Top 5 Best Tips for First Time Home Buyers in Dubai

Dubai’s real estate industry is flourishing. According to a recent Reuters report UAE real estate sales increased by 60% in the first half of the year with an 85% increase in the value of the houses sold. The same research states that between January and July a record 37,762 units were sold with residential real estate market transactions totaling approximately 89 billion dirhams.

Watch out for false listings and take a look at the properties before going

According to Scott Bond Country Manager for the UAE at Property Finder It is crucial for house hunters to keep a look out for false listings and ensuring the properties they are browsing are real and available. Thanks to technological advances it is now possible to schedule a viewing before you arrive which you should do as your first step before seeing your potential new home. You can receive a complete perspective of the location, area and property floor plan through a 360-degree tour, video tour or interactive floor plan. From there you can decide whether it’s worthwhile to view.

Location, place

According to Peter Smithson Sales Director of Belleview Real Estate Dubai is a fast expanding city experiencing urban sprawl on an unprecedented degree. To see that location is the biggest determining factor in capital appreciation one only needs to look at other cities and their respective property values. It is preferable to buy the worst property in the best location rather than the best property in the worst area according to an ancient piece of real estate advice.

Learn everything there is to know about the expenses

Arran Summer hill, co-founder of the online mortgage marketplace Hole advises consumers to research the exact cost of a purchase before visiting potential residences. The UAE may operate differently from your own country therefore it is advisable to fully grasp the process, timetable and requirements before moving forward. Then, before going out to view make sure to obtain a pre-approval. You do not want to fall in love with your potential first house just to learn that you cannot afford it. Additionally given how quickly the market is changing you must be prepared to make an offer as soon as you find your ideal house.

Cost of living and lifestyle

According to James Perry Managing Director of hauls and haus the most important consideration for people who are new to the Dubai real estate market is affordability. Do your homework and figure out the regions you can afford to invest in? Once that is made obvious it is crucial to assess the sites that fall within your price range and then verify the travel times whether it be the distance to your employment or if you have kids the location of the closest school. If money is not a concern those two factors become what the person is seeking in terms of home type certain neighborhoods or lifestyle preferences Perry continues. For instance a buyer who enjoys morning kayaking would try to buy a house on the Palm Jumerah to support activity.

Establish your priorities

James Paul a Sales Consultant with Standpoint Real Estate advises making a list of your needs and wants right away. In this manner you are aware of the issues that cannot be compromised and the ones where you are more flexible. Once you have a general concept of the regions that fit your needs a real estate expert can take over your search to assist you find the rest of the way and your ideal home?

There are numerous ways for purchasers especially first-time buyers to learn more about purchasing a home and becoming a homeowner. You can begin by reading a variety of reliable web publications, following real estate blogs and signing up for homebuyer education classes and programmers which are frequently provided by the government and other housing counselling organizations.

Your decision-making will become more confident as a result of your education especially in competitive markets where purchasers must make snap judgments. Since a home may be your biggest investment it’s essential that you comprehend every stage of the mortgage procedure. You may also be eligible for programmers that make it simpler for first-time buyers to finance a home if you have completed homebuyer education.

 

 

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