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Every first-time home buyer needs to know these 6 things


Buying a home is probably the most significant decision you will ever make in your life. In most cases, buying a home is perceived as a sign of financial responsibility. If it is your first time buying a home, these are the things you need to know.


i. How much can you afford?

The price of a house is determined by several factors such as market conditions, size, location, etc. There are many off plan villas in Dubai to choose from. Your ability to buy a home will depend on your income and other variables. Experts recommend that your home payment should not exceed 28% of your income.


ii. Choose the right agent

Usually, you do not need any help to buy personal items online. You just sift through reviews before deciding to buy. Buying a home is very different because of the things involved. Therefore, you will need a trusted real estate agent to help you through the whole process.


iii. Make compromises

Probably in your mind, you have a picture of how you want your house to look like. In reality, real estate is about compromise. For instance, you may find a house that is in an ideal location but it is small or the price is too high. You will have to make compromises and get a house you can live, grow into and renovate later if necessary.


iv. Contingencies

Once you have spotted a house that fits your needs and the offer is accepted, don’t be quick to move in. In fact, before making any payments, add some contingencies in the contract. For instance, you can add a financing contingency. This means that you have the right to back out of the contract if your financier does not approve the loan.


v. Tax credit options

As a first time home buyer, it is important to understand about tax breaks. One of the biggest advantages of new mortgages is the interest deductions. In most cases, if you prepay your interest, you may be eligible to certain deductibles.


vi. Get acquitted with an attorney

Although the process of buying a home may seem simple, it is recommended to involve an attorney. A real estate attorney will help you not to get conned. Some clauses might be hidden in the contract which can make you regret the rest of your life.

If you are a first home owner, you should consider villas and townhouses in the Arabian Ranches, Dubai. The major advantage of this project is that it is being sold off plan. This means that you will get benefits such as reduced cost and friendly payment methods. Another great option is the Meraas Bluewaters Residences .

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