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7 mistakes to avoid when searching for your dream property in Dubai

Posted by Admin | Aug 02, 2022

Being a property owner is a remarkable achievement and you want to ensure that you aren’t endangering your prospects by making rookie mistakes. Mistakes during a property deal can go sour in the worst way as the money involved is huge. 

Let’s look at 7 of the most common mistakes to avoid when searching for your dream property in Dubai: 

1. Not getting a pre-approval:

When it comes to buying a home in Dubai, getting a home loan mortgage is one of the first options. To obtain the mortgage, you need to get a pre-approval letter. The pre-approval letter will specify the upper limit of the loan amount that they will be willing to lend. Most people start property hunting before getting the pre-approval letter. If you don’t do this, you won’t have an idea of how much amount the lender will be willing to lend you and the dream property you fell in love with might be beyond your budget bracket. 

2. Contacting the listing agent directly:

Instead of hiring realtors to get it done, there are many people who end up getting in touch with the listing agent directly. They assume that they are saving money by doing this, but it couldn’t be farther from the truth as the listing agent works for the seller/developer, while the realtors will work for your benefit. 

3. Not having clear requirements: 

You need to have a clear idea of what kind of property you want to buy. Is it a lavishly-extravagant villa? Or do you prefer your apartment to be in a high-rise society? Or do you want an independent house in the city center? For each of these properties, you will require different strategies. 

Before starting your house hunt, be crystal clear about what you want; otherwise, you will end up visiting properties that do not align with your interests. 

4. Doing only online property evaluations:

While the internet has made our lives easier in a gazillion ways, the same does apply to real estate as well. Virtual tours are great to use as the first filter. The problem starts when the information that you saw online is not entirely accurate. The best advice is to rely on professionals who will take care of all of this. 

5. Not accounting for additional expenses:

When you choose your dream property, you will find that there are additional expenses than the one that you had initially in your mind. If you don’t budget for these expenses, you will face difficulties in getting your finances in order. Do your due diligence and account for each and every associated expense so that you aren’t shocked when you find yourself paying more. 

6. Making spontaneous decisions:

Unless you have millions stashed in your account, you might want to take time before finalizing your property. Ensure that you ‘okay’ the deal only if it falls within your budget limit. If there are aspects of the property that you think are problematic, do not go ahead unless you are sure that the issues are solved. You do not want to live in a place that stresses you out. 

7. Not reading the fine print:

We live in a highly litigious society. When you are on the verge of signing on the dotted line to finalize your property deal, ensure that it gets vetted by a lawyer. Since contracts sound technical in nature, laypeople will have a difficult time understanding everything in it. Do not skim through the contract because you want to get done with the deal. Read every single clause in the contract. 

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