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. Being particular with the quality of material is not just aesthetically driven: quality affects important factors such as frequency of maintenance and occupant safety. It is important to know the history of a house, when it was built, what previous owners have done to it, and what future actions may be required.
Neighbors. The people you live next to will have a significant impact on your stay, more so if you plan to live in your new home for a long period of time. It would be beneficial to know what type of neighbors you will have and if they will affect your comfort, security, and peace of mind.
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.
Professional help is also highly recommended 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 is thus concerning to note that our region seems to lack professional real estate brokers who take their job as a serious profession. I can only recall the United Arab Emirates as having placed an efficient system for real estate brokers into place through the Real Estate Regulatory Agency or RERA. Hopefully more dedicated and motivated talents will come in, and better systems put into place around the region, especially for the sake of those buying a new house for the first time who will be entering into a life-changing event that requires a lot of thought and planning.
One can only wonder if the rest of the GCC will follow the UAE's lead. |
