In the daily hustle of life, one often forgets about the dream home they thought of building in their 20s. It is not until late in your life that this dream comes floating back to you. However, there is a plot twist this time! At this point in life, you can finally afford to build it! So, whether you are considering modern villas in Sharjah or condos in Dubai, the choices are many, and the market is wide open.
But before you lose the reigns of your horses, there are a few search tips you might want to consider. Read on as we guide you around common mistakes buyers make when buying their dream home.
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Is it hard to buy a house?
Before making any major life decision, we often face a dilemma. Our heart might want something, yet our brains may warn us against the repercussions of it. Oftentimes, despite being adamant about buying your dream home, you might struggle with some second thoughts. After all, cold feet do not necessarily happen before you say your vows. They can also occur when you decide to make a life-altering decision.
Coming back to our initial question, it is not hard to buy a house. Sure, it takes time, effort, and money to buy your dream home, but it’s not difficult. If you have a realtor and a game plan set in your mind, then you are good to go. Although there are certain factors you might want to consider, which include the type of residence and finances. You see, while buying a 4-bedroom townhouse may seem lucrative, a sustainable 4-bed villa may not be a bad option either. So, just be sure to weigh your options wisely.
Property Search Tips
Now that you know exactly what you are looking for in terms of property, let’s look at some tips. These will help you avoid common mistakes buyers make.
Dream home specifications
Before you get swept in real estate, it is essential to be conscious of your mindset. In your past experiences, you may have chosen properties based on their ability to fulfill your basic needs. Maybe it was close to the children’s school or your office, or it had enough bedrooms for the whole family. Now that your children have moved out and you want to live a lavish lifestyle, this one is bound to be different.
After all, a dream home focuses on fulfilling wishes rather than meeting needs. So, at this point, do not be afraid of making a sizable wishlist. Just keep in mind that everyone’s wish list tends to be different. You might want to wake up with the sun rising over the mountains, while your partner may prefer having a gym nearby. A clash in opinions does not necessarily mean that your dream home will remain a fantasy. Work around the differences and meet in the middle. If you two have made it so far in life together, you can surely build your dream home together.
Neighborhood and area
So you found the residence of your dreams, the two-storeyed house with white picket fence! It’s perfect, it’s what you have always talked about having but here’s the catch: it’s located in a crowded part of town. Now what? If bustling city life is what you have been trying to escape, then finding your future home in the center of that vey location you ran from is far from ideal. Keep in mind that your property is not going to exist in a bubble.
At a glance, it will be a part of a larger community, and the neighborhood you select can either make or break your plans. So, do your research thoroughly and list what you are willing to compromise on about your residence and what pointers are non-negotiable. Communicating with a broker about the requirements and training your mind for flexibility can ease your house hunt in the long run.
Location and size
Often, while making a purchase, buyers forget to think about the lot! The land a property is built upon cannot be altered; you can alter the structure, the color, and everything else. But the land? Well, that stays. When looking at potential properties, consider their location and size before submitting an offer. If you yearn for a backyard where your children can run around, then be sure the property you are considering can entertain that thought.
Do not hesitate to walk away if the lot does not seem ideal and up to the mark to you. It will be much easier to find a similar property on a better lot than settling down for a less-than-adequate location for the rest of your life.
Get pre-approval for a mortgage.
From the subprime mortgage crisis era, we all should have learned by this time that what the bank says you can afford VS what you can actually afford tends to be quite different. Conversely, what you believe you will be able to afford and what the bank is willing to lend may not match up either. Especially if you have a poor credit history or unstable income.
If you are unaware of your affordance, do not expect the search to be smooth. Before you enter the real estate market, you need to have an exact range of the prices you can afford.
Conduct pre-purchase inspection
Purchasing real estate property is one of the most significant investments of your life. The last thing you want on your plate is coming across a liability that proves to be a deal-breaker. If this happens after a purchase, then there is a high chance you will be disappointed rather than satisfied with your dream home. Doing your research with the local land registry and authorities can help uncover important information beforehand.
To conclude,
Real estate investments are one of the most vital investments ever. In the long run, it’s not only you who benefit from these but also your family. Your dream home is one investment where nothing goes in vain. After all, it’s the ultimatum of all the hard work you have put into your career. Just make your choice wisely. Safe Investing!