Owning a home is a need as well as a want for many. There is nothing like your home. With the real estate dynamics, it indeed is a perfect time to invest in your dream. But one has to be cautious while converting their dream into reality. Homebuyers should do their part of research before making decisions. And we are here to aid them in the process. There are 5 tips for first-time buyers from our end. One can customize their research according to their preference.
These 5 tips will prove a holy grail for first time home buyers in Dubai. This will also clear the doubt that is Dubai property market going to crash or not. These points will specify the demand for properties in Dubai.
The first that a first time home buyer should get out of the way is their motive of buying a home. Their first purchase can be for personal use or for renting out purposes. The motive will further be linked with the payment plan. If one is buying a new home for personal use, one might need a home loan. But if they are buying a home for renting out, they can easily convert the rent into monthly installments for the home loan or payment plan they opt for.
2. Set Requirements
The basic infrastructure is another thing that is almost essential. One can look for a close-knit setting where everything is under their reach. Basic amenities like school, hospital and supermarket etc., should be reachable. And these basic requirements are very subjective.
According to set requirements, the price of the property will fluctuate. People can go from a posh home to a bayside home in Dubai. And the prices will differ a lot in both cases. The leasehold, freehold and off-plan properties in Dubai will go a little lighter on pocket compared to downtown properties.
3. Payment Plans
The next tip would be to find a suitable payment plan. In Dubai, there are several payment plans for property purchases. We will filter the payment plans starting from lowest to going till the peak. Home loan, down payment, installments post /pre-handover of the property, rent to own etc., are the types of payment plans.
The payment plans are also very subjective. These plans have both pros and cons. It is the home buyer who should choose according to his budget and comfort. Avoid making impulsive decisions and compare before finalizing anything, be it the property or the payment plan.
For instance, going for a down payment can reduce the excessive paperwork and time involved. But you will not be left with anything for your gray days ahead because it’s usually from your life savings. In other cases, home loans can seem like an option to you, which can help in the short picture. But on a larger scale, if you see it involves massive paperwork, mortgage and installments, which will consume a big chunk of your monthly salary.
4. Track Record Developer
It is an individual’s personal choice to get any third party like record developer, property dealer or an expert involved. It can be good to consult someone. But one should be cautious and do a professional background check on this third person. Their expertise and their license or permit should be checked. One must check the authorities and government officials he is involved with.
All the transactions and handover should be on paper. Avoid any online or digital payments. For off-plan Dubai properties, one can need an engineer to consult with. For home loan purposes, it will require other expertise.
5. Don’t Ignore Extra Expenses
Buying a home isn’t the end of the process. From there, the customisation and aesthetic setting come into the picture. One shouldn’t turn a blind eye to extra expenses. They should find a balance in between. Again these extra expenses will vary upon the type of house you want and what you got.
People nowadays like to have an aesthetic and vibe. It is not necessary that you bought a home and it’s just perfect according to your need and taste. There can be some alteration and renovation due. So before buying a new home, you should estimate the total budget you have and what you can spend. Then find a spot where these two lines meet.
Building a home takes a hell of a lot of effort, research, finances and time. But in the end, it is worth it. Beginner’s and first time home buyers should keep an eye on these tips. Just set your lines and look for meeting spots. Consider before making a decision. I can’t stress this enough. Analyze the real estate industry dynamics before you start. And now is almost the perfect time to invest in some properties in Dubai. Get everything in your reach and have an abode of your own. Also, you can check out the best community in Dubai if you are looking out for some new properties.