September 19, 2024, 10:12 pm
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From Renter to Homeowner: Navigating the Realities of Buying in Dhaka
Saiful Haque
- Update Time : Tuesday, September 17, 2024
For years, the e idea of owning a home in Dhaka was more a distant dream than a was mo practical goal for many young professionals. With rapidly rising property prices and high living costs, the balance between renting and owning a home has become more complex. While purchasing a home seems like the ultimate goal, there are significant es to cross, especially pecially for those on a tight budget. hurdles t
As someone who grew up in Dhaka, I’ve always been aware of the city’s vibrancy and opportunities, but also the challenges that come with living here. Owning aa home felt like a natural step forward as I transitioned from my early career into something more stable. But the process of buying a home has been anything but simple.
The Myth of “Renting is a Waste of Money”
We’ve all heard it before: “Why pay rent when you could use that money toward owning your own place?” The idea is appealing, especially with rent prices increasing in areas like Gulshan, Banani, and Dhanmondi. However, what many don’t tell you is that the upfront costs of buying a home in Dhaka are far from affordable for most young professionals
To put down even 10% to 20% for a decent-sized apartment in central Dhaka is a huge financial commitment. Additionally, closing costs and fees for legal services, property registration, and taxes add up. I was fortunate enough to find a seller who needed to move quickly, which allowed me to make an offer slightly below market value. Still, the overall costs were much more than I had anticipated.
Homeownership Is Expensive-Even After You Buy
After the purchase, I thought the hardest part was over. I was wrong. The costs associated with renovating is significantly higher than the rent I was used to paying, and while it feels great to invest in my future, I underestimated the ongoing expenses that come with homeownership.
From repairs and maintenance to property taxes, there are so many additional costs that renters never have to worry about. I also quickly realized that all the renovations dreamed of would need to wait, as my budget couldn’t accommodate everything at once.
Tackling Renovations on a Budget
While my new apartment gave me the freedom to renovate and design however I wanted, the financial reality was a hard pill to swallow. I had plans to upgrade the
kitchen, remodel the bedrooms, and even replace the old windows for better insulation. But renovations in Dhaka aren’t cheap, and finding reliable contractors can be a challenge.
I decided to focus on small, impactful changes first. One of the first projects I tackled was the bathroom-completely gutting it and starting from scratch. This was the most exciting part of the process because, for the first time, I could design something that was completely mine. Still, I had to make compromises, opting for more affordable materials and labor to stay within my budget.
For other rooms, I used renter-friendly DIY tricks to make them feel more personal without committing to full renovations. Peel-and-stick tiles for the kitchen, a fresh coat of paint, and some new fumiture transformed the space without breaking the bank.
Was It Worth it?
There were moments when I wondered if I made the right decision. The financial pressure, coupled with the time and effort required to manage renovations, made renting seem much simpler in hindsight. If I had continued to rent, I could have saved more money and avoided the stress of homeownership.
But now, as I look around at the space I’ve created, I feel a deep sense of satisfaction. While the journey wasn’t easy, there’s something special about knowing that every decision from the paint color to the tile pattern was mine.
Renting or Buying: What’s Right for You?
For those living in Dhaka and contemplating whether to rent or buy, it’s important to evaluate your financial situation, long-term goals, and lifestyle preferences. Renting allows for flexibility and less responsibility, but owning a home, despite its challenges, offers the freedom to truly make a space your own.
In the end, both paths come with their own set of advantages and disadvantages. If I could go back, I might consider renting for a bit longer to save more. However, owning a home has brought me a sense of stability and pride that I didn’t expect. The key is to be prepared for the realities of homeownership and make the decision that’s best for you.
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