Obtaining your humble house is without a doubt one of the most important decisions you make in your life. It’s a no-brainer because a large portion of your hard-earned money is invested. Before signing any property transfer deal, important investigation and due diligence are required. So, without further ado, here are some typical errors to avoid while buying a property.
Most common first time home buying mistakes to avoid
Rushing the process
Buying a home in Dubai may be an exciting experience, but you should never hurry into it. As you expect to remain in the property for many years, there are many variables to consider. If you want to buy a flat, look for homes near you and other facilities available in the building.
Select the most common options within your budget and explore them in depth. If you rush through the process, you may lose out on alternative houses that are more suitable for you. And it’s not just about your existing needs. If you are unfamiliar with property transactions in this area, there may be hidden charges that lead to complications.
One of the most typical first-time home buying blunders is failing to find an accurate estimate for the cost of living and maintenance. It is important to remember that maintenance fees can vary from one place to the next. You don’t want to buy a house that isn’t a good fit for you.
We urge that you take your time and look at as many homes as possible. Maintain a list of suitable qualities, along with a few notes on the benefits and drawbacks of each. Take the time to go over those qualities again so you have a complete picture. A methodical and careful approach will assist in making choices that are better informed.
Skipping on research
In many situations, house buyers surf prominent websites for real estate listings, discover a home, and buy it. They know almost nothing about the local market situations, the residential neighborhood’s the environment, the history of the villa or apartment they are purchasing, or anything about the neighbours.
This is one of the most common mistakes made when purchasing a property, as having the appropriate knowledge may help people locate the correct one. It allows them to determine the property’s true value and capital appreciation. But don’t worry, we’ve got the ideal answer! Use Bayut’s Search 2.0 in conjunction with BayutGPT on our web page to have access to all available information on buildings, locations, and assets.
Similarly, Bayut’s Real Time Market Price and Rental Trends features are always available to let you understand how much real estate in your neighbourhood are selling for. Prospective buyers can also view changing market values in real time. TrueValueTM by Bayut, for example, allows buyers in the future to evaluate the market worth of homes.
Potential buyers can always read up on Bayut’s Area Guides to learn more about the places they want to invest in. Discover what amenities are accessible in your preferred real estate, and also the number of schools and retail establishments close.
Skipping inspection
Having a home inspected can appear to be a time-consuming task, but it is well worth the effort. A skilled house inspector can uncover serious problems like crumbling walls, leaking roofs, defective electrical wiring, and termite infestations. It is often better to know if an apartment or villa has minor fixes that you can afford so that you may prepare accordingly.
Buying the wrong house
You are likely to fall for a place that looks great but is not the correct home for you. The home with the huge staircase and majestic hall may appear impressive at first sight, but after moving in with your 2-year-old, you discover that those intimidating steps may be hazardous for your child.
Not getting everything in writing
Some real estate agents in Dubai may make a lot of verbal promises to you. However, they can fail to fulfil their promises after the transaction has been done. Some property developers are in the same boat.
You can buy an apartment on a flexible payment plan, but upon completion, you discover that you have to buy a parking space in order to have the flat transferred to your name. To avoid such complications, it is essential to write down everything that will and will not be included in the sale of a property.
Furthermore, while getting real estate in Dubai, make it a point to only work with the best developers. Furthermore, if you intend to invest in Dubai, it is usually a good idea to become familiar with the legal procedures for purchasing property.
