Are you thinking of buying a home in Dubai, Cairo, Beirut? Different reports say different things. The buzz in Dubai is that due to Expo 2020, buying property in Dubai is a great investment opportunity. But then today, 14th January, 2014, Zawya.com released an article saying that Saudi, Iraq and Egypt will be MENA’s lead economies by 2028 (click here to view article). Some investors are offloading properties in Lebanon at the moment while others are buying. So let’s review a few tips for buyers. And these tips are the same for a person looking to buy an apartment in Zamalek, or looking for a villa for sale in Dubai or chalet for sale in Mt. Lebanon.
Tip 1: It’s all about location. Buy in the best location you can afford to. A smaller house in a good neighborhood is better than a larger house in a less preferred neighborhood. If you are looking for investment properties, look for something near public transport. If you are looking to buy a property to rent as a holiday home, make sure it is close to public transportation, within walking distance to shops, cafes and a market and is within close proximity to tourist destinations.
Tip 2: Stay within budget. Once you know what type of mortgage you qualify for and how much you will put down, stay within your budget. While it is tempting to think you can stretch can budget and afford a little bit more, remember the hidden charges. These include: service charges, HOA fees, water and electric bills. You should also remember to budget for move-in expenses. These include: moving expenses, the cost of any new furniture you might need, and home improvement expenses.
Tip 3: Think about your commute. If your dream property is going to add a long commute time to work you might want to reconsider. While we are not saying do not do this, make sure you are aware if the new house is going to add 2 hours to getting to and from work.
Tip 4: Buy what you like. If someone is trying to push you into a property that doesn’t feel quite right, remember you are buying for you. If retro 70s is your thing but an agent is pushing you into you into something more modern, make sure you are will be happy with the final decision. While you can always make adjustments to personalize a property, make sure these adjustments will not be out of your budget or too time consuming.
Tip 5: Be certain the size is right. Make sure the living spaces in your new property are the appropriate size. An apartment in Dubai might be advertised as 650 square feet but 100 square feet could be the balconies. If you like cooking and entertaining make sure your kitchen / living areas are spacious enough. Before moving your furniture, measure to make sure everything will fit.
These are fairly simple tips but are always good for reviewing when looking to buy property.