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Think you're ready to become a first-time homeowner?

Posted In PROPERTY BUYING
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Think you're ready to become a first-time homeowner?

Think you're ready to become a first-time homeowner? 

So, you've decided to do away with rentals and buy your first home. Congratulations on taking the first step to becoming a 21st century homeowner. While you're mulling over street addresses, housing amenities and envisioning your perfect vista, keep in mind these 4 things before taking the plunge. 

Survey the scene 

It's highly likely your first home will be your hub, headquarters and sanctuary for the foreseeable future, so thinking ahead and considering a property's future prospects is a must. When scouting for property, look out for areas on the rise. Keep an eye out for real estate projects from leading developers with plans to develop a community, not just houses. If you see yourself in your current company, consider how far the commute is to work and whether there's easy access to public transport, should you use it. If you envision yourself rearing a family under your first roof, it's good to know whether there are decent schools close by, and a similar demographic to grow and interact with. There are a host of questions you need to consider before jumping to make an offer. Take time to map out your future plans and home hunt accordingly.   

Foresight 

It's impossible to know what the future holds, but again, when searching for your first home, try imagine your circumstance 5 to 10 years down the line. If you're buying a home with your partner, do you see yourself in a home filled with nappies and the pitter patter of little feet? Are your parents or relatives looking to move in with you in the future? Choose a house that will be able to accommodate any potential additions to the family. 

Mortgage

It may not as fun be as fun as scanning websites for your dream home, but doing your research and securing the right mortgage is one of the most important parts of the property buying process. While it's all well and good to receive advice from your bank, friends and family, it's worth getting professional advice before setting for one plan or other. Check best Mortgage rates here (https://www.homeownersdirect.com/hol/post-buying-services/dubai/mortgage/)  if you're looking for more information about mortgages in your area. 

Are you purchasing within your means? 

That beautiful town-house in Jumeirah Golf Estates might be the property of your dreams, but are you financially prepared to harbor the costs (both pre and post-purchasing) of this home? Even if your parents have generously lent you money to secure your ideal home, there remains a bevy of costs to consider: the deposit, monthly mortgage fees, the cost of your solicitor, moving fees, the purchasing of any new furnishings or amendments to the property – the list goes on. Being emotionally prepared to buy is only one step of the journey. Consider a realistic and low-maintenance “starter” house with decent future prospects and work your way up to your dream estate. 

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