Who doesn’t want to buy a villa? But since a huge amount of money is involved in it, you need to be very careful and avoid a few mistakes
Owning a villa must be one of your cherished dreams. Perhaps that’s the reason why it mostly becomes an emotional decision, rather than being backed by sound planning. While a real estate investment is amongst the most significant financial transactions you make, we found that many home buyers aren’t very much prepared to ensure that they make a good buying decision.
Honestly, it’s not all your fault. The prospect of a luxurious villa for rent in Umme Suqeim renders the best of us emotional as well as naïve that often leads to hasty decisions. Therefore to avoid any wrong decisions, we’ve highlighted a few mistakes people make when purchasing a villa. So let’s dive in;
Not Fixing Your Spending limit & Overstretching Your Budget :
Since you’re dealing with a huge investment here, a lot of things come into consideration. Analyzing budget and planning finances is extremely important. More features are obviously very exciting, but it’s better to stick to your budget. Therefore, make sure that you’ve budgeted for all the hidden costs also. Here’re a few quick tips that might help;
- Look up for the loan pre-approval before starting to search your property. This way, you’ll be able to limit the finances while avoiding too much debt.
- Figure out the down payment along with all the other closing costs and make sure you save enough to meet them.
- Clear your existing loans as well as debts ensuring a good credit score.
- List your liabilities for next 6-months such as kids tuition fees and Insurance Premiums etc.
- Sometimes, things may go awry. So make sure you keep 3-months of EMI payment as a reserve.
- For home furnishings & interiors, it’s imperative to maintain a separate budget.
- When it comes to buying a new villa, you have to have a regular source of income. If you’re unsure of job stability, you can postpone this decision.
Not Double Checking the Legalities :
Unlike the apartment buying process, villas are set over large land formats. And if it’s about the large townships covering many acres of land, it’s imperative to double check the legal paperwork just like the parent deeds as well as the land history. The land must not be subject to any dispute and must have clear titles with all the necessary approvals.
Here’s an important checklist of documents you must double check on;
Tax paid receipt, Joint development agreement, Sale deed, Sanctioned building plan, Electricity/ water bill receipt, Loans from the bank, Encumbrance certificate, Maintenance no dues, Registered previous agreements, NOC, Sale and construction agreement.
Of all the legalities, the most important ones are;
- Approval by the government authorities
- Approvals by one leading bank of the country
- existing buyers’ Feedback of the product quality.
- Delivery of past projects
Ignore the Builder’s Reputation :
Most of you choose unknown builders just because they’re offering cheaper products. When it comes to buying a villa, this could be a terrible mistake. There have been many cases of builder either constructing poor quality villa or swindling owners of their money without completing the project.
Here’re a few qualities you must look out for in a builder;
Make sure you do your background research about the builder to make sure you are not buying from a builder having a not-so-good reputation. To earn trust in the industry like real estate, the builder must establish himself through formidable years of service and should have successful & completed projects to his name. Moreover, the builder should also have a record of timely delivered quality projects and most importantly should have received positive feedback from clients.
When it comes tomodern villas living in Dubai or any other place, every single move from your side should be strategic and not emotional. Since it’s going to be your home for the rest of your life, but you can’t regret this decision or the whole life just due to a silly mistake.
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