What should you consider when buying a home?

Buying a home is one of the most exciting experiences particularly for individual buyers for whom this will be the biggest purchase for them. The purchase of the property may be a daunting process for most individual buyers; several considerations must be made in the purchase of the property.

For almost all the individual buyers of land for sale in Dubai, the financing option available will involve securing a mortgage it is prudent to first consider how much you’re actually able to afford. Please note your budget will be determined by the amount that you’re able to pay out depending on your income and your running expenditure that determines how much you will be able to pay monthly. 

As you approach the available Financial Institutions that may include Banks, Mortgage institutions and building Societies. Take time to understand their requirements some of which may include certification that the Financing Institution will provide the financing given the property meets a set of conditions.  Once you have been able to ascertain just how much the cost you are able to finance will be you will then have to consider the addition cost that are related to the purchase of your dream home.

One of the most frustrating aspects in buying an apartment for sale in Meydan, Dubai can be overlooking additional cost relating to the acquisition of the property you intended to buy. Fortunately planning ahead will help you manage and meet these expenses associated with the actual purchase of the property.  First you have to meet Survey fees please note it is a requirement by the Financing institution in addition to the Home report provided by the Seller. 

In addition to the above any buyer may be required to meet Valuation fees that may be required by the Mortgage provider.   As you discuss the mortgage financing you should also find out if there are any fees charged by your lender or the persons who are assisting you to organize your mortgage. Once you’re ready to make an offer on the property you will have to engage the services of a Solicitor which will also involve other fees.  Please note at this point your solicitor will assist you place your offer, however if the offer is not accepted the charges accrued to this point you will have to bear and you may have to repeat the same until your offer is accepted by the seller. 

Once the seller accepts your offer it other acquisition cost that you will have to bear will include Stamp Duty, VAT you may also have to meet removal charges on the property and also do not forget to factor in the final bills for your current property. As you plan this it is also wise to look in to the running cost associated with the new properties this may include Council taxes, heating bills and insurance cost for the property contents and possibly life insurance. The Home Report may assist you in determining these costs. 

Once you have these figures you will be  able to make a decision that will help you avoid buying properties that may overstretch your resources remember your purchase of a home need not be a crippling experience. 


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