7 Mistakes You Should Avoid When Searching for Your Dream Home
Buying a home of your own that too in an advanced metropolis, such as Dubai, is certainly a huge achievement. 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.
To avoid landing in such daunting circumstances, it is important that you know about house hunting mistakes so that you can stay protected against them.
Mistakes to Avoid When Searching For Your Dream Home
Here are some mistakes you should avoid when looking for your dream home:
1. Starting House Hunt Without Getting a Pre-approval
Getting a home loan mortgage is one of the most common options for people when it comes to buying a home in Dubai. An important part of obtaining the mortgage is getting a pre-approval letter. This letter is as close to getting an actual confirmation of the loan. The lender also specifies the upper limit of the loan amount they are willing to lend the applicant.
Now, what most people do here is that they start their property hunt before getting the pre-approval letter. This can land you in troubled waters in the later stages. Firstly, getting a pre-approval letter doesn’t guarantee that you will actually get the loan. Other than that, before getting this letter, you will not be sure how much amount the lender is willing to lend you. Therefore, there are high chances that the dream home you have selected doesn’t fall within the budget bracket. In such a scenario, you will have to start the house hunt process from scratch.
2. Not Setting Your Requirements Clear
Every person has different requirements when they envision their dream 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. It all comes down to one’s individual preference.
It is important that you set your requirements absolutely clear before beginning your house hunt so that you won’t end up wasting time visiting properties that do not match your interest. For example, if you prefer a townhouse or a penthouse, you should base your search around these types of properties.
Other than that, you should also be clear about the location. Dubai is composed of several communities and neighbourhoods. Some offer a fast-paced, upscale lifestyle as they are located closer to the city centre, while a few are known for a rather quaint, laidback and tranquil ambience, away from the hubbub of the city. Similarly, some are more suitable for villas and townhouses, others make for better options if you’re seeking an apartment.
When you’re clear about your requirements, the process to find your dream home will become a lot easier for you.
3. Rushing into Things
Buying a home in Dubai is one of the most important purchases you are ever going to make. Therefore, it is in your best interest to not rush into things. If you are moving too quickly, you may end up missing certain details that can prove to be fatal in the long run. So, take into account all the important factors and then make an informed decision.
4. Contacting Directly with the Listing Agent
Some people contact the listing agent directly, instead of hiring a realtor for themselves. They believe that they are saving money by eliminating the agent from the picture. This, however, is a mistake that can cost you more than you are actually ‘saving’.
Always remember that listing agents work on behalf of the seller/developer. So, they will convince you to sign a deal that’s in the best interest of the seller/developer and not yours. This may not always be the case, but it’s better to be safe than sorry.
5. Relying on Online Home Evaluations
The internet has surely made things easy for us in many ways. Even in the real estate industry, it offers abundant benefits to both buyers and sellers. Buyers, in particular, can now take virtual tours of property listings and discard options that do not match their specifications even before visiting them. This also helps them save time.
Furthermore, they can also get online home evaluations. But this is where the problem lies. All the information you have found online may not always be accurate. So, you shouldn’t solely rely on online evaluations of the property that matches the criteria of your dream home. The best advice would be to hire professionals for this purpose. They will take into account various additional factors that play an integral part in determining the true value of a property.
6. Not Accounting for Additional Expenses
When you buy a home, you not only pay for the asking price but there are many additional expenses that the buyer has to bear. These include but are not limited to DLDfee, title deed issuance fee, admin fee, service charges, DEWA connection charges, agent’s commission, etc.
If you are not budgeting for these additional expenses, you may face difficulties when you have finalised a home and the time for paying these additional charges actually comes. So, it’s important that you do the due diligence and account for all the additional expenses that are associated with buying a property in Dubai at the time of setting the budget.
7. Not Using a Property Portal
The property market in Dubai is teeming with opportunities. New projects are launched that add more options to the existing pool of listings. By using a property portal, you can get refined results that match your criteria and fall within your budget bracket.
For example, Provident Estate, the leading property portal in Dubai,offers a seamless experience of finding a property of your choice without any hassle. You can select from different advanced filters and get results that match your criteria.
The Bottom Line
To sum it up, it is important to steer clear of the aforementioned mistakes when searching for your dream home. Otherwise, the entire experience will be jeopardized, with hassles and roadblocks on every step. To avoid such mistakes, just get in touch with Provident Estate, and our agents will take care of the rest. They will guide you through the entire process of securing a home.