Buying a home is like dating — it’s all about finding “the one” … but don’t forget to check for any cracks before you get serious! 😄
An important stat to make you feel less alone in the process of buying home for the first time, about 30-40% of the property market is comprised of people like you. This buzzing trend shows quite clearly, that more expats i.e. high net worth individuals are jumping into home ownership.
Here are five important steps to ace the process:
- Be aware of the legalities: Please do make sure that you are eligible to buy property and pay special emphasis to it if you are an expat. You should look more towards designated freehold areas and get familiar with important banking and mortgage rules before finalising.
- Work with the Right People: A good agent shall help in ways you can’t even understand being the first-time mover or buyer of a house in the UAE. Although the UAE government has made it fairly easy, transparent, and smooth for you to buy a house but find a trustworthy real estate agent and a lawyer who can help with the legal side.
- Before signing: You must be a busy person and very successful too, but the real success in buying a home in UAE stays with the fact that you should never ever skip a home inspection. Getting around in Dubai can be expensive and a true hassle, you may check with your agent if he or she can help you? Maybe you’ll find a new area of interest or the agent can show you around. You got to give it a chance.
- Watch your pocket: You must know what you can get afford and the best way to do that is to get a pre-approval for a mortgage. Keep in mind that there are extra costs associated with the process that include:
- registration fees
- agent commissions
- maintenance charges. It adds up!
- Location matters: It’s not just where you want to live… where do you go for work? What is the plan about sending kids to school and in which area?
At the end of the day, buying a home is all about making smart, informed decisions. Good luck finding a place that not only suits your needs but turns into a great investment!
