New Year, New Home: Get on the property ladder in 2022

New Year, New Home: Get on the property ladder in 2022

Wednesday 05 January 2022Wed 16 Feb
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After a challenging couple of years, it has become clear that having space to call your own has never been more important.

If your New Year’s resolution is to get on the property ladder, we’ve taken a look at some of the ways you can make it happen!

Get your finances in place

So many of us are guilty of starting the buying process by browsing through properties advertised online only to end up disheartened when your dream home is way out of budget. Keep in mind that the deposit is not the only fee that you need to think about; there are transfer fees, agency fees, sales progression fees, mortgage arrangement fees and mortgage insurance fees.

We advise you to speak to a mortgage advisor to get all the information you need – they are experts in their field and can talk you through all costs involved in buying your first property in Dubai. Allsopp & Allsopp have an in-house Mortgage team ready and waiting to take your call.

Make a list

Step one in the home-buying process is to make a list of what you need and want in your home. Examples of popular “wants” include an open floor plan, spacious backyard, gas appliances, quartz or granite kitchen countertops, walk-in closets and a three-car garage. To get more ideas, think about things you don’t like about where you currently live and imagine options that would be better for you.

When you list your wants, consider your lifestyle as well as your design preferences. For example, if you plan to do a lot of gardening, you might want a larger backyard for raised beds or a bigger patio for containers.

Do research

The next step is to research mortgage loans, school districts and new homes that are for sale in locations you like and spend as much time there as you can to narrow down your options. As you do your research, keep in mind that you may have to adjust your “wants” to fit your budget. 

Set aside savings

You should also set aside savings for moving costs, home repairs and maintenance and other homeowner expenses. If you’re a first-time buyer, you’ll also be newly responsible for expenses that might have been paid by your landlord or your parents. 

Make a separate budget for improvements that typically aren’t included with your new home, such as window coverings, landscaping and fences.

Speak to a Broker

It is imperative that you get your broker to talk you through the entire sale process in Dubai from start to finish; From how to make an offer, the negotiation process, the paperwork required, the NOC, transfer appointments and the handover. You are about to take a very large leap and spend possibly the most money you have ever spent so it is time to do as much due diligence as possible and ask every single question that pops into your head.

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