Buying your first apartment can be a major decision to make. It is exciting, as well as intimidating, trying to sort out the best apartment in Kathmandu that fits your lifestyle. From more affordable apartments situated far away from city areas to luxurious homes in major city areas, there is a wide range of options. You need careful planning and thorough research in order to make the right decision as a first-time buyer. This guide is here to walk you through the process of buying an apartment in Kathmandu, from market awareness to finalizing the purchase and moving into your peaceful home.
Buying an Apartment in Kathmandu: Where Do You Start?
Kathmandu is one of those growing cities that have a continuously developing real estate market. These years have seen a marked rise in demand for apartments due to urban migration, infrastructural investment, and a rise in the buying capacity of people. Whether it is a cozy apartment in the heart of the city or a spacious unit in some quiet suburb, it’s important to start your journey with a clear understanding of your goals and the market landscape.
Here are some key factors to consider before you start your apartment hunt:
1. Location is Everything
Kathmandu’s neighborhoods offer different lifestyles, and the location you choose to live in will make a big difference in your daily life. What you should ask yourself?
Do you want to live close to work?
The proximity to your workplace saves time and reduces stress. New Baneshwor, Putalisadak, and Lazimpat are preferred areas close to the city’s business districts.
Do you want to live in a peaceful area?
If you prefer to enjoy peace and quiet, places like Budhanilkantha, Bhaisepati, or Dhapakhel are worthy suburbs. These suburbs still have easy access to the city center.
Do amenities matter?
Living close to facilities like schools, hospitals, and supermarkets can make life a breeze. Check if the locality of your selection has proper roads, access to regular water and electricity supply, and the availability of public transport.
2. Define Your Budget
Having an idea of your budgeting capacity can help you simplify the process of purchasing an apartment. The following are some questions to help you get your budget well-defined:
How much can you afford?
Work out the amount that you can afford to pay for an apartment, including the down payment, the loan amount, and the amount of your monthly mortgage payment. Interest rates for home loans through banks in Nepal have been floating between 7% and 12% or higher.
What are the hidden costs?
Other than the actual purchase price, you have to account for additional expenses such as registration charges, legal fees, property taxes, maintenance charges, and even renovation expenses. All these can be hidden expenses and hence should be pre-calculated well in advance.
3. Conduct Market Research
The prices in Kathmandu’s property market are largely segregated. Property prices usually depend on location and apartment type. Research will give you a broader understanding of the currently prevailing property values, trends in various areas, and which locations are appreciating. Get hold of local real estate websites; attend property expos and interact with agents to get an idea of all aspects.
How Should You Proceed While Buying an Apartment in Kathmandu?
Once you have decided which area you are going to live in and approximately how much you are going to invest, then you may proceed with buying. Here’s a step-by-step procedure that would help you further ahead.
1. Define Your Requirements
Make a checklist of your requirements even before browsing properties:
Apartment Size:
Will you need a one-bedroom apartment for yourself, or a bigger one to accommodate your family? Most apartments in Kathmandu are available in options of 1 to 5 bedrooms.
Amenities: Decide whether you prefer to have modern facilities such as a swimming pool, gym, backup generator, and parking facilities.
Future Growth: Consider whether you need space for future family members or if you intend to give the apartment on rent later on.
2. Engage a Real Estate Agent
For getting the best deal in Kathmandu’s property market, a local real estate agent will be your ultimate partner. They are aware of all new property listings and the tiniest changes in market trends. They can also negotiate deals on your behalf. Make sure the agent you work with is trustworthy and experienced in dealing with first-time buyers.
3. Visit Properties In-Person
While there is no substitute for physically visiting prospective properties, online listings can give you a good overview. Such visits provide an opportunity for a closer look at the layout and condition of the place and the neighborhood surrounding it. The following things should be noted during your visits:
Check for Quality construction: Evidence of poor construction might include visible wall cracks, faulty wiring, or leaking water.
Check the Facilities: See whether the lifts, parking, and generators included in the advertisement are in proper functioning shape
Assess the Locality: Check for noise, generally how clean the area is, proximity to public transport, schools, and hospitals
4. Seek Legal Assistance
The Nepalese laws on property can be pretty confusing, so it is of the essence to ensure your purchase is not flawed in any way. A real estate lawyer will assist in the verification of clean titles, and contracts, and verify that all legal paperwork is in order. Key documents include:
Land Ownership Certificate (LalPurja): This is also called a Title Deed. It is the proof of ownership of any land/property.
Sale Agreement: Ensure that the sale agreement document spells out the terms of the sale: sale price, payment schedule, and date of handover.
Tax Clearance: Confirm that all the previous taxes have been already paid by the seller.
Things to Keep in Mind While Buying an Apartment in Kathmandu
Buying an apartment is a big financial decision, and it is all about making informed choices. Following are some key considerations to keep in mind before buying an apartment in Kathmandu:
1. Location & Neighborhood
While selecting the location, keep in mind the growth prospects of the area in the long run. Kathmandu is growing; thus, the areas that have lesser prices today might appreciate over a period of time. Areas like Nakkhu, Pepsi-Cola, and Balkumari are currently in demand due to new road networks and infrastructural projects.
2. Age of Building and Maintenance
This factor affects both the purchase price and the long-term maintenance. While older buildings may have lower purchase prices, they often require major renovations and maintenance. Newer ones usually boast better facilities and warranties but come at higher prices. Therefore, always be clear about the age and maintenance of apartments before buying an apartment in Kathmandu
Maintenance Charges:
Monthly fees for shared services like security, garbage collection, and power backup can add up. Ensure you know what constitutes these charges, and how they are regulated.
Long-term Durability: If you are looking at an older apartment, ensure it is well-maintained and the fundamental systems such as plumbing and wiring are still in good condition.
3. Resale and Rental Potential
Even if you will live in the apartment for many more years, long-term resale or rental value should be considered. Generally speaking, apartments retain their value better in areas with good connectivity, upcoming infrastructure, or proximity to business centers. Also, if you will probably let out the apartment on rent, the probability of getting a regular rental income is higher if you can find young professionals or expats who prefer that location for living.
4. Enquire About the Property’s Legal Standing
While buying an apartment in Kathmandu, one needs to ensure that the property stands on firm legal ground. Check that there are no disputes or encumbrances on the property. Verify that the building is made in accordance with the zoning laws of Kathmandu and approved by the local government to serve as a residential facility. Also, confirm that the seller has outright ownership of the property with all the required documents and permits.
Buy Your New Home with Sunrise Apartments
If a first-time buyer is looking for comfort, modern amenities, and a good location, then the Sunrise Apartment would be an ideal choice. What Sunrise Apartments offers to its residents:
Affordable Pricing: Starting price from NPR 1 Crore, which first-time buyers can afford.
Prime Location: It is conveniently located near schools, hospitals, and shopping centers to make everything convenient at your doorstep.
Amenities: Sunrise Apartment offers some of the high-end amenities, including an equipped gymnasium, 24-hour security, and a backup generator to supply uninterrupted power.
Spacious Layouts: Available from 1 BHK to 5 BHK units, each apartment is designed to have modern finishes with spacious interiors.
With the perfect mix of comfort, affordability, and convenience, Sunrise Apartment leads the way as an ideal investment point for buyers into quality living in Kathmandu. Also, it makes the process of buying an apartment in Kathmandu smooth and hassle-free.
