Feb 01, 2022 Views 2654
Posted By : Edge Realty
Mistakes You Should Avoid When Searching for Your Dream Home
A home that you can call your own, and in a modern city like Dubai, is an incredible accomplishment. The excitement will be high since you're only one step away from buying the home of your dreams. However, if you're not vigilant enough, the whole process could turn into a nightmare for you, resulting in an entire experience of anxiety and stress.
To stay out of such difficult situations, it's essential to be aware of errors in house hunting to ensure that you are secure from these mistakes.
Mistakes to Avoid When Searching For Your Dream Home
Here are some pitfalls to avoid when searching for the perfect home
1. Starting House Hunt without Getting a Pre-approval
A mortgage for a home loan is among the most commonly used options available to people when purchasing a home in Dubai. One of the most critical aspects of obtaining the mortgage is getting the pre-approval letter. The letter is the closest to receiving a formal acknowledgement of your loan. The lender also outlines the maximum amount of money they're willing to give the borrower.
What most people do is start looking for the property before receiving an approval letter. However, this could lead to tricky waters in the final phases. The first thing to note is that an approval letter does not guarantee that you'll get the loan. In addition, before receiving this letter, you won't know how much the lender will give you. Finally, there is a high likelihood that the house that you've picked doesn't fit within the range of budgets. In this case, it is necessary to begin the search process by starting from beginning from scratch.
2. Not Setting Your Requirements Clear
Each person has their requirements in the design of their ideal home. Some prefer spacious and bigger dwellings, such as contemporarily-designed villas, while for others, a lavish apartment in a high-rise sanctuary is what they will term as a dream home. All it boils to a person's personal preferences.
It is crucial to define your needs before starting your search for a home to ensure that you don't end up spending time looking at properties that don't match your interests. For instance, if you prefer a townhouse or a penthouse, you must begin your search by looking at those types of properties.
In addition, you must also be informed about the place. Dubai is made up of numerous communities and neighborhoods. Some provide a lively and upscale lifestyle since they are close to the city's center, and a few are known for their peaceful, laidback and quaint environment, away from the bustle of town. In addition, certain areas are suitable for townhouses or villas while others are better alternatives for those looking for an apartment.
Finding the perfect home is much easier for you if you're clear on what you want and your goals.
3. Speeding into Things
The purchase of a house in Dubai is among the most significant investments you'll ever make. So, it's essential to avoid making decisions too quickly. If you're moving too fast, you might miss certain aspects that could be disastrous in the end. Instead, consider all essential elements and then make a wise choice.
4. Direct contact with the Listing Agent directly.
Many people reach out to the agent who is listing instead of hiring a real estate agent to themselves. They think they are saving money by removing the agent from their photo. This is, however, an error that will cause more damage than you're keeping.
Be aware that listing agents are working on behalf of the developer/seller. Therefore, they can persuade you to sign a contract in the best interests of the developer/seller and not necessarily yours. It's not always the situation, but it's always more secure than regretting it.
5. Relying on Online Home Evaluations
The internet has made our lives easier in numerous ways. There are many benefits for buyers and sellers in the real estate market. Buyers, in particular, can now enjoy virtual tours of properties and reject those that don't meet their requirements even before they visit them. This can also help to save time.
Additionally, they can receive online home evaluations. However, this is where the problem is. Everything you've obtained online might not be accurate. Don't depend on online reviews of the home that meets your ideal home's requirements. The best recommendation is to engage experts for this task. They'll consider numerous other aspects that are crucial in determining the worth of a property.
6. Not Accounting for Additional Expenses
When you purchase a house and pay for the asking price, there are a variety of additional costs which the buyer is required to take on. They include but aren't included in DLD and title deed issuance fees administration fees, service fees, DEWA connection fees, and agent's commission.
If you're not planning for these extra costs, you could be facing issues when you've finalized your purchase of a house and the time to pay these charges comes. Therefore, it is essential to exercise necessary research and consider any additional costs related to buying the property in Dubai when making your budget.
7. Not Using a Property Portal
The market for property in Dubai is full of opportunities. New projects add new options to the already extensive list of properties. With a property portal, it is possible to get more refined results that align with your needs and are within your budget.
For instance, Edge Realty Real Estate is the most reputable Real Estate Agency in Dubai provides a seamless experience in finding a property that is your ideal property without difficulty.
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