Do Not Make These 5 First Time Homebuyer Mistakes in UAE
If you are someone who is planning to buy property in the UAE, you must first research properly, as it can help you in the long term. Buying a house is undoubtedly one of the biggest investments in people’s lives and it requires much planning and consideration. Who would not want to make sure that they do not make any first time homebuyer mistakes in UAE? You too can make your dream of having a joyous evening in the cozy living room of your new home in UAE, a reality by carefully planning your house buying and avoiding common mistakes.
Often people, due to their impatience, overlook important factors when planning to buy a home in the UAE and suffer its consequences. We are here to make sure you do not have the same fate. So, let’s find out 5 of the most common first time homebuyer mistakes in UAE and how to avoid them.
Do Not Neglect Legal Requirements
Proper investigation of legal requirements is one of the most necessary aspects of buying a property in the UAE. A lot of buyers do not check the credibility of the seller. And the authenticity of the property’s location and proceed with the paperwork. Consequently, people get scammed on legal documents since many salespeople take advantage of the buyer’s naivety.
What you need to do is:
Make sure all necessary paperwork is on order, which includes property registration and ownership documents.
Verify whether the property complies with local regulations and zoning laws or not. The most authentic way to check is by asking official bodies. Such as the Dubai Land Department or RERA to check the registration of the property.
Don’t Forget a Proper Budget Planning
Sometines even the wisest people keep the current cost they are supposed to pay in mind. When buying a house but ignore the future elements and additional expenditures. Often people buy an off-plan property in a 2-year plan along with a down payment but fail to calculatey. And manage the amount they will have to pay for the next two years.
What you need to do is:
Make sure that you have sufficient funds and enough income resources in case the business and job you are relying on are not able to support you.
If you fail to plan a proper budget, there are higher chances of you being in a financial strain in the UAE.
To avoid this hassle, create a proper budget plan that includes current payments as well as additional expenses.
Additionally, make sure to secure a mortgage that aligns with your financial situation.
Do Not Have Insufficient Understanding of Mortgage Terms
While is it not a bad idea to buy a property in the UAE and mortgage it. You must be aware of mortgage financing beforehand. Several buyers plan to purchase off-plan homes thinking that they can secure a loan from any bank. However, they do not realize that most of the time mortgaging rules are different for properties that are ready and off-plan properties.
For example, in Dubai, not a lot of banks prefer giving loans for off-plan homes. And those who do are usually projects by known developers. Moreover, the maximum loan-to-value ratio is 50%. Which means you require enough funds to first give the 50% before you can get a loan.
To avoid any such complications:
Make sure that you understand which bank offers loans for what properties
Keep a note of the developers that are approved
Do Not Overlook the Property’s Conditions
Often in excitement, buyers neglect the small things in the property that can cause them bigger problems later on. It is important to go through a proper inspection to make sure there aren’t any minor faults that can later cause trouble. From structural problems to plumbing issues and electrical faults, you need to check everything. You can:
Hire a professional to check the property’s overall state
Get the amendments that need to be made
Through this inspection, you will make a decision that is cost-effective and satisfying for your needs.
Do Not Neglect Long-term Factors
It is extremely important to keep in mind how the property will serve you over time when you are buying property in the UAE. Even if do manage to find a property with the best budget and location, there are several other factors you need to keep in mind. For example, after paying a down payment and a few installments, you realize that your workplace is very far away or your child’s school is in another corner of the city. These factors might not look a lot at the moment but when they are doubled with petrol consumption, traffic, and being late every day, then it does not look comfortable. You need to:
Keep future aspects in mind like whether the property continues to suit you if you plan to have a bigger family in the future or if it has a potential for resale or not.
Plan logically so your property meets your needs of both future and present.
How Truss Real Estate Helps You Avoid First Time Homebuyer Mistakes
Legal Compliance: Our experts help you in presenting all the papers in the right manner and complies with the laws of the country.
Budget Planning: We help you in the formulation of an overall financial plan, future expenditures as well as acquiring the most suitable mortgage.
Mortgage Guidance: Our team experts guide you about the sources of mortgage, LVR, information on approved developers.
Property Inspection: Our experts help you in conducting routine and planned assessments to assess hazardous signs by sight visits and offers recommendations on the work that requires to be done.
Long-Term Planning: We guide you about the location facts, future requirements as well as the possibility of selling the house to gain a good returns on investment.
In A Nutshell
In conclusion, getting a new home sure does require a lot of consideration and inspection in the UAE. However, by keeping the mentioned things in mind, you can avoid the most common First Time Homebuyer Mistakes in UAE and secure a house that is perfect for you and your family without any hassle.
If you are looking for more information, call us now!
Do Not Make These 5 First Time Homebuyer Mistakes in UAE
If you are someone who is planning to buy property in the UAE, you must first research properly, as it can help you in the long term. Buying a house is undoubtedly one of the biggest investments in people’s lives and it requires much planning and consideration. Who would not want to make sure that they do not make any first time homebuyer mistakes in UAE? You too can make your dream of having a joyous evening in the cozy living room of your new home in UAE, a reality by carefully planning your house buying and avoiding common mistakes.
Often people, due to their impatience, overlook important factors when planning to buy a home in the UAE and suffer its consequences. We are here to make sure you do not have the same fate. So, let’s find out 5 of the most common first time homebuyer mistakes in UAE and how to avoid them.
Do Not Neglect Legal Requirements
Proper investigation of legal requirements is one of the most necessary aspects of buying a property in the UAE. A lot of buyers do not check the credibility of the seller. And the authenticity of the property’s location and proceed with the paperwork. Consequently, people get scammed on legal documents since many salespeople take advantage of the buyer’s naivety.
What you need to do is:
Don’t Forget a Proper Budget Planning
Sometines even the wisest people keep the current cost they are supposed to pay in mind. When buying a house but ignore the future elements and additional expenditures. Often people buy an off-plan property in a 2-year plan along with a down payment but fail to calculatey. And manage the amount they will have to pay for the next two years.
What you need to do is:
Do Not Have Insufficient Understanding of Mortgage Terms
While is it not a bad idea to buy a property in the UAE and mortgage it. You must be aware of mortgage financing beforehand. Several buyers plan to purchase off-plan homes thinking that they can secure a loan from any bank. However, they do not realize that most of the time mortgaging rules are different for properties that are ready and off-plan properties.
For example, in Dubai, not a lot of banks prefer giving loans for off-plan homes. And those who do are usually projects by known developers. Moreover, the maximum loan-to-value ratio is 50%. Which means you require enough funds to first give the 50% before you can get a loan.
To avoid any such complications:
Do Not Overlook the Property’s Conditions
Often in excitement, buyers neglect the small things in the property that can cause them bigger problems later on. It is important to go through a proper inspection to make sure there aren’t any minor faults that can later cause trouble. From structural problems to plumbing issues and electrical faults, you need to check everything. You can:
Do Not Neglect Long-term Factors
It is extremely important to keep in mind how the property will serve you over time when you are buying property in the UAE. Even if do manage to find a property with the best budget and location, there are several other factors you need to keep in mind. For example, after paying a down payment and a few installments, you realize that your workplace is very far away or your child’s school is in another corner of the city. These factors might not look a lot at the moment but when they are doubled with petrol consumption, traffic, and being late every day, then it does not look comfortable. You need to:
How Truss Real Estate Helps You Avoid First Time Homebuyer Mistakes
In A Nutshell
In conclusion, getting a new home sure does require a lot of consideration and inspection in the UAE. However, by keeping the mentioned things in mind, you can avoid the most common First Time Homebuyer Mistakes in UAE and secure a house that is perfect for you and your family without any hassle.
If you are looking for more information, call us now!