How much can you actually afford?
Before you even think about whether you want a two bedroom apartment in Dubai Marina or a three-bedroom villa in The Lakes, you need to figure out what you can actually afford. That means taking an inventory of your income, expenses, assets, savings and debts.
In order to be approved for a loan, it’ s important that you have a clean credit history. When you’ ve made the decision to take a loan, get copies of your credit report and check that the facts are correct. If you have a credit issue, ensure that this is settled before making your application.
Before you start looking for your dream home, contact a mortgage advisor for advice on the loan amount you will be qualified for. You can also use one of the many calculators available online to check your affordability. Remember to add in the additional charges that will be part of the property buying process, which includes the deposit( payable in full according to the terms of your offer), the transfer fees( due when the transfer takes place), loan application fees, etc. Also factor in the costs of moving into a new home, your household insurance and the small costs like buying a second remote, changing locks or fitting a towel rail, which can add up and spoil the pleasure of a new home.
Understanding your budget will allow you to save the disappointment of looking at houses you can’ t afford and will put you in a better position to make a serious offer when you do find the right property.
What do you want before you go looking?
You can’ t start searching for your perfect home until you know what you’ re looking for. Decide what your actual needs are: number of bedrooms and bathrooms, private garden or spacious balcony with THE view, security, off-street parking, staff quarters, pet friendly etc. Be realistic with your wish list and identify what is an essential‘ must have’ and what you would be willing to compromise on. A crystal clear idea of your needs will help you go through the properties for sale and will save you time and disappointment.
Which area is for me?
When considering purchasing a home you’ re considering a lifestyle choice that requires you to think about how you like to spend your time and the type of community where you want to live— such as a rural area without neighbours, a high-rise building in a city or a home within a planned community with recreational amenities.
Where you buy your home is very important because once you’ ve bought it, you can’ t move it if you’ re not happy with its location. The area where you buy is important from a security and convenience aspect, and will also influence the future value of the home.
Will this home still fulfil all my needs if later on?
The expense involved in buying a home can mean that you live there for much longer than you intended when you bought it. Life happens and needs change and sometimes your initial idea of buying this home for a limited time before selling and moving to“ the perfect’ place just never happen. Because a house is a huge investment, you must be happy with your home for as long as you live there.
Take into account that you may gain or lose a partner, have children or watch them leave home. You’ ll get older and that beautiful loft area may be hard to reach on legs that are no longer as strong. Plan for the future and make sure that your investment will serve you well over time and that you will always feel that this home is your castle- the place of your dreams.
Buying a house is not an everyday thing; therefore it must be one of the best times in your life that’ s why once you’ ve thought through the emotional and financial aspects of becoming a homeowner, Aston Pearl real estate brokers is ready to guide you through the process to achieve your dream of homeownership.
So if you’ ve never bought a home before, rest assured you’ ll be in very safe hands with us. We’ ll be right there with you from the very first interview until the day you get the keys to your very own real estate. If you’ d like us to help you call + 971.56.29.66.320 or email us info @ astonpearlre. com
When it comes to first time buyers, we’ re with you all the way.