Tips for Real Estate Buyers Heading into 2022

  • January 26, 2022

Tips for Real Estate Buyers Heading into 2022

Real estate is a competitive business. Whether you are a first-time buyer looking for a new home, a seasoned investor planning to add more to your portfolio, or someone planning your retirement based on property investment – it can always be hard to navigate. Do you know there is a certain time to buy or sell a home? A few months can be busier but the market dynamics have far more to do with the supply and demand along with market condition than they do with the time of year.

Therefore, a majority of real estate experts suggest paying attention to the current market situation and whether it is a buyer’s or seller’s market.

Advice for buyers…

2021 ended on a positive for the Dubai real estate market, where buyers spent more than Dh300 billion on properties, in a total of 84,772 transactions, according to the Dubai Land Department. We expect the same trend to continue in 2022, where the Dubai realty market will witness another level of growth. The property prices are increasing but so is the buyers’ demand and to make the most of the upcoming opportunities, our experts have spilt some beans on the small actions that buyers must take to capitalize on the best deals.

Don’t underestimate the need for a professional agent…

Home buying is not an easy process and it can be daunting at times, especially, if it is your first time. A reputable real estate agency can help you overcome all the obstacles involved in the buying process. He cannot just advocate for you but can save you money during the home buying process. Moreover, he understands the market better than you, and he can pinpoint the potential areas where there are brighter chances for property price appreciation.

Aren’t these benefits enough to convince you to hire the right Dubai real estate agency?

However, never compare a part-time real estate agent with a professional agency, who is in the market for years and have wealth of experience. Hire the right agency!

Get pre-approved and not just pre-qualified…

A majority of real estate transactions in Dubai are based on mortgage, where buyers pay 20% as a down payment and get a bank loan for the rest of the amount. However, getting pre-qualified for a mortgage means you have got to know about your financial information and receive an estimate of how much you might be able to borrow. On the contrary, getting pre-approved means you have sent all your required documents to the lender and he has given you a pre-approval letter for a particular amount that you can get as a loan.

In a world where you can find numerous investment opportunities, pre-approval gives you the advantage of choosing and immediately buying a property in Dubai.

Keep realistic goals…

Though you will be in touch with your real estate agent throughout the home-buying process, yet it is always helpful to discuss and set the right expectations. Every customer is a preferred client but it is good to discuss a few things in advance such as; the preferred communication mode, the off days, and even the time of the day to contact. And how often would it be suitable to check in with them?

The more you communicate in the beginning, the better will be your working relationship. Moreover, you will not feel irritated throughout the process.

Do you know about closing costs?

Yes, closing costs are one-time costs that go along with your property purchase and you will have to pay this before closing the deal. And these costs are different from the down-payment. These costs can really add up and need your attention in advance.

Depending upon the value of the property, closing costs can cost you up to around 2% to 5% of the total loan amount. These costs include agent’s fee, lender fee, property transfer fee, the appraisal and Dubai Land Department fee. To know the complete property buying process in Dubai, you must read this guide and it will help you find the associate costs as well.

Even though every buyer will have to bear these expenses to buy a property in Dubai, almost half of the first time buyers are mostly surprised by the closing costs, when it comes to closing the deal.

Location matters the most…

Remember, location is the most important consideration of real estate transactions. You cannot move home, you cannot change surroundings and you cannot change the reputation of the area.

Being the first time buyer, you may get enticed by the condition of the property and not the location but location is the single most important factor that can dramatically change the value of the property, over time.

An attractive location creates desirability and desirability creates demand, which determines the supply and eventually increases the real estate prices.

Stick with your budget…

When it comes to house-hunting, taking an emotional decision is one of the most common mistakes, a buyer can make. Never get tempted by a professionally staged house and never overextend your financial hopes. Just because you like a property, does not mean you can afford an additional amount.

  • Crunch the numbers, see your expenses, calculate inflation and talk to your financial advisor or the real estate agent to make sure you are doing the right job, budget-wise.

  • Do not over-commit just because you like it, after 5 or 10 years you may not want to stay there or it may not match your lifestyle in the coming years. Therefore, always go with the experts’ advice.

  • A professional real estate agent can help you draw a balance between getting something beautiful for you, within your budget and finding something, you can grow into later.

A note for agents…

Running Copperstones, a professional real estate agency for nearly two decades, we understand that the best strategy is to win clients’ trust, build long-lasting relationships and keep getting a referral or repeat business. While letting our secret out, we can confidently say that the key to having a happy client is to keep your customers well-informed about the market, understand their concerns and turn options into opportunities.

Conclusion

  • Having a professional real estate agent by your side? Check
  • Having pre-approved mortgage? Check
  • Completed home search? Check

You have nailed it. It’s time to take the next step and make a striking offer. The property will be yours.

For professional real estate services, you can contact the team Copperstones through a call at +44 203 888 5555 or can also leave a query at: enquries@copperstones.com