Thinking about buying a home in Dubai but not sure what you need or where to start? We’ve got your back.
Buying your first house is one of life’s most significant milestones. Think about it. No more putting up with landlords, neighbors, and rent rises. You move in and stay put!
But it can be an intimidating experience as well. With all the steps and choices a buyer needs to make, it is easy to see why. It’s a big commitment. And no, we are not only talking about the financial aspect.
If you are out to buy a property in Dubai right now, you must arm yourself with information. The more you educate yourself about the process, the less stressful it will be for you.
From understanding the property market to getting your finances in order, we put this blog together to help you navigate your own home-buying journey.
Here are five practical tips if you are thinking of buying a home in Dubai!
1. Educate yourself
It is easier to make informed decisions if you know the basics, like how to secure financing, the costs and fees, and the laws. Sol start by doing your own research. Get in touch with friends who recently bought homes. Talk to industry pros.
Lay the groundwork as early as you can. You’ll make more mistakes and regret your choices if you wait until the last minute. A lot of first-time buyers fall victim to this. Been down this road before? It is always a good idea to brush up on your knowledge.
2. Know the market
As with all markets, real estate is governed by the law of supply and demand. If possible, you will want to buy a home in a buyer’s market. Put simply, this is when there are more sellers than buyers. In other words, there is more supply than demand.
During such a time, prices are low. Sellers drop asking prices to gain an advantage in the market and they will be more open to negotiation. Add low mortgage interest rates into the mix and you have the ideal time to buy a home.
3. Time it right
Equally important to market timing—or arguably more so—is your personal circumstances. Buying a home is primarily a financial decision. To reduce the possibility of your home becoming a financial burden, ask yourself, ‘Am I ready to buy a home now?’
If the answer is yes, nail down your budget and stick with it. Thinking about a mortgage? A down payment of 20% is required for expats and 15% for UAE nationals. Getting a handle on your finances early pays off. Your credit score and history influence mortgage eligibility and payment terms.
4. Get pre-approved
One of the best things you can do when buying a home in Dubai? Get pre-approved for a mortgage first. Not only does a pre-approval show that you are serious and ready to buy, but it allows you to move quickly and fast-track the home-buying process.
A mortgage specialist can simplify and speed up the pre-approval process. An experienced adviser can provide you with impartial advice and negotiate on your behalf, giving you the advantage of all the options available in today’s market.
5. Work with a licensed broker
You’ll be working with your agent for a few months, so it’s important to find someone who best represents your needs. Not all agents are created equal so make sure you find the right one for you by vetting them carefully.
Meet a few agents instead of signing up with the first one you meet. Choosing a RERA-certified agent is a good start. Choose an agent who knows the market and who possesses an intimate knowledge of your preferred neighborhood. He or she should be a strong negotiator and results-oriented with an excellent network and history. And references to back it up!
The decision to buy a home is an incredibly impactful one. It’s one of the most important transactions you will ever make. That’s why preparation is key. The earlier you start, the better. Before you take the plunge and buy your dream home, learn everything you can and get organized so that the search goes smoothly.
Additionally, having someone who understands the market’s nuances can be extremely beneficial. If you’re looking for someone to help guide you through the process, let’s talk!