4 Mistakes to Avoid While Buying Home First Time 2024

A home purchase is simultaneously exciting and scary. It's likely the most significant financial decision you'll ever undertake. Yet many home buyers are unprepared and need to be fully informed.

We at Profound Realtors encourage prospective buyers to research and not rely on real estate websites or trends. Finding the right home that fits your lifestyle and the requirements we value, so this is an overview of the most common errors first-time homebuyers fall into. These are the ones you should be sure to avoid.

Not Researching

Most home buyers look at properties listed on real estate portals. This is a purchase without understanding current market trends, community, the environment and neighborhood, and the details about the house's history. Being aware of minor and major information will assist you in finding the ideal property. Most home buyers look at properties listed on real estate portals. This is a purchase without understanding current market trends, community, the environment and neighborhood, and the details about the house's history. Being aware of minor and major information will assist you in finding the ideal property. Realtors in Dubai play a crucial role in guiding buyers through these complexities, offering insights into the local market, property histories, and other essential details that may not be readily apparent from online listings alone.

If you decide to invest, thorough research will help you determine the value of the home you want to purchase and estimate the profit you could earn.

Start by looking at real estate websites. However, do not restrict your search to only the available listings. Certain websites offer information about the availability of properties in the region, rising and decreasing prices, the median price of homes, a summary of the area, and the cost of living and living.

If you've got your finances well-organized and your budget in place, consider your current and future requirements and, by conducting extensive research, locate the ideal house that is not influenced by temporary market conditions.

Not Getting Everything In Writing

Without a written contract, it is among the most frequent mistakes first-time home buyers make in Dubai. Some agents in Dubai will promise you additional services to lure buyers to purchase a home. After you purchase it, you realize the seller should have provided the promised services.

This is also true for property developers who provide a flexible payment schedule. However, they may later ask you to purchase a parking space to have the property transferred to your name or, more importantly, use your money before completing the work.

To avoid this, it's best to record everything in writing to ensure that the items you want to keep will not be part of an eventual sale.

Not Verifying the Loan Option

Another error homeowners who are first-time home buyers commit is not looking into the loan options. A lot of homes in Dubai are bought with mortgage loans. One of the biggest mistakes people make is rushing to the bank their acquaintances and relatives recommend without conducting the required study and calculations.

A bank loan has pros and cons; therefore, you should carefully consider and plan your finances to avoid financial risks. Each bank offers different mortgage options. So, choosing from various banks will provide you with the best deal.

In addition, having your pre-qualification and pre-approved before going home hunting can put you in a great negotiating position.

Wrong House And Location

Numerous neighborhoods in Dubai are equipped with top-of-the-line amenities. Suppose you want to find the perfect residence. In that case, you must choose a property near your workplace, health facilities, excellent schools, iconic malls, supermarkets, and shopping centers.

You might have found the perfect house; however, not compromising on the place and the essential amenities to ensure a comfortable lifestyle is crucial. 

Our Profound Realtors team is ready to assist you in purchasing your first home. Contact us now, and you will always be safe from falling into the first-time homebuyer traps