Common Mistakes Most Buyers Make When Searching for the Dream Property
Real Estate is an asset that has always been seen as aspirational. Whether we’re buying a property for investment, security or utility, it’s important to carefully consider all aspects before making the purchase. It’s a popular option amongst people today but unfortunately, people often make mistakes when investing in real estate. Therefore, we always recommend taking help from some renowned real estate company in Dubai.
Let’s take a look at the most common mistakes buyers are making while buying a property in Dubai.
Buying a Property Without Research
Many home buyers do not evaluate their needs, wants, and requirements before buying their dream home in Dubai. This puts them into regrets for many years or even decades. Differentiate your needs and wants, get in touch with top real estate companies in Dubai, or browse the property portals in Dubai.
It’s important to do your research before buying a property to avoid making a bad investment. Keep your focus on location, but there are other factors to consider as well. For example, you should check the immediate surroundings of the building. Is the area safe and clean? If the property is located near a dump yard, health and hygiene could be compromised. Additionally, we should check for air, water, or noise pollution in the vicinity. The area we choose must be appropriate and safe for habitation.
Not Partnering with the Reputable Real Estate Company in Dubai
When choosing a real estate company in Dubai for your next residential or commercial property purchase, be sure to select a reputed professional. Reputation is key when it comes to quality construction, best amenities and adequate facilities.
Furthermore, reputed builders always take into account buyer sentiment and design buildings that perfectly suit the dynamic needs of their clientele. On-time delivery is another huge benefit of selecting a reputable builder – managing timelines in real estate is crucial and the real estate companies or property portals in Dubai who are conscious of their reputation will never go back on their commitments of delivery, possession, documentation, and quality.
Value Price More Than Location
The price must not be the only consideration when it comes to real estate purchases. We often get lured by lower prices but overlook the location of the property. If a property is purchased for the purpose of utility, it must be located in an area that offers basic facilities of daily life, the absence of which might create major hassles in life. Even in the case of commercial property, the location must be accessible and public transport must be easily available.
They Do Not Mark the Desired Locations
One of the main mistakes buyers make when it comes to location is not being specific enough about it. When searching in multiple areas all at once, buyers often spread themselves too much and miss out on their ideal home in the perfect neighborhood simply because they were trying to cover too much ground.
As a result, it’s important to focus your search in specific locations that you would actually be interested in living in the long term – this way, you’re more likely to find a home that truly checks all of the boxes on your list!
Making Hasty Decisions
Buying real estate is always an emotional decision. We tend to get attached to the property the moment we see it and start dreaming of owning it. While we are in the research phase, it is essential that we keep our minds open and also free of biases and filters. These might cloud our decision making. All factors must be carefully considered which includes – adequate research on location, facilities, choice of builder, paperwork and documentation.
But, once you find the property you desire, do not unnecessarily delay it. Because, the desired properties do not take time to sell and it is also possible that you may have to incur extra cost as the real estate prices are going up rapidly.
They Ignore the Amenities
When purchasing a property today, buyers often look for more than just four walls – they want additional facilities that will make their lives more comfortable. With everyone’s lives moving at a rapid pace, it’s become essential to have recreational and relaxation amenities close by so you don’t have to go far to enjoy them.
This is why it’s important to check what kind of amenities are being offered by the builder before making a purchase. They should serve the needs of all members of the family, not just one or two.
We often buy properties with the intention of using them for a long time, so it’s essential that the facilities provided can take care of all our needs as we grow older and our needs change. Parking should be one of the major considerations when choosing a property.
When buying a property, it’s always a good idea to think ahead and buy additional parking now rather than spend a lot of money on it later.
Being a property buyer, you must have a sound knowledge of your budget. If you get pre-approved, you know how much money you can spend buying your desired property.
This helps you to refine your search and focus on the property options that match your budget. Moreover, this will enhance your chances of getting a time of the day from your seller and real estate company.
Take a look at this table to find out UAE property mortgage rules for UAE and Non-UAE nationals.
|Property valued at AED 5 Million or Less:LTV = 80%||Property valued at AED 5 Million or Less:LTV = 80%|
|Property valued at moreThan AED 5 Million:LTV = 70%||Property valued at moreThan AED 5 Million:LTV = 65%|
|LTV = 65%(Irrespective of the value of the property)||LTV = 60%(Irrespective of the value of the property)|
|LTV = 50%(Irrespective of the value of the property)||LTV = 50%(Irrespective of the value of the property)|
Source : Google
Now, you know the top mistakes property buyers in Dubai are making and how you can avoid them. But, do you know the top real estate company in Dubai or the top property portal in Dubai to offer you a hassle-free home-buying experience?
Are you thinking of the smartest way to avoid all the mistakes? Cool! We recommend only the best solution for you. Contact an RERA-certified real estate broker.
What is RERA certified, real estate broker?
RERA certificate agents are those who have taken RERA agent registration. The advantage of this is that their information is available on the RERA website, and they are also listed in the builder’s section of RERA registered projects. This ensures that you are only dealing with authorized RERA agents, and prevents you from being cheated.
The RERA act mandates that all agents selling property must be registered with the relevant RERA authority. This brings transparency and accountability to the process.
Homespehere real estate is RERA certified Real Estate Broker in Dubai and is the hub of the world’s finest real estate developers with a wide range of residential, commercial, and land properties to buy and sell.
We promise you a zero-worry experience with the dream property to flaunt for life. Visit our website to find your dream house or get in touch to book your consultation.