It is a great achievement to buy a dream home in your own city, especially in a metropolis like Dubai. If you don’t take the time to research, you could find yourself in a stressful situation that makes it difficult for you.
It is crucial to be aware of common house hunting errors so you are not in such a difficult situation.
Avoid These Mistakes When Looking for Your Dream Home
These are the mistakes to avoid when searching for your dream home.
1. Start House Hunting Without a Pre-approval
A home loan mortgage is one option for those looking to buy a Dubai home. A pre-approval letter is an important step in obtaining a mortgage. This letter is the closest thing to receiving a loan confirmation. The lender also specifies how much they will lend to the applicant.
Most people start their property hunting before they get the pre-approval letter. This could lead to problems later on. First, a pre-approval letter does not guarantee you will get the loan. You will also not know how much the lender is willing lend you before you get this letter. There are good chances that the home you want is not within your budget. You will need to begin the house hunting process again in this situation.
2. Don’t make your requirements clear
Every person is different and has different preferences about the type of home they desire. 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.
Before you begin your house hunting, it is crucial that you have a clear understanding of your needs so you don’t waste time looking at properties that are not right for you. You should focus your search on these types of properties, such as a townhouse or penthouse.
Dubai has many communities and neighborhoods. Some communities offer a more upscale, fast-paced lifestyle, while others are closer to the center of Dubai. Others are known for their quiet, peaceful, and serene atmosphere, far from the hustle and bustle of the city. Some are better suited for townhouses while others make it easier to find an apartment.
Clear communication about your needs will make it easier to find the perfect home.
3. Rushing to Things
A Dubai home is one of the most important purchases you’ll ever make. You should take your time and not rush. Rushing can cause you to miss crucial details that could lead to long-term disaster. Before you make a decision, ensure that you have considered all aspects.
4. Contacting the Listing Agent Directly
Instead of calling a realtor, some people call the listing agent directly. Some people believe they are saving money by removing the agent from their picture. This mistake can lead to more money than you’re actually’saving’.
Remember that listing agents are working for the seller/developer. They will convince you to sign a contract that is in the best interests of the seller/developer, not yours. Although it may not always be true, it is better to be safe than sorry.
5. Online Home Evaluations
In many ways, the internet has made life easier. It offers many benefits for both sellers and buyers in real estate. Buyers can take virtual tours of listings to see what they look like and then discard any that don’t meet their requirements. It also saves time.
They can also obtain online home evaluations. This is where the problem lies. You might not be able to trust all the information that you find online. Online evaluations of properties that match your criteria should not be relied upon. It is best to get professionals to do this. These professionals will consider many other factors when determining the true worth of a property.
6. Accounting for additional expenses is not possible
You pay more than the asking price for a home. There are additional costs that you have to cover. These expenses include DLDfee and title deed issue fee, admin fee. Service charges, DEWA connection fees, agent’s commission and others.
These additional costs can cause you problems when you buy a house and have to pay them. It is important to do your research and budget for all additional costs associated with purchasing a Dubai property.
7. A Property Portal is not necessary
Dubai’s property market is full of opportunities. There are always new projects that expand the available listings. You can find results that meet your criteria and are within your budget by using a property portal.
Provident ,the most popular property portal in Dubai, provides an easy way to find the property you want. You can choose from a variety of advanced filters to find the results that best match your criteria.
The Bottom Line
It is crucial to avoid the following mistakes when looking for your dream home. The entire process will be ruined, and you’ll face many obstacles. Provident Estate will help you avoid making these mistakes. They will help you navigate the whole process of purchasing a home.
The UAE is continuing to promote more expatriate-friendly policies. To attract entrepreneurs and foreign investors, the UAE announced earlier that it would offer silver and golden renewable visas. This will allow them to stay longer in the country. The cabinet approved a new visa program to assist retired expatriates. They can now stay in the country even after they retire.
The cabinet meeting presided over by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Prime Minister, Vice President, and Ruler of Dubai, approved the visa scheme. Expo 2020 Dubai hosted the meeting. Sheikh Maktoum bin Mohammed Bin Rashid Al Maktoum, Deputy Prime Minister, Ruler of Dubai and Minister for Finance attended. Lt. General Sheikh Saif Bin Zayed Al Nahyan, Minister of Interior and Deputy Prime Minster was also present.
What Does The New Residence Visa Benefit Retirees Look Like?
In an effort to attract more foreigners, the new residence visa was created. It provides expatriates with a more convenient and comfortable experience. This is how it will help retirees:
They can live out their entire lives in the UAE.
After reaching retirement, they won’t need to worry about moving out of the country.
They must have a certain amount of assets, such as a bank balance or an active income, to obtain this visa. This allows them to put those assets to good use while continuing to earn passive income.
