Common home-buying mistakes to avoid for a smooth purchase
Getting your humble abode is undoubtedly one of the most exciting moments in your life. Similarly, investing your hard-earned money is a huge decision. So, you must do extensive research and due diligence before signing any property transfer contract. Without further ado, here are some common home-buying mistakes you must avoid to make your dream property purchase hassle-free.
Most Common First-Time Home Buying Mistakes to Avoid
Rushing the Process
Buying a residential property in Dubai can be an exciting experience, but you must never rush into it. Rushing into a deal without proper research is one of the most common first-time home buyers’ mistakes.
There are countless long-term things to consider if you plan to live on the property for years. Search nearby properties and other amenities before purchasing a flat or a villa.
- STUDIO
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- 1 BATH
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- 354 SQFT
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Shortlist the most popular options under your budget and explore them in detail. Rushing through things may lead you to miss out on other homes more suitable for you. And it’s just not only about your current needs. There may be hidden costs involved that can create problems if you are not knowledgeable about property transactions.
Miscalculating associated costs
Failing to get the right estimate for the cost of living and maintenance is a common first-time home buyer mistake to avoid. It’s essential to note that the maintenance charges may differ based on location.
We recommend you take your time and visit as many homes as possible. Keep a list of suitable properties, with a few pointers about the pros and cons of each. Take the time to revisit those properties so you have a clear picture. A slow and deliberate approach will help in making smarter choices. It will help you overcome the hidden costs of renting in Dubai as well.
Skipping on Research
Buyers often look for real estate listings on popular websites to find and buy a home. While that is an essential first step, learning about the local market conditions, the neighbourhood, and the history of the villa or apartment they are buying is also necessary.
Not researching enough is among the biggest mistakes when buying a home. You must also know the actual worth of the property and the capital appreciation. If that sounds complicated, don’t fret; we’re here with the perfect solution! Use Bayut’s Search 2.0 and BayutGPT on our homepage to access information about buildings, locations and properties.
Bayut’s Market Intelligence tool, Dubai Transactions, offers a lowdown on Dubai’s sales and rental transactions using real estate transaction data from the Dubai Land Department (DLD).
The property sales transactions provide valuable insights into various areas. It helps home buyers and investors analyse sales data over various timeframes, such as the last 3 years, 12 months, 3 months, 6 months, and as recent as last month.
You can also get valuable information regarding the overall sales volume, value and average price per square foot. This feature will help you make strategic, informed decisions while comparing advertised and actual transactional prices for any properties you might be interested in.
You can navigate to the Dubai Transactions feature directly from our homepage or via the Market Intelligence tab on the desktop and mobile versions of the website.
Potential buyers can always read up on Bayut’s Area Guides to explore the communities they are interested in for investments. Find out the amenities available in your chosen area and the number of schools or retail stores nearby.
Skipping Inspection
Inspecting a property may seem bothersome, but it is worth the hassle. An experienced home inspector can detect major defects such as weak walls, leaky roofs, faulty electrical wiring or termite infestations. It is always better to know if an apartment or a villa needs a little work that you can afford so you can plan accordingly.
Buying the Wrong House
You will likely fall for a property that looks perfect but is not the right home for you. The villa with the impressive hall and grand stairs may initially look impressive. But after moving in with your 2-year-old, you realise those stairs may be dangerous for your toddler.
Also, an open floor plan apartment may look inviting during house hunting. However, once you move in, you’ll be unable to figure out where to place the furniture in the undefined spaces.
Not getting everything in writing
Some real estate agents in Dubai may verbally promise you a lot. But, they might not follow through with their promises after the purchase. The same goes for some property developers.
You may buy an apartment with a flexible payment plan, but after completion, you must also buy the parking space to transfer the apartment to your name. To avoid such hassles, it’s best to put into writing everything that will and won’t be included with the sale of a property.
Additionally, it is usually wise to rely on only the top developers in Dubai for purchasing real estate. Furthermore, if you invest here, familiarising yourself with how to buy a house in Dubai is always a good idea.
In fact, buyer protection laws are also among the reasons for off-plan property investments for most buyers.
FAQS ABOUT HOME BUYING MISTAKES AND MORE
What are some tips for first-time home buyers in Dubai?
There are several tips for first-time home buyers in Dubai, such as talking to more than one agent at a time, checking your finances and requesting emergency property viewing at the last minute. You can familiarise yourself with some of the best real estate negotiating tips for home buyers to secure the right deal.
At what age are you most likely to buy a house in Dubai?
If you are atleast 21 years, you can legally buy your first home in Dubai. Any adult 21 years or above is eligible for a home loan. You have to complete the payments by age 65.
How do I keep my property safe?
Before committing to a property, knowing your responsibilities is best. Regarding apartment fire safety tips, it’s essential to consider your and your landlord’s responsibilities in case of a fire.
What are the hidden costs of renting?
Want to lease instead? You can avoid the pitfalls by considering the hidden costs of renting in Dubai.
That is all about home-buying mistakes. Keep these pointers in mind before you think of purchasing property in the UAE.
