Buying a home is definitely a great investment. For most of us it could be a life time investment and most probably the most important investment that you make in your life. There are many arguments to and against the purchase of a house to building your own home. Buying a home could involve a certain amount of risk as there could be many loopholes and issues relating to it. On the other hand building a home could be more troublesome and time consuming. However there are certain areas that you need to focus on before making your purchase of a brand new home. So here are a few things that will help you out.
Deciding and preparing
First thing is to decide what is more profitable and suitable for your requirement: whether to buy a home, to buy a land and build a home or to rent out. Once you’ve made the decision considering your budget, time available and your requirement, make sure you know in detail what to do before you buy a house. Talk to relevant government authorities and get an idea of the property regulations in your area.
There are certain companies and brokers who offer fix-up facilities. This is, they offer old and abandoned homes for sale in areas that are difficult for you to afford otherwise and leaves the renovating at your expense either for you to do on your own or get it done by professionals. See very carefully into these kinds of bargains. Check the foundation and the basement of the house very carefully especially during a rainy day. Best thing is to avoid these kinds of purchases.
Do your research
Once you have settled your mind on one house or have shortlisted your options do your own studying about the prospective house and its history. See how many days it had been available for sale in the market; if it’s been for sale a very long time it’s either overpriced or the market is quite slow. See to the utility bills, rates paid and the insurance of the property to have an idea of the true worth of the house. Check the area if there are more homes for sale in Dubai, how compatible the neighborhood is and how long the previous owners have utilized the house.
Credit and finances
Keep your finances in order at the same time save an amount to be offered as the down payment. Make sure you pay your bills in time and you have no overdue payments on your credit card or any other credit you have obtained. This will help you receive a mortgage in time and settle the payments for the house without any delay.