Top 7 Tips for First-Time Home Buyers In Dubai – How To Avoid Common Pitfalls
If you’re in the market for your very first home, Dubai is a great place to be. With a swiftly growing economy and plenty of construction, there are ample properties to pick from. Yet, purchasing your first property can be a confusing experience, especially if you are a newbie in the real estate world. This is why we have gathered a bunch of tips for first-time property buyers in Dubai. Keep these tips in your mind and you’ll be on your way to finding the best property!
- Figure out your budget
Before you start with your property search, just determine your budget and what you can afford. This should include the original price of the property and all other costs associated with the property-buying process in Dubai. These additional costs might include utility deposits, service charges, etc. Once you have an insight into your budget, you’ll be able to focus your search on properties that matches your needs.
- Watch out for fake listings
One of the common mistakes that many first-timers do is follow a fake or scammed listing. Being a responsible Dubai broker, we must tell you to be cautious of real estate scams. If something seems too good to be true, it probably is. Research thoroughly on your own on any agent or property you are considering hiring or buying, and only hand over payment when you’re 100% sure everything is valid.
- Select location wisely
Location is key when it comes to property investment for living in Dubai. When shortlisting, consider the surrounding communities, schools, public transportation, and grocery stores. If you are new to the city, it’s best to spend some time exploring several areas before deciding. This will give you a better idea of which neighborhood will be ideal for you.
- Search for a reliable real estate agent
For newcomers, it’s always suggested to hire a real estate broker for their good. A broker is someone who guides you through the process of property buying in Dubai, from shortlisting to physical visits, from negotiations to final documentation, the broker takes care of all. Moreover, investment in Dubai with a real estate agent also helps you in avoiding any potential pitfalls. Check out online reviews, or ask around for suggestions, to find an agent that suits your needs.
- Consider your lifestyle
It takes time to adjust to a new city. But when you find a property in an area that perfectly reflects your lifestyle, the adjustment becomes easy and less time taking. So, it is vital to know your priorities and lifestyle when searching for properties to buy. Ask yourself questions like do you prefer a relaxed environment or an area with nightlife and entertainment options? Are you looking for a pet-friendly community or want to live near your workplace? Once you’ve answered these questions, you’ll have a much better idea of what kind of property to look for.
- Be aware of different loan options
In Dubai real estate industry, properties are usually bought using mortgage loans and not cash. This is where ignorant and ill-informed decisions are made- mostly due to insufficient research. Buyers and investors approach any bank recommended by a real estate broker, family, or friend which is a potential hazard. In Dubai, several mortgage options are being offered by banks. For a fruitful transaction, it is very important to go through these options carefully and pick one that matches your requirements.
- Insufficient research on property value as per the neighborhood
From a recent survey, it is found that first-timers tend to pay more than what is worth for a property, while an experienced investor buys it for a lower price. This happens because of improper research on property prices from the buyer’s end and sometimes also due to real estate agents taking advantage of their client’s naivety. So, a piece of genuine advice from Aeon & Trisl real estate for first-timers is to visit the neighborhood you’re interested to invest in, ask about the value and prices of properties there, compare those prices with the neighboring neighborhoods, and then negotiate accordingly.
This concludes our bunch of tips. Keep these in mind when searching for properties for sale in Dubai and you’ll certainly find the one that will match your needs and budget perfectly!