Buying a home or a property is one of the biggest financial purchases you’ll ever make in your life. While the process can be fun and exciting, it’s can also be a nerve-wracking and stressful experience.
This is particularly true for first-time home and property buyers who may not know what to look for. If you ever visited Abu Dhabi or viewed the properties, you know there are beautiful homes and villas around the area. But how and where do you start the homebuying process?
There are many factors to consider when buying a house that can make the process easier. With these eye-opening tips, you’ll find the right home that fits your needs, preferences, and lifestyle.
Are you ready to learn how? Check out these 7 must-know tips you should know before purchasing a property.
7 Factors to Consider when Buying a House
Before any big purchase, you must do some research and work to ensure you’re spending your money wisely. Here are 7 helpful factors to consider when buying a house to make the process a little easier.
1. Research the Neighborhood
Whether your single, moving in with a significant other, or with a family, it’s critical you research the neighborhood you’re thinking about moving to. The last thing you want is to move into a dangerous or questionable neighborhood.
Other factors to consider are the neighbors and if you’ll get along with them. Are they loud or quiet? Do they keep their neighborhood clean?
You can start by researching crime rates and safety ratings of the neighborhood online. If it seems reasonable, you should try visiting and seeing it in-person to get a feel for the area.
2. Work with a Reputable Realtor
Some homebuyers may be hesitant to work with a realtor because they receive part of the price of the home. This leads some people to believe that it drives up the overall price.
The good news is the seller pays the realtor’s commission, not the buyer. But there are realtors who don’t look out for your interests and only want to make a quick sale.
A reputable realtor should always do their best to protect your interests. They will guide you through the home-buying process and help you with any questions or concerns you may have.
Research your potential realtor and read reviews to see how past buyers felt about working them. If there are any red flags you should look for another realtor.
3. Get to Know the Property
You wouldn’t buy a pair of pants that don’t fit or feel good, right? The same is true for your home. Before you commit to a particular house, it should fit your needs, preferences, and budget.
A few property factors to consider when buying a house include the size, layout, room count, and the age of the house. The size and number of bedrooms should fit your needs and lifestyle. This also includes the number of bathrooms, too.
The home’s layout should fit your lifestyle and preferences. A home with a poor layout can be irritating and lead to expensive renovations later on. The age of the home can give you an idea of the amenities offered and potential improvements the house may need.
It's best to visit the property in-person. Doing so will give the best idea as to how the property looks and feels.
4. Plan Beyond Your Life Today
As you go through the home-buying process, you should always keep your future plans in mind. If you’re planning to get marry or have kids, you’ll want to invest in a home that can accommodate a growing family.
If you’re planning to downsize, you may want to consider moving into a smaller house that requires less work. Whatever you decide, you should plan for your future, not just today.
5. Work Within Your Budget
Buy a home you can afford. Just because you may receive approval for a great mortgage doesn’t mean you can always afford it. Life happens, and sometimes it’s best to choose a home that’s a little below your maximum property budget.
There are many costs and fees you’ll have to pay that go beyond the home’s price tag you should consider. These include interest rates, taxes, and insurance.
Many lenders recommend mortgage payments that total around 1/3 of your gross income or less. You should discuss this with your broker when you start looking for a home.
6. You Can Negotiate Contracts
Buying a home involves contracts, reading papers, and signing papers. While most of these contracts look like they don’t allow room for negotiations, they do.
You can negotiate most contracts. Take the time to read through the papers and check what they all entail. You can save time and money by waiving unnecessary tests or having someone inspect the property.
If you have any questions about your contract or negotiating it, your realtor can help. As mentioned above, a reputable realtor is there to help.
7. You Don’t Have To Buy
One of the most important factors when buying a hose is knowing when to walk away. Some houses may fit most of your needs or wants, but that doesn’t mean it’s a good fit for you, your lifestyle, or your budget. If you’re not 100% set on a particular home, it’s okay to say no.
Buying a home is a big financial and personal commitment. If you’re unsure about a neighborhood, your future plans, or career you may want to consider renting a home in the area you want to live.
For example, you may rent a home in Al Reef that you like. After you move there, you may find you prefer Yas Island even more. Renting a home offers you the flexibility to move and keep looking if you wish.
Start the Home-Buying Process with Confidence
These 7 factors to consider when buying a house will help you make smart choices throughout the home-buying process. Not only will you find the home of your dreams (or very close to it) but you’ll also have a reliable realtor to help and know your budget limits.
Want to learn more about buying a property in Abu Dhabi? Let us know! We’re here to help you find your perfect home.