The big buy: purchasing your first home
Buying real estate is one of the most important – and most expensive – decisions an individual can make. While all of us dream of owning a home, the processes behind this transaction can quickly turn into a nightmare. Scouting for a house and then finally taking the plunge to buy one requires a lot of homework, legwork, patience and foresight.
The reason behind the house hunt is also important; while some people search for property to live in, others purchase solely for investment. Obviously, the criteria followed by these buyer types vary. The former have more at stake: after all, one does not move house every day. The decision to acquire a new house is critical as on average a person changes homes just twice or thrice in his or her entire lifetime. A person spends around 20 per cent of his time living in a home, so the choice has to be worth every dollar spent. Expectations are even higher for the first-time buyer who wants to own the perfect house.
So how does one go about picking his first house? There have been tons of books written on this topic, each varying from one country to the other. But there are some basic guidelines that a prospective buyer can follow regardless of where the purchase is being made.
Location
The site of a potential buy is the first criterion. Location provides a glimpse into the personality of the occupant. While pricing plays a major role, location-related factors such as noise, security, neighborhood profile and proximity to work and school often have the most impact in choosing real estate.
Size
The long-term consequences of a potential home have to be considered as well. This is where size comes in as a consideration. How many persons will be moving in? Will more members be coming? What level of privacy is desired? These are factors that affect the choice of size. Layout. Design is another key selection factor. Some people like open spaces with few doors, others like rooms to enjoy privacy. Families typically look at the family room first as this is where they will interact the most and so should be sufficiently sized and comfortable.
Quality
Material quality isn’t just about looks—it impacts maintenance frequency and safety. Know a home’s history: when it was built, changes made, and possible future repairs.
Neighbors
The people living next to you can greatly impact your living experience, especially for long-term stays. It helps to know what kind of neighbors you’ll have and how they may affect your comfort and security.
Things to Consider Before Buying a Home
It will take more than a couple of passes on the internet or random visits to potential sites to zero in on the best buy. Unless there is some sort of pressure involved, such as a sudden job relocation, it would be best to look at as many homes as possible and scour through various online and printed materials to get a feel of what is available in the market. It is an important rule of thumb to not rush into buying if it is not necessary.
The Importance of Professional Support
Experts strongly recommend seeking professional help in many, if not most, cases.For example, if there is some uncertainty about the price, then a potential buyer can have the home appraised by a local appraiser. One can also sign up for a Multiple Listing Service which can be facilitated by a real estate agent. And speaking of agents, a good real estate broker can spare you from a lot of headaches by representing you in the search and negotiation process. It is precisely a broker’s job to fully understand your needs and make the right search based on your stated requirements.
It’s concerning that our region lacks professional real estate brokers who treat their work as a serious career. The UAE stands out for establishing a proper system through its Real Estate Regulatory Agency (RERA). We hope more dedicated and qualified talent enters the market across the region. Better systems should also be introduced to support property buyers, especially first-time homeowners. Buying a home is a life-changing decision and demands proper guidance, planning, and professional support.
One can only wonder if the rest of the GCC will follow the UAE’s lead.
