Buying a home counts as one of the biggest decisions of your life. You are spending your life long savings on an apartment or villa that you can call home so you shouldn’t be very hasty with it. After all, haste makes waste and the last thing that should go to waste is your hard earned money.
Buying a home in Dubai is a tricky process and there are lots of obstacles that can trip you up. At Bayut, we urge people to take their time and research properly before signing that property transfer contract so here are some classic home-buying mistakes that you must definitely avoid.
- Rushing it
Buying a residential property in Dubai can be an exciting experience, but you must never rush into it. You’re planning to live in that apartment or villa for several years so there is no need to just look at a few properties and buy whatever appeals you the most. It’s a big mistake!
Rushing through things may lead you to miss out on other homes that may be more suitable for you. And it’s just not your needs that you should be concentrating upon. You also have a budget and there are always hidden costs involved if you are not very knowledgeable about property transactions here. Also, different localities in Dubai have different cost of living and service and maintenance charges also differ from locality to locality. You seriously don’t want to end up with a house that’s actually a bad fit for you.
We recommend you to take your time and visit as many homes as you can. Keep a list of suitable properties and make distinction between homes you like and dislike. Take the time to revisit those properties so you have a clear picture about each home’s pluses and minuses. Moving slowly and deliberately always helps you make a smarter purchase.
- Not researching
In many cases, home buyers simply search real estate listings on popular websites, find a home and buy it. They know very little about the local market conditions, the environment of the residential locality, the history of the villa or apartment they are buying and the attitude of the neighbours.
This is just plain unfortunate, as necessary information can assist people in finding the right home. It also allows them to know the actual worth of the property they are buying and how much capital appreciation they can get in a year or two.
Bayut offers lots of real estate information, so use it. Bayut’s Real Time Market Price and Rental Trends tools are always there to help you out to see how much homes are selling for in your area, at what price they are being sold, how many properties are there in a particular locality and where prices are falling or rising?
Bayut also develops Area Guides that give you a deep insight on the ambience of a particular locality, the number of educational institutes in the vicinity, luxury features and amenities offered in residential buildings along with shopping malls and general grocery stores in the area.
- Not getting a property inspected
Although having a house inspected before buying seems like another bothersome step in the process, but getting a property inspected is worth all the money and time you spend on it.
An experienced home inspector can detect major home defects such as weak walls, leaky roofs, faulty electrical wiring and termite infestations. These could cause you not only frustration later on, but also hurt you financially. It is always better to know if an apartment or a villa needs a little work that you can afford so you can plan your budget accordingly.
- Buying the wrong house
It is quite likely that you fall in love with a property that looks perfect but is not the right home for you. The villa with the impressive hall and grand stairs may look impressive at first, but after you move in with your 2-year-old, you realise that those imposing stairs give you a fright every time your young one climbs them.
Also, an open floor plan apartment may look inviting to you during the house hunting process, but once you move in, you just can’t figure out where to place the furniture in its undefined spaces. We recommend you see how the owner lives in a home and also take the time to ponder how you’d occupy the space, or whether it would actually work for you or not.
- Not getting everything in writing
Now there are real estate agents in Dubai that may verbally promise you a lot before buying but after buying, you find that those things weren’t offered by the seller. Same goes for some property developers here. You may buy an apartment at a flexible payment plan but after completion, you find that you also have to buy the parking space to get the apartment transferred to your name. In order 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 before you transfer your money to the seller’s account.