The economic crisis brought many homes on the market at rock bottom prices, which meant a great opportunity to buy, but of course, this meant that there were many families losing their homes. Before buying a home, consider the following questions;
1 – How is my credit history?
There is no need to go to a bank officer to know whether or not you are fulfilling your monthly payments. These must be made on time, and do not reflect recent arrears.
2 – Do I have permanent employment?
In addition to the credit, this is a basic requirement to get approved for a loan. If you are self-employed, you must demonstrate stability of income for an extended period.
3 – Am I willing to request a pre-qualification?
After answering yourself honestly to question numbers 1 and 2, you must confirm that you are ready to be approved for a loan with a mortgage officer.
4 – How much is my budget?
In case you have positive credit history and stable employment, you have the approval of the bank, but that does not mean you buy a house at the maximum price that you approve. You know if you have other expenses that often do not appear in your credit report. Avoid feeling that ‘you cannot breathe’ because you drown your monthly payments.
5 – Do I have savings?
There are always costs associated with the purchase, but you get a loan that offers 100 percent. These are not common today, but there are programs that offer it, even for some new homes. In any case, you will need to cover expenses on credit report, appraisal, inspection, and moving. In addition, you must have a reservation for small emergencies.
6 – What kind of property do I want?
For this, think about your family. If you have small children and would like to have yard or you like working in the garden, a separate house would be your best option. An intermediate solution may be a townhome with even a small courtyard. If you prefer another deal of maintenance, have nothing to do with painting or exterior repairs, no doubt the apartment in Deyaar properties Dubai is right choice for you.
7 – What features should it have?
Analyze the minimum amount you need for rooms and bathrooms. Every family today is looking for a ‘family room’ and then share the work. A terrace is ideal but can be an extra to build if the community where you live permits.
8 – Where do I buy?
This is fundamental. Do you want your place in the city, in tourist area or rural area? Make a list of the basic requirements that must be in the community where you live. If you need including schools, hospitals, purchasing area or nearby entertainment, besides the common recreational facilities that interest you such as swimming pool, sports courts and walking trails, Deyaar properties Dubai are perfect in this regard.