Some Simple & Easy Steps to Buying a Home in Dubai

Buying a Home in Dubai

Some Simple & Easy Steps to Buying a Home in Dubai

House buying can be a daunting process because it requires a lot of time, effort and determination yet it may just be the most emotionally charged and expensive purchase of your life. It is important to do a thorough research to buy homes. Owning a house is a dream to most people that will usually require you to make major sacrifices. This process is usually complicated but not impossible. With the right agents and having a willing seller the process flows smoothly without any complication.Therefore, below is a step by step process to buy homes fast.

  1. Checking Credit Scores and Reports- Credit worthiness determines whether the potential buyer has had serious payment issues. If yes then financial institutions may be shy when giving loans to such an individual. Errors on credit scores are common and therefore this can easily be resolved and could usually take up to 3 months.
  2. Set up your budget- Potential house buyers should have in mind their budget or how much can afford to buy home cash. However, to get an accurate figure, asking to be pre-approved by a lender who will thus look into your credit, debt, and income to determine the kind of loan that you can ask for is a good way of improving your financial worthiness. It is always advisable to aim for a house that is about two and a half times your gross annual salary. However, if one has other financial obligations such as alimony, then you will have to set this lower to enable home to buy.
  3. Get your finances in place– It’s important for a buyer to determine how the seller wants to receive their payment. It’s also important to understand the type of seller you are dealing with. Some sellers prefer a collective amount while other allow partial payments. Having finances ready according to the seller’s description is good as it reduces conflict between the seller and the buyer and people who follow instructions are also given first priority during the sale.
  4. Find the Right Real Estate Agent– Real estate agents are usually very important partners to buy homes with. They will provide helpful information on the neighborhoods and homes that would normally not be easily accessible to the public. Real estate agents have good knowledge of negotiations, the home buying process and are familiar with the neighborhoods. They can, therefore, be extremely valuable in this daunting process of buying a home. Most agents will not cost the buyer as they are usually compensated from the commission that is paid by the seller of the house.
  5. Find your dream home- The first step should be deciding on the city or neighborhood that one would like to buy a house in. Always pay attention to needs such as schools, traffic, and noise level amongst others. It is advisable not to fall in love with a house at first sight because it may end up not meeting your needs. Make offers based on the recent sales in the neighborhood and on other houses that you have seen. It is also wise to do research on the seller’s circumstances and tailor the offer accordingly. For example, if they have just or already bought a house then they may be more flexible on the price, unlike a seller who has been waiting for years and is holding on for the best price. Always make sure that checking the little details of each house to ensure transparency from the seller before the purchase. These can be trying the electrical system by switching on and off, opening and closing the windows and even testing the plumbing system by running a shower.
  6. Make an offer and get it accepted- If satisfied that the house meets all your needs, then make an offer. The offer will most likely apply towards down payment and will also include contingencies such as a small holding price and the hiring of a home inspection expert. A real estate agent would usually walk clients through the process and steps of making the best offer possible to buy home. While notably, it is important to be cautious when negotiating, it is wise to be flexible to avoid someone else beating your best bid for your dream house.
  7. Get a Home Inspection– Once an offer is accepted, the next logical step is inspecting the house by an expert to check any structural damages that may need fixing. The real estate agent will organize an inspection that will be conducted a few days after your offer has been accepted by the seller. The inspector will send the report to both the buyer and seller. From the report, make the seller fix anything in the house after which one will now walk-through the house to make sure that all the things in the inspection report have been fixed before closing the sale.
  8. Get a Contract– Once the offer has been accepted by the seller, it is important to have your lawyer go through the contract to buy homes before signing it. The seller’s lawyer will normally send your lawyer the contract to go through it. The contract will set the closing date which can always be negotiable.
  9. Close the Sale– At this point, sign all the necessary paperwork that is required to complete the purchase of your dream house. This is when you will receive the title deed to your home from the seller. After all the paperwork you will receive the keys to your dream home.

The above process looks huge, but with the right real estate agent, it’s very simple and easy. So before purchasing houses hire an agent to help in knowing the real value of the house and probably recommend other houses which could be better. Ensure that the purchase is within the law in order to avoid conflict with law enforcers and if possible ensure that payments are made through financial institutions so that there is adequate evidence of payment and the entire transaction.

 

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