Buying a house is one of the biggest financial decisions to make in life, especially when you are young. However, most people make a mistake of getting into the property market without preparing adequately. As a result, people are not only losing money but are also facing other problems such as delays. Owning a home is a big commitment and involves a lot of work and responsibilities.
In the recent past, top real estate agencies in Dubai have been competing to get a share in the real estate industry. There are several new upcoming projects that are expected to be completed soon. For instance, Meydan Group is offering the District One Vllas and Sur la Mer by Meraas. Also, Emaar Properties is developing numerous off plan projects in Dubai.
But before you start looking into these new off plan projects, here are some tips for buying your first home:
Hire an agent
There are numerous benefits of involving a real estate agent when buying your first home. For instance, the agent is more informed about the real estate market in the area you want to buy a house in. Also, the agent will be able to get you a better deal than you could have. Since the Dubai real estate market is very complicated, the real estate agent will not only advise you accordingly but will also help you navigate through it.
Find a home to buy
Because the Dubai real estate market is very diverse, finding the right house that fits your needs is a very challenging task. There are numerous property types that are sold in various segments of the market. For instance, there is the off-plan market that is growing at a rapid pace. Conduct thorough research to understand the various property types and market segments involved. It is advisable to sample at least two or more houses.
Draw a budget
Before you start looking for a house, it is important to consider various financial factors. What is the most you can afford? What is your ideal price range? Nowadays, you can use an online calculator to determine the maximum monthly payment you can afford. Your mortgage payment should not be more than thirty percent of your monthly income.
Negotiate an offer
Most buyers make a mistake of comparing sale prices of different houses. This is a big mistake because sellers can put any price tag which does not mean the house will sell at the indicated price. If you have a reliable agent, he/she should provide comparable sales and examine pending sales. Comparable sales refer to other similar home types sold within the past three months. On the other hand, pending sales are the expected sale price in the next few months.