local Search
• Fixtures & fittings to be included in the sale
Normally 10% of the Sale price is moved across to your solicitors account in order to exchange. -
Completion
This is when the final remainder of the monies is transferred from the buyer’s solicitors to your account. Once the monies are cleared your buyers can pick up the keys.
