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With the economy on a slow rise back to normalcy, many are still unsure whether they should be buying or selling a home. For people looking to buy, now is a very good time. With the all-time low mortgage interest rates, it is the perfect time for first-time buyers, investors and existing homeowners who are looking to upgrade their property. Here are some helpful tips:
Location, location, location
Whether you’re a first-time buyer, investor or existing homeowner, you need to understand the best locations for your investment. Buying the smallest house in an in-demand location versus the largest house in a less-preferred area will reap big rewards when it comes time to sell. As an investor, a house that is near public transport or a community centre is a good move.
Think about an apartment
There’s a surplus of inventory in the apartment market, so your realtor should be able to negotiate a good deal for you when it comes to buying one. If you’re buying as an investor rather than a first-time homebuyer, you will want to consider leasing out your investment for the next two to three years before selling.
Evaluate mortgage options
To avoid getting any surprises before you meet with a lender, there are mortgage brokers that negotiate the best interest from local and international banks. Additionally, they cover the entire process. They may help you resolve issues that might stand in your way of buying your dream home.
Know your price range and stick to it
Meet with one or more mortgage lenders to obtain a pre-approved mortgage before you start house hunting. Once you know how much you can spend, narrow down your choices. It’s safer to buy within your budget, no matter the economic situation.
Head out of the city
It’s booming in Dubai Sports City, Jumeirah Village, Al Furjan, Mudon and Dubailand. Young families are heading there to buy affordable and newer resale homes. Sometimes, it pays to go farther afield, depending on what you’re looking for. If you want more space but have a budget to stick to, a downtown location won’t do. You have to widen your circle of prospective locations.
Refresh and beautify
Getting your home ready for sale is crucial. Get a consultation from a professional stager so your home’s potential is maximised when potential buyers see it. Think about getting rid of clutter, adding stylish accents to tired furniture and tidying the yard for curb appeal.
Upgrade and update
You don’t have to completely renovate your home. Consider updating areas that are tired; for example, replacing a kitchen counter and sink, orworn carpeting. Adding hardwood to a room is also helpful as this is becoming very popular among buyers.
Ensure the price is right
Price your property right the first time according to the current market conditions in your area. Some sellers believe that if they overprice their property, they have more room to negotiate or they can always reduce it later. This strategy can really hurt the seller. Prospective buyers will search for homes within their price range. If your home is listed too high, buyers may skip it.
Get the best representation
Your home is most likely your largest investment, so you’ll want to feel comfortable when you sell it. Start off right by selecting a real estate agent you feel you can trust. Find someone who has a solid marketing plan plus a proven track record of successful negotiated sales.
Source: Pooja Shah, Director, Greenhouse Real Estate, Special to Freehold