Buying Your First Home- Here’s What You Need to Know
Buying your first home is a real landmark moment, like passing your driving test or going to university. But it can also be incredibly stressful and will probably be the biggest financial investment you’ll ever make, so it’s important that you do your research and plan properly.
Before you sign on the dotted line, you’ll need to ask some pertinent questions to avoid stresses later on.
Am I getting the best deal on my mortgage? It always pays to shop around before committing, so speak to a few different lenders and research rates. What looks like a great deal now might work out more expensive in a couple of years, so if you’re not 100% sure what you’re getting into it’s worth talking to an independent financial adviser.
Are there any incentives? Dubai developers have been fighting over first time buyers, which is great news for you. There are lots of incentives on offer, including shopping vouchers and free entry to resorts, so don’t be afraid to ask!
Why is the owner selling? If you do a little digging, you can find out a lot of helpful information. If the owner is desperate to sell you may well be able to negotiate on price.
What’s going on in the local area? Doing a bit of homework now will help you make sure your investment is a good one. Maybe there’s a lot of crime, terrible neighbours or a plans for a noisy factory overlooking the back garden- none of which make for happy home making.
What’s included in the price? Always find out in advance about what comes with the property-you might be able to save yourself some cash and time or- not so good- having to deal with an ugly greenhouse.
Where are all the meters and the stopcock? If you discover a problem with the plumbing when you move in and you don’t know how to turn off the supply, you’re in trouble. Likewise nobody wants to move into a new place and find themselves without heating or lights.
When’s bin day? Moving house creates a lot of rubbish, so minimise your stress by finding out in advance when it’s going to be collected- it might be easier to take it to the nearest waste management facility.
Is there any leftover paint anywhere? If you don’t want to make any huge changes to the existing décor but you’re noticed a few areas that need a touch up, it’s much easier to use leftovers than trying to find the perfect match in the shops.
Do the electrical items have warranties and instruction manuals? If you’re lucky enough to buy a property that has fridges, freezers, cookers etc included it helps if you know how to work them!
Who are the phone, energy and internet providers? As the new bill payer you’ll need to make sure everything is in your name and you will have coverage when you move in.
Can I buy the freehold? If you’re buying a leasehold apartment you might actually be entitled to buy a freehold at a reasonable cost. Your agent should be able to advise you of your options.
Buying a home is a huge decision, so think first and take your time