We think it’s important to celebrate when someone buys a home, so let’s work to reduce your worry and prepare you for all the processes involved in doing so.
Where should a home buyer begin?
The process of purchasing a property involves many steps, from budgeting and searching to viewings and contracts. But ultimately, being prepared is the first step in purchasing a home. Many would argue that purchasing a home is an important life achievement, while others will ramble on about how it is preferable to buy rather than rent. The best time to purchase a home is ultimately when you feel prepared (and the global financial market is looking healthy).
If you’re prepared to move forward, we’ve outlined the main checkpoints along the way to house ownership so you can cross everything off your list and take possession of your ideal residence.
First-time homebuyers’ guide
Prepare your finances
It’s crucial to make sure you have the money necessary to buy and afford a property.
Being aware of any previous loans you may have and having a credit score above 700 are crucial if you anticipate needing a mortgage. In the event that your credit score is poor, you can attempt to raise it by managing your debt, credit utilization, and bill payment dates.
Be mindful of fees
The cost of purchasing a home is high, and this applies to more than simply the purchase price. Property fees, bank processing costs, even the pre-title document, will be asked of you.
View a detailed overview of all the costs related to purchasing a home in Dubai.
Talk to a mortgage expert
While doing things on your own and online can be convenient, it is good to have expert support when you’re a first-time homebuyer. Our mortgage consultants can provide you with the right information and guidance on the best mortgage for first-time homebuyers.
Create your home wishlist
What kind of house would you like to have? Plan design your perfect house, including how many bedrooms it should have, the layout of the kitchen, if it should include a balcony, and whether or not you want it to be pet- or family-friendly.
Find your ideal home
It’s time to start looking once you’ve determined what you’re looking for. Our platform includes a carefully chosen selection of authentic property listings, and our property advisers are available to offer first-time home buyer help and the crucial house purchasing advice you’ll need to make your property search go smoothly.
Start looking for your ideal home in one of the many Dubai communities we have covered.
Learn the jargon used in real estate
You should feel confident when talking to a real estate agent or even a mortgage broker. So learning some of the real estate lingo will help you not feel confused throughout the process. Some handy terms that will pop up in your home buying journey include:
Down payment is the upfront fee you pay as a deposit for your property. It’s a percentage of the property amount.
Form F is an agreement that has to be signed by the buyer and seller when purchasing a property. This is an electronic version of a Memorandum of Understanding.
Final offer letter (FOL) is a letter, completed post-valuation, stating the amount the bank will lend you, tenor, rates, life insurance, property insurance, and all the relevant information about your transaction.
Oqood, also known as pre-title, is the DLD property ownership document given to someone who owns a property that is not yet complete or handed over.
