Things to consider while buying a new home in UAE
The property market in the UAE has matured rapidly over the past 10 years. As a result, there are numerous resources to aid in your property search. Most people begin their searches through websites, which provide large numbers of property listings. With robust search tools, they allow you to filter results by price/rent, number of bedrooms/bathrooms, location and more.
However, the following are the top points you need to consider while buying a property in UAE:
- Budget or Price
How much are you willing to invest in the property?
It’s all about budgeting, so knowing the budget should be your first step to buying property in UAE. Look at your financial situation and future financial plans and decide on an amount. It’s better to set a minimum and maximum budget while you’re on a look out for buying a new property
Your new property is going to have to fit into your budget. This is probably the most important thing to consider when buying a new home. How much are you willing and able to spend? What is your absolute ceiling?
Don’t waste your time looking at properties that you can’t afford because realistically
It sounds easy enough, but there are a number of things to consider. You may consider prime locations in and around the city. You may want to also ensure that you live close to where you work, where your children will go to school, where your family and friends reside, and where you go for shopping and leisure.
When buying a new home, you need to think about the size of the dwelling you require. How many bedrooms are you after? Do you need a big kitchen and bathroom(s)? What about living areas? Are you the kind of person who likes to entertain, or do you prefer to eat out?
- Loan Approvals
Check your Loan eligibility and approval. Or else you’ll end up having a big tough time after finalizing the property. Keep all your documents ready before getting into actual action plan and check if you are eligible for a pre-approval loan.
- Look beyond paints
Don’t fall for the color or style of the house. People tend to focus on the fancies of bedroom color, fancy lights, stylish kitchen furnishings but sometimes forget about the cost of labor which was actually involved. You may consider alternate options to get the same design at a cheaper rate
- Alternate Options
Researching alternatives will allow you to measure the average price for the property you want and you can more or less pitch for the same price when negotiating with a real estate agent or property developer.
- Check the fine print
Read the contract before you pay any money. Ask for a draft of the contract and read it properly.
If you pay the money and then see that there is something that is not suiting you, you cannot do anything about it. Double check the handover date as well as the payment plan before putting pen to paper.
- A trusted Realtor
Choose a savvy real estate company or agent who works for you, who can protect your interests and guide you through the buying process – from negotiating a price to navigating through home inspections.
Deal with registered brokers and developers only. Make sure that the real estate company you are dealing with is registered with the emirate’s land department or municipality.
Get in contact with Town Properties which has over 6+ years of experience and 50+ agents specialized in certain communities and areas. Give us your priorities and we will choose the best real estate property for you at the best price possible.
Partner with us and buying your dream home could be much easier than you think.