National Homeownership Month is a time to appreciate the comfort of homeownership. It is a month to remind people of the safety and stability that comes to families, communities and neighbourhoods when owning a home. While this is a month celebrated mainly in the United States. Property Finder is taking this occasion to raise more awareness of homeownership in Dubai. So, in celebrating this day, this guide will provide valuable tips for buying and selling property. As well as understanding the market and how to manage property.
June Homeownership Month
Before diving into the property management tips in Dubai, it is worth noting that June is homeownership month annually. This day celebrates the benefits of owning a home along with raising awareness on its importance. In addition, this month highlights how home ownership can build and benefit communities and neighbourhoods. This is not just exclusive to the United States, but it goes to every other neighbourhood across the world.
Home Buying Tips for First-Time Buyers
In celebrations of Homeownership Month – this guide will present tips for buying homes, especially for the first time. First-time home buyers can be both excited and scared. This is a big step, and feeling this way is completely normal. However, you must familiarise yourself with the essential steps of home-buying to navigate your fears and excitement equally. This would include the following:
- State your needs
- This means deciding what you want to buy. A villa, an apartment, or a townhouse? Where do you want it? How many rooms? Do you prefer a gated community? What features are you interested in? Stating your needs will help you optimise your research and narrow your options down.
- Research the market
- Say you are looking to buy property in Dubai. In this case, explore all of Dubai’s areas and buying options. Platforms such as Property Finder can help greatly in this step. You can customise your search and get all the assistance you need from the comfort of your couch.
- Define your financial situation
- Setting a budget when buying a home is very crucial. It will help you understand your finances and plan out your down payment. Also, make sure to be aware of closing fees, legal payments and property taxes.
- Explore the mortgage options
- In addition, make sure to explore your bank’s mortgage options. This includes the mortgage payments, their frequency, and the bank interest.
- Hire a real estate agent
- Finding a trustworthy real estate agency and working with them will greatly ease this process. Not only will you prioritise your needs, but they will also offer useful insights and negotiate selling terms on your behalf.
- Go to open houses
- You cannot buy a house without visiting it a few times. Therefore, it is important to attend open houses to explore the property and see everything it has to offer first-hand.
- Don’t forget to inspect
- If you found a piece of property that you are interested in buying. You must inspect it before signing the paperwork. Such a step is extremely crucial because it will bring out any necessary repairs or any other issues.
- Read and review the contracts
- This applies to all the paperwork you have during your home-buying journey. Including the sale contract, mortgage terms, discourses, and other legal paperwork.
- Smartly plan your moving-in
- Once you are ready to move into your new home, plan smartly to avoid getting caught up in the hassle. This means hiring a good moving company, checking utilities, and finishing any necessary renovations.
- Make sure to get home insurance
- This includes signing an insurance policy to protect your home and have a financial cushion in emergencies. Make sure to consider all the important things when shopping for home insurance in the UAE.
Tips for a Good Home Selling Strategy
On the other hand, if you are selling your home – there are a few tips and tricks to plan out your selling strategy. These tips are essential to increase your home value and obtain the best selling price. So, if you are looking to increase your home’s value before selling, follow these tips:
- Stage your home to add an aesthetic vibe to attract buyers.
- Renovate your home, this includes the kitchen, bathrooms, doors and more.
- Consider repainting if need be.
- Fix anything that needs fixing. This includes electricity, plumbing, et cetera.
- Tend to any necessary structural repairs
- Upgrade your home’s technology. Such as adding security systems or solar lighting.
- Offer important documentation highlighting warranties, maintenance records and more.
Furthermore, if you are looking to make a quick sale at a great price. Then there are a few factors to pay attention to. Such as:
- Set a competitive price that is just below market value
- Avoid rounded numbers – 499,000 would get more attention than 500,000.
- Tempt buyers with incentives, such as covering closing costs or offering a home warranty
- Keep up with the market trends and analysis to avoid overpricing
- List your property on trusted platforms to attract qualified buyers
Keeping Up With the Market
In addition, keeping up with the market’s trends and updates is very important when selling a piece of property. Mainly, this will help you sell your property at a reasonable price – thus avoiding under-pricing as well as over-pricing. To do so, follow the real estate market’s monthly updates. You can do so through DXB Interact cooperating with the Dubai Land Department. Furthermore, this source will offer insights into mortgage rates and current trends. Also, it will showcase the impact of other economic factors on the real estate market, such as:
- Income levels
- Interest rates
- Consumer confidence
- The dynamics of housing supply and demand
- Governmental regulations and policies
- Inflation rates
Tips for First-Time Real Estate Investors
Investing in real estate is one of the most profitable businesses in the United Arab Emirates. New investors in the field must be aware of various essential tips to make the most use of this sector’s success. Such as:
- Define if you are in this field for rental income or long-term appreciation
- Stay informed about the market, the mortgage rates, and factors influencing them
- Familiarise yourself with the basic financial concepts. Such as down payments, mortgages, property taxes and more.
- Provide good home maintenance from one of the home maintenance services in UAE
- Plan an exit strategy to avoid losses
- Seek aid from real estate gurus and professionals
- Stay informed about the legal factors related to the real estate sector
- Know how to identify profitable properties through:
- Study the property’s potential
- Evaluating the neighbourhood
- Calculating property expenses, like utilities
- Studying property condition
- Analyse the net worth of your investment
- Consider the possibility of increasing the property’s long-term value
- For rental properties, understand rental laws, regulations, and the tenant’s demands
- Be aware of successful property management, including:
- Conducting regular inspections
- Communicating with tenants frequently
- Enforcing lease agreements and protective clauses
- Implementing screening processes to select reliable tenants
- Establishing a detailed budget for property expenses
- Keeping up maintenance regularly
- Following legal requirements thoroughly
- Developing plans for emergency cases
FAQ
Many factors play a role in choosing the best area for you. This includes safety, closeness to amenities, population, and transportation access. Also, understanding your priorities helps greatly. For example, families prefer neighbourhoods that are close to schools and outdoor parks.
If you are looking to find the best community in Dubai, then there are many. Such as Business Bay, Al Fujran, Dubai Sports City and more.
It is very important as it will allure buyers and give them an idea on how their life would be in this piece of property.
In conclusion, celebrating National Homeownership Month includes getting educated on everything property-related. Including buying, selling, and investing in the real estate sector. In addition, make sure to explore Property Finder’s blog for more guides. Such as top areas to rent or buy in Dubai and more.
