If you are a newbie to the Dubai real estate market and planning to buy a property, this is your cue to keep reading! As one of Dubai’s leading real estate agencies, we have gathered five tips for you to consider before buying your new home.
WORK OUT YOUR BUDGET
Perhaps the hardest part of the buying process is in figuring out how you will be able to finance your purchase. Figuring out the total cost of a villa or apartment is always better than getting surprised by hidden charges later. Aside from the down payment you will need to consider the other costs involved like agency fees, Dubai Land Department Fees, and mortgage fees, to set a realistic expectation of your investment as a first-time buyer in Dubai real estate.
KNOW YOUR PRIORITIES
We always urge first-time buyers and investors to jot down the must-have features in their property. In addition, note down what extra features should be present in the property that falls under your budget, like a pool or additional room. Laying down your needs and wants will set you in the right direction to buying your dream home in Dubai; you will be able to know where you can be flexible and what you can compromise on. If you’re on a house hunt, you should first determine the type of house you want to buy; do you want a villa, townhouse, or apartment? This categorisation will help you pick a community and area where you should invest in Dubai.
CHOOSE A LOCATION WISELY
With your finances in place and your priorities identified, it’s time to consider your ideal location. In the property world, it’s often said that your new home is the right combination of what you want, what you can afford, and what is on the market. Thus, knowing which areas offer you the best value for money and better prospects in terms of resale value is extremely important. As a property rookie, you must research different communities in Dubai, like Dubai Marina, Palm Jumeirah, Motor City, Emirates Hills, etc., and evaluate the area according to your affordability and lifestyle.
HIRE AN EXPERT REAL ESTATE AGENT
Multiple real estate agencies are operating in Dubai; however, finding the one that can guide you correctly in your property hunt can be a hassle. Espace Real Estate has a competent team that helps you find a property according to your preference in Dubai. Hiring a real estate agent as a newbie in this industry will give you an insight into the laws regarding owning a home and the transactions that follow it; this will also save you from several financial blunders and pitfalls. A lot of people fall for fake listings online. Thus, having a real estate agent ensures the listings exist in real, and you can physically visit the locations before making any decisions. Our agents are easy to communicate with, and you can conveniently direct all your queries to them regarding the process for a better understanding. Moreover, they also take care of all the documentation and paperwork, which you may not be mindful of as a first-time buyer.
RESEARCH THOROUGHLY ON MORTGAGE AND OTHER LOAN OPTIONS
If like most people you require a mortgage to purchase your first home, having in-depth knowledge of how mortgage and repayment methods work can help you select the one that suits you the best. At Espace Real Estate we liaise with all banks in the UAE to guarantee our applicants with the best deals on the market. Check out our simple and easy-to-use mortgage calculator to see how much you could raise as a mortgage loan.
CONCLUSION
Although buying a property in Dubai as a first-timer can be daunting, researching thoroughly and hiring a real estate agent can make a big difference. To get the best deal possible, and have an expert by your side who you can trust and count on every step of the way get in touch with us today at 04 306 9999 or visit Espace Real Estate.
As a truly customer-centric real estate agency, we offer a range of related services that are designed to make your property journey stress-free and successful from start to end.
