Buying a house in Dubai is an exciting event, it signifies financial stability and maturity. However, it can be stressful and full of ups and downs especially when you’re a first time home buyer. This is particularly true for those who have never been through the process before. You might get too overwhelmed and very eager that you end up purchasing the wrong house.
As a first time home buyer, it is important to understand the process and overall aspects including property value, cost, maintenance, and other required documents before taking the plunge into the property world.
Consider the following things before you purchase a home:
Determine the Funds you can Spend
Be knowledgeable about your credit standing. In case you found out that you have problems in your credit score, be sure to handle the problem and obtain the right credit report you need in order to apply for a housing loan. Having a good credit rate will allow you to find a lender that will provide reasonable interest rate.
Identify the Cost
Understand the overall facet of the home you’re investing in. Ask the seller if the furniture and fittings are included in the overall price? Maybe you need to make an extra payment for some items inside the property so it is best to clarify even the smallest financial detail. By identifying these, you will able to know what exactly you are paying for. Nobody wants to have unexpected fees, right?
Get the Right Mortgage for You
There are numerous mortgage lenders available in Dubai, you can easily search online and understand the differences between each option. If you have a good credit standing, try to get on the application and get it pre-approved for you to be able to fund the mortgage on the property you want. Make sure to understand the terms of your loan including the amount you need to pay monthly, number of years, interest rates, fees, and so on.
Visualise a Place you Want to Call Home
Create a list of the specific qualities you want to have in your home, consider not only for short-term but for long period as well. Prioritise you and your family’s needs including the location, size, and the overall characteristics of the property you’re planning to buy. Visualise every aspect of your home life before and even after moving into the new property.
Find a Good Real Estate Agent
A good real estate agent has experience within the location that you’re searching as they know more about the property and its specifications. The agent is legally obligated to represent you and help you through the entire home buying process and property management. By having a good real estate agent to work on your behalf, you will surely get best deals and help lessen the hassle of all property transactions.
Compare an Negotiate Prices
After you found out most about the house for sale, don’t just jump into a deal! Have you or your agent consider all the available properties for sale around the area, compare price and assess in order to get a good deal. But what’s next? For first time buyers, you must also learn how to negotiate in order to come up with a nice result. However, you don’t want to seem too eager to get the property you want but make sure that you aren’t overpaying. So it’s best to learn how to properly negotiate on your first home.
Do Home Inspection
You don’t want to live in a home that will give you a headache in the future. Do home inspection and know what work needs to be done, pay attention to structural and aesthetic details during the process. Inspect even the smallest detail of the house so you could prevent from shelling out more cash in the future. When everything is well, you can do the final negotiation and close the deal.