It’s no less than a remarkable feat if you are finally capable of buying a property in Dubai. The excitement knows no bounds, particularly for a first-timer, when they are sorting out listings for properties for sale in Dubai. However, this is the part where they are prone to making mistakes. And a mistake made here can prove to be very costly for a homebuyer.
On this note, let’s take a look at the 5 most common mistakes home buyers are guilty of making and how you can steer clear of them:
Getting a pre-approval letter from your bank is important if you are planning to mortgage a property. This letter specifies the upper limit of the amount that will be lent to you by the bank.
However, many people start searching for properties, some even finalise one, without getting a pre-approval letter from their bank. This can prove to be one of the major home-buying mistakes, particularly if there’s a disparity between the value of the property selected and the loan amount the bank has granted you. If the property value is higher than the amount granted, you will have to start the hunt for the right home all over again.
Many people, when they find a property that meets their needs and falls within their budget range, they tend to rush through the process and end up making a hasty decision. While doing so, they neglect certain aspects of the said property that can pose problems in the long run.
To avoid landing yourself in such a stressful situation, do not rush into things. Even the listing looks enticing, take your time to know about everything in detail. Having said that, delaying the decision when everything has fallen into place is not recommended either. There can be other buyers in the market as well who may have set their eyes on the same property.
This is one of the most common home-buying mistakes. Location is the major factor that defines the value of a property. If a housing unit is located in a secluded place where there’s no development taking place, it will certainly be priced low, but you will be deprived of modern facilities and amenities. Furthermore, there will be commutation hassles as well.
Therefore, you need to choose the location wisely. Find out the best neighbourhoods in Dubai and take into account various factors, such as nearby facilities, ROI of properties in that area, distance from your workplace, transport facilities, etc., before finalising it.
Bear in mind that there can be a significant difference between the pictures/videos and the actual property. So, do not just base your decision on them. You need to inspect the home thoroughly before finalising. Don’t just get impressed by the façade or its interior. Consider various other factors when inspecting the home. Check for repairs, faulty fixtures, plumbing issues, leaky roofs, electricity problems, etc.
Also, it’s recommended to view it multiple times so that you can have a better idea of the property. An even better piece of advice would be to hire a professional property inspector. It may seem like an added expense. However, the utility they offer makes them completely worth it.
You have found a dream home that’s perfect in every way, and you have gladly signed the papers, made the payment, and even moved into the home. After relocating, you found out that the area is very noisy or not suitable for families.
This can surely be a daunting situation. You will either have to make a compromise and live in that particular home or start the property hunt process all over again after selling the current one, which is a lengthy procedure in itself.
This situation can be avoided by inspecting the neighbourhood thoroughly. When you’re visiting the property, explore the area as well. If it is an apartment, ask your neighbourhoods about the common issues they face. This will help you in making an informed decision.
Many believe that buying a home in Dubai is just about paying the value/listing price of the property. They set their budget accordingly. It is categorised among the most common home-buying mistakes as it can leave you in the lurch later on since there are multiple other expenses to bear.
For example, you have to pay the Dubai Land Department fee, real estate agent’s commission, mortgage registration and processing fee, property registration, DEWA connection charges, etc. It’s important that you set the budget after taking these expenses into account.
Never make the mistake of using all your savings when buying a home. An emergency can strike at any time. Therefore, you must have saved something for a rainy day.
Lastly, not reading the contract entirely is another common home-buying mistake people tend to make. The reason? The language can be quite technical and difficult to comprehend. So, people skim through it and just sign on the dotted lines.
This is something you should never do. Make sure to read every single clause of the contract. In case there’s confusion, feel free to ask the owner or the property agent to make it clear to you.
It’s not every day that you’re out there looking for property listings. Therefore, this decision must be made after thorough deliberation, consideration and research. Above all, it should be ensured that no mistake is being made in this regard.