Mistakes you should avoid while searching for your Dream Home

Mistakes you should avoid while searching for your Dream Home

Buying a home that too in an advanced metropolis, such as Dubai, is certainly a huge decision and can get overwhelming. The excitement is bound to be high; after all, you’re just one step closer to buying your dream home. But, if you’re not diligent enough, the entire process can become an ordeal for you, leaving you with an experience full of stress and hassle. Here are a few things that you should avoid while buying your Dream Home.

Understanding the difference between freehold and leasehold property in Dubai is essential. Freehold properties are available in specific areas, as defined by the government, where anybody can buy real estate. Whereas, Leasehold properties are only available for lease by a local landlord for a period of more than 10 years up to 99 years. They can’t be purchased outright.

Ignoring Loan Eligibility

Most buyers jump the gun by booking a property before securing loan approval from a bank. You should have an estimated figure of the loan for which you are eligible. This practice ensures that you won’t face any troubles when you realize you’re not eligible for the said amount. A knowledgeable broker would help you out with the mortgage and get the process done swiftly.

Lack of Research

Before moving forward with the purchase make sure to do your research regarding the property and prioritize your preferences. Finalize the location, the amenities and the budget and have a thorough inspection of the property. Research will help you understand the kind of projects in the market. Nowadays, you will find most of the projects online and you can opt for a virtual walkthrough. This way you can browse many more projects that you could have by physically visiting each of them

Not Thinking About Your Future

While buying a house, it is a must to think about the future and then move on with your purchase. As the family grows, their needs and requirements also grow. Kids will require educational institutions and avenues for recreational activities. For the elderly, medical facilities should be available. While purchasing a house, keep these factors of a growing family in mind. Since buying a home for many is a once-in-a-lifetime event, do consider your future requirements when buying your first home.

Doing Everything On Your Own

As real estate is an investment, doing everything on your own can be tricky and a tiring process. Always go for a trusted real estate agent or broker as they will guide you through your buying process and help you with the documentation. The agent will assist in previewing all documentation work and carry through the deal to completion, down to ownership transfer.