Buyer/renter beware remains relevant today
Preparation, research and communication will help you
find the perfect property.
As real estate agents, we often find our clients
making the same mistakes when looking for their dream home or property. Our
responsibility is to inform and guide them to make wise choices so they are
happy especially after their purchase. Indeed, it makes sense to have return
customers and referrals. As such,let us identify the common errors we usually
encounter as you can go about your search with a “buyer beware” attitude.
From the outset, you need to be clear if you plan to
purchase the property for a home or investment as the two objectives may lead
us to choose very different options for you. Once you are clear about the
reason, we then ask you to identify your budget, whether buying or renting.
This will save you from wasting time and getting emotionally attached to
properties you means, so you avoid irrational decisions by taking a measured
approach. In the case of mortgage clients, they should arrange for the
pre-approval of funds, and cash investors should identify their allocation of
funds. You can end up wasting a lot of time if you have arranged pre-approved
funds. Renters need to be realistic about their budget and identify locations
as per their style needs.
Sometimes buyers are not aware of all relevant costs
associated with purchasing property. It helps to do some research first and, as
an agent. We should provide a realistic picture of costs-from maintenance
charges, agency/transfer fees and costs associated with taking up a mortgage.
The market also calls for a cautious and diligent approach to purchasing
off-plan so it is better to take legal advice especially regarding this.
Another common error is not investigating the quality
of construction and maintenance record. Check the track record of developers
and /or master developers regarding the maintenance of the property, and
examine the finishing. Understanding the owners association’s role and
interacting with the developer also helps.
With families and
couples, there is usually one person thats more rational than other. However,
both need to be on the same page and have a unity of purpose. We have seen
couples fighting once one becomes fixated on the property and other is not.
We
can’t be marriage counselors, but we do know those who are on the same page tend
to walk away happier from their purchase. So, as with many aspects of life,
preparation, research and communication will help you find the perfect property.
Dubai Real Estate Tips
·
Mortgage
clients should see to it that they already have pre-approved funds.
·
Be cautious
and always take legal advice when purchasing off-plan property.
·
Renters need
to identify locations as per their lifestyles needs and budget.
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