Many young people remain living in the home of their parents even though they can be independent for the reason that they have their profession and a stable job. Others, who have taken the step of moving, see it as the logical move, rent a property thinking that buying one is very complicated or it is for married couples. Surely you have read that there has been a great economic crisis, and that one of the most affected areas is the real estate industry a few years back.
All of that is real, but the other side of the coin is that the interest rates have fallen to the historical levels and house prices have also fallen. The crisis has begun to ease, but the interest rates remain very low, allowing less to be paid for a mortgage, but house prices have begun to rise. This means you should not wait any longer to evaluate if you can buy your first property, so check out these tips and then decide.
Learn about the Purchase Requirements
As you become better informed, you will take stronger steps to achieve your goal of owning, so start working to meet the requirements and prepare your action plan.
Seek Stability of Employment
You must demonstrate that you are employed in a solid job and that you have at least two years employed with a stable record in the same field of work. For recent graduates, there may be mitigating factors and in some cases they may approve the loan depending on other conditions.
Build a Solid Credit History
Make all your payments up to date that will be part of your credit score which is fundamental to the approval of the mortgage loan.
Watch out for the joyous expenses as there are many temptations when you have a good salary and few obligations. Travel, a new car, jewelry or expenses for many outings and social commitments are some of them, but do not be tempted. Set as a priority the purchase of your house, and make all the above that I mentioned secondary.
Do not acquire unnecessary debts and do not apply for loans or credit cards while you are in the process of buying.
Prepare Yourself Financially to Own
Saving is mandatory. Try not to waste a dime because when you buy you will have expenses that you did not have before, including maintenance, property adjustments, taxes and insurance. Also save for closing costs of your property. You should know that although you will not be allowed to make an additional loan to cover these expenses.
Consult with Experts
Look for guidance with a real estate agent about buying opportunities. It is a myth to think that as a buyer you have to pay a commission to the realtor. Whoever pays the commission is the seller of the property, unless there is no prior agreement in the contract.
To buy, it is not required that you have an agent, but that is the professional that can take you step-by-step through buying process to inform you about all the details. In most places, they require a license to practice, so make sure the real estate agents meets the requirements to do this job. Since you are inexperienced, it is advised to hire the real estate developers in Dubai to make the purchase of your first house.