For first time home buyers looking to buy that perfect home, it is an exciting experience and one of the most significant financial transactions you will ever make. However, there is a lot on the line, especially for buying properties in Dubai, as they can be extremely expensive depending on the region of the city you choose to buy in. The process will be time-consuming, frantic, and stressful in addition to being tricky, confusing, and of course complex.
Unfortunately, a lot of first-time homebuyers do make some common mistakes so here are five common mistakes that you should watch out for.
1: Not Taking Help From Real Estate Brokerage Firms of Dubai:
Often first-time homebuyers will fail to understand the advantage of using a real estate brokerage firm, citing that it will cost too much money or think that they can make a better deal by dealing with the seller directly or the seller’s agent. This is absolutely not the case, as you won’t know if you are getting the best deal possible from the market. A brokerage firm will always be committed to negotiating the best deal possible for you because of the vast experience they have in this field.
2: Failing to Have the Home Inspected:
Although most properties in Dubai are relatively modern and thoroughly vetted but not getting a home inspected before a major purchase can get in trouble in the future. Make sure you get a reputable inspector to do a thorough review of the home you’re planning to buy.
3: Failing to Take Financial Steps Prior to Seeing a Home:
There is nothing worse than falling in love with a home and then finding out that you do not qualify for the price range. It is extremely important to be financially pre-qualified and have an interest rate guaranteed before selecting a home. Knowing what can be afforded will ensure that you do not buy a home that will cause financial stress. In addition to this, having an interest rate locked in and guaranteed will protect you from fluctuating rates.
4: Don’t let your emotions take over
It is extremely easy to let emotion override reason when buying a home since that is where all future dreams will come true. This is where having an experienced agent will come in handy, as they will be able to remove all the emotions from the equation and only provide you with the facts behind whether the home is an excellent purchase or not.
5: Failure to Understand Your Rights:
There are rights and obligations that come with purchasing a property in Dubai. When this document is misunderstood, or wrong assumptions are made with it, or it is poorly written or has missing clauses, it can have huge ramifications to the purchase of the house. It can lead to increased costs that’s why understanding and knowing your obligations as a buyer is mandatory.
Other than the above, it is important, especially in the Dubai market, to research the down payment assistance programs that are available. Buying a home is not what you do every day, so planning the purchase and researching the market carefully is really important if you don’t want your hard-earned money to be wasted.