The real estate sector is watching an upward trend with each passing day. Looking at the past years, numerous buyers have shown up interest in purchasing the property in Dubai.
Well, financing a new home is not easy as 1-2-3. You must perform immense research before looking forward to buy a house in Dubai. There are certain things to consider before buying a house, which you must research well in advance.
If your research is performed well, then purchasing a dream home will turn out to be a correct investment and an expense which you will never regret in life. And, 2018: the apt time to make an investment in Dubai real estate, if future is considered.
There is multifarious list of factors which is must to be considered before making an investment.
1.You Must Assess Your Finances
You can apply for a home loan from the banks. But again, you must make certain that you will be able to repay the home loans which you take from the bank, only then you must opt for taking home loan from the bank.
You must also have a good amount of liquid cash in the savings so that you will be able to pay the 5% deposit. If you are sure enough that you will be able to repay the cost of the mortgage, if yes, then you must go ahead for taking the home loan. Well, you can also discuss with your financial consultant who will help you to the core in your further steps for buying a dream home.
2. Formulate the complete plan for buying the house
Once you are done with assessing your finances for buying the house, you must check all the research you carried out for making the budget for buying the property.
You must now formulate a plan for the finance of buying a home and stick to that plan. You must see to it that you don’t make too much spending while formulating the plan of purchasing a dream villa.
3. You must consider the area at which you desire to buy a house
You will find that the rates of the property will differ from area to area, depending upon various other factors. A house which is located at the area where infrastructure like transportation and the shops are perfectly up to the mark, then that house is sure to cost more if compared to the property situated at the suburbs.
Various home locations have a different kind of benefits. You must opt for the house as per the budget you have made for yourself, the property which will fit as per your requirements and needs before you make a final decision as to which house you would love to make an investment in.
4. You must see the financial future of your family
Before making a huge investment in the property in Dubai, you must see to it that the financial future of your family will not be affected by this investment. If you do not have any life insurance cover, then it is the right time to get one.
When you will be no more to provide for the family, then they will be able to use the life insurance for paying off the home loan. In this way, you must make a complete plan that your family will be able to keep the house, even in your absence too.
5. You must check out the condition of the real estate in your locality
No matter, if you’re shifting to a different state or living in the same suburb, you should perform well-planned research before you think of spending a high rate for the real estate. The prices of the Dubai property keeps fluctuating, sometimes it rises, sometimes it gets reduced, it all depends on the market trend.
6. The factor to consider is the maintenance cost
While making an investment in purchasing a property in Dubai, you must also consider the maintenance cost. You must inquire about certain questions for the house condition, like building materials used in the construction of the property, or any sort of renovations made, any such add-on.
All these factors are important to consider so that you don’t end up in making the wrong kind of deal in purchasing the house property. You must always see to it that, the maintenance costs might end up eating all your savings if you purchase a house, which requires much of repairing after buying.
7. How much time will you stay there?
Many of the time, people fail to notice the amount of time they desire to spend at the home. It is the major factor to consider before buying the house. Certainly, the period of stay makes it in the budget, to buy the house than opting for the rent.
8. Emotional state is also the factor
The complete emotional state of the buyer is also one of the factors to be considered before buying the house. Purchasing a dream home is not so easy task for everyone. For buying your own house, there are various responsibilities, not everyone can deal with those responsibilities.
Source: “My UAE Guide”