Buying a home is certainly not a piece of cake. It is one of the biggest investments you will ever make in your life. Although it’s an exciting opportunity, the gamble of spending the huge amount of the money on real estate and taking all the big decisions that come with it is certainly a hard nut to crack. This statement especially holds for those who are buying the home for the very first time.
On one hand, some people get so much caught up with shopping for their dream home that they let the emotions drive their decisions. On the other hand, few won’t even compromise a little on what they intend to buy. Of course, you always want to live in a dwelling that would cater to your needs. That said, your hard approach can ruin the entire process. What’s worse, any wrong decision will leave you in the state of permanent remorse, rendering you unable to relish your new living space.
So, it doesn’t matter whether you are a new entrant or a professional in the real estate market, you can always rely on some home buying strategies to streamline the whole process. In this post, an attempt has been made to bring your attention to some of the most common mistakes that many real investors make while buying Dubai properties. We have also shed light on the ways you can avoid these mistakes. Continue reading!
- Not Setting the Budget:
If it’s your new experience, make sure that your investment doesn’t compel you to break your bank. This is the major mistake most first home buyers make. Therefore, setting your budget first is the initial step that you need to take while investing. And if you intend to apply for a loan, first confirm the amount the bank will lend you before starting your hunt.
Furthermore, if you are planning to buy a home on instalments, make sure that you can afford to pay its monthly amount. You need to be extra-smart about maintaining a household budget and your spending habits.
What you can do is to start with the jotting down of your total income. Then, subtract all the monthly expenses such as transportation, taxes, grocery, insurance, credit card payment to name some. The amount which will remain would be your net income.
This way, you will get a clear idea about the money which you can afford to pay your bill. Therefore, always select a home that won’t cross your budget.
- Not Taking into Account House Inspection
Home inspection is an important part of the buying process. You need to do this before you even reserve the property under your name. Never commit the mistake of handing over the payment or signing a legally binding contract without doing a proper home inspection.
Many buyers rush through things while buying a house. That said, if you want to avoid landing in troubled waters, fix an appointment with the seller as well as with your real estate agent while looking for an apartment for sale in Dubai.
During the home inspection, check the foundations of the property. If you find any huge cracks in the ceilings or wall, these are clear indications of a weal home foundation. As a first-time homebuyer, you should bear in mind that you can fix chipped paint. However, changing the layout of the home such as adding another room or fixing water damage would cause severe repercussions for your property.
So, you need to inspect the plumbing as well as electrical wiring, check the ventilation system in the property and make sure that it is situated in an area that has a low crime rate.
- Spending All of Your Savings
The process of buying a house is not just about paying the monthly instalments or making the initial down payment. Many buyers never consider additional costs that come with buying a home. On the contrary, they spend all of their savings and then face the consequences.
The most important thing to remember here is that buying a home is not a one-time expense. Once you become a homeowner, you have to spend a huge chunk of your money on repairs and renovations of the house, buying new articles and most importantly, customising your home. Therefore, never blow your budget during this process.
In a nutshell, while looking for any property, follow the above-mentioned directions. This will help you avoid any misfortunes or problems that might occur in the future.