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If you ask any first-time home buyer how they feel during the buying process, they will tell you that it is a mix of feelings – a little scary and exciting. This is a common feeling, especially if you are going to invest in a different city or country like Dubai Real Estate. Most home buyers are not sure where to begin. If you are one of them, then read this article and learn about some points that every home buyer should know.
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- Understanding Your Budget:
- Understanding Mortgage Options:
- Identifying Your Needs and Expectations:
- Conducting Detailed Home Inspection:
- Working with Real Estate Agents:
- Top Communities:
Understanding Your Budget:
This is the first and most important step for potential home buyers, especially if they are buying an apartment in Dubai or other locations. You must know about your buying capacity without putting pressure on other fixed expenditures like rent, school fees, medical bills, utility bills, and others.
By understanding this point, you can filter out the best locations and projects within your budget.
Understanding Mortgage Options:
If you are planning to buy a home through a home loan, you need to understand the types of loans, eligibility criteria, and other factors. For example, in Dubai Real Estate, the maximum tenure for a home loan is 25 years, and the mortgage lending limit is 25% of your monthly income. Additionally, you must be at least 21 years old, have a good credit score, stable income, and meet many other criteria.
Identifying Your Needs and Expectations:
Suppose you have a complete idea of how much you can spend. Now, you have some locations and projects within your budget. The next thing you need to ensure is identifying your family’s needs and expectations.
When we talk about needs and expectations, we refer to proximity from daily necessities and schools. If you have school-going kids, then you should select a residential community that is nearby schools and institutes. If you have elderly parents, then there should be hospitals and medical facilities nearby, and you may have other priorities as well. Additionally, it is crucial to consider the proximity to essential amenities such as markets, malls, and public transportation. Damac Hills 2 Verona is a best development in Dubai, offering villas in a best location with close proximity from everything you need to lead a luxury life.
Conducting Detailed Home Inspection:
This point is applicable if you are looking for a ready-to-move-in property in Dubai. You can check the construction quality of the home, plumbing work, and find out if any part of the house requires repair or maintenance. By doing this, you can identify major problems that may cost you a lot in the future or negotiate with the seller for a better price. If you are looking for an off-plan property, always check the background of the developer.
Working with Real Estate Agents:
Most first-time home buyers think they can buy a property without the help of any professional. While this might be possible in their home country, if you are a foreigner in Dubai, it is essential to take the assistance of a real estate professional. The best part is that they are ready to help you without charging any fees or commission. TopLuxuryProperty is a reputable name in Dubai Real Estate, and they can assist you in finding your dream home at the best price.
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