The homebuying guide for millennials

Jun 10, 2019 by

Millennials generally like to invest in education and property. In the UAE, more and more millennials are making home buying their ultimate goal– be it buying Meraas off plan projects Dubai or Apartments for sale in Dubai Marina. If you’re one of them, you need to take note of these important home buying tips to make the whole journey stress-free:

  1. Plan Early

Real estate affordability including Meraas Sur la mer prices is getting extra challenging. You can hardly make your goal a reality if you don’t have a concrete plan beforehand. Visualize your dream home and plan your budget well. This all means you need to make sacrifices by cutting back on the daily spending and thinking outside the box on how you can make your dream a reality.

  1. Pay Off Student Loans and Other Debt

Student loans should be tackled first. On top of student loans, consumer debt, including car loans and credit card, has also stood in the way of many millennials in buying their dream home. Buying a house is one of the most expensive purchases you will make. Thus, it’s important to be debt-free before you engage in this endeavor. The last thing you would want is the dreaded Student Loans .

  1. Save for the Down Payment

It’s ideal to have a bigger down payment to lower the interest rate and pay off the mortgage faster. 10-20% will do. If saving up for the down payment is a huge challenge for you, you are definitely not alone. Making saving a habit is important to achieve your goals faster. Many millennials in Dubai intend to purchase their own home but are struggling to save enough money for the deposit. It takes a lot of intention and discipline to make things happen.

  1. Find an Affordable Property

The value of property is rising year by year. Be patient in finding the right house that suits your budget. Don’t buy something that’s out of your price range, or else expect financial hurdle along the way.

  1. Gain Experience with the Buying Process

Familiarize yourself with the purchasing process. It’s best to work with experts who can guide you all the way. Working with an agent with at least 4 years of experience is ideal. It’s always better to rely on someone who knows the market well enough to help you buy the right home for you.

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