Qatar is now an emerging spotlight in terms of the economy. That is because non-Qataris are now given the right to own property. But before buying property, they should know what are the six things that no one tells the first time home buyers.
Significance of Owning a Real Estate
Today’s world is a real state. Everyone wishes to own their property. People spend all their lives trying to have their own house. It is a charm, it installs confidence in the owner, and it is without a doubt a worthwhile investment in real estate. It is like a blank cheque that you can withdraw from the property market. This wealth could protect them from hard times in life.
Most investors are not aware of hidden complications in the property business. They are normally simple people who want to purchase real estate with the recommendation of their friends and family. While some take advice from real estate agents, they only want the property that is within their budget and also near their working areas. The real estate market is a mixture of professionals and honest agents. So, look for Saakin Inc.
When a client is willing to own their home or residence for a living, they are not aware of all the complications and challenges they are about to face, which could result in big losses in the future. This kind of investment that would rather give comfort and benefits would result in a complete loss.
For the first time, a home buyer would completely review all of the factors to make it a successful project. They should consult real estate agents and consider their advice and professionals. Real estate agencies have expertise in the business and with their professionals, and experience is competent to guide. They are well aware of government regulations and movement situations.
What are the 6 Things that no one tells the First Time Home Buyers?
Briefly, we will describe six things that should be known to homebuyers before the deal.
You require that when you are going to acquire the house, you should analyze your requirements. Either your need is for a full house or you need a flat/apartment in a multi-story building. This home residence compactly should be known for bedrooms, work rooms, etc. The requirement for guest rooms could affect your budget. Similarly, kitchen capacity and furnishing are to be decided if you need a perfect designer model kitchen. You have to write all these things down and discuss them with your real estate agents.
1. Location
Keep in mind, the location of your property is the most important factor you have to consider before purchasing it. The clients mostly need houses near their offices, schools, hospitals, and commercial markets. Your house should not be located far away or in a lonely place.
Make sure the area includes a guard’s protection and walls should always be kept to your preference. Then, the other important thing is the protection of your family and property, as it has a great impact on the value of the house. When compared to the low rates, a small increase in the rate would have a significant impact on your life. You also have to look at the neighborhood before finalizing the deal.
2. Condition of the House
You will see two types of houses: pre-owned and new ones. So, you should completely observe and cautiously inspect all of the fixtures. Then, check the layout of the house according to your requirements. You can’t check the ceiling and flooring with the naked eye. So hire a specialist through the real estate agents for proper inspection. They also examine the pests and termites.
3. Budget
Deciding the budget for your house should be your priority. Make a list of your requirements, and the features you need in your property. Then, ask a real estate agent to recommend to you the required house samples. Real estate agencies like Saakin are one of the most dominant agencies in Qatar. They will provide you with the property under your budget and meet your requirements.
If you invest more than you can afford, then the property is at a loss. Ultimately, you have to take a loan from some source to get this property. Then, paying back the loan is another challenging phase that requires a lot of patience and time. Never indulge yourself in this kind of debt cycle. Always buy it according to your budget.
4. Home Inspection
Most of the new buyers aren’t aware of what type of property they are buying. Although some of them skip this process, in most places it is a compulsion to hire agencies that do home inspections. Through this process, the home inspection company inspects the entire house and then generates a report based on this inspection. It is a surety certificate that assures your property. It also determines whether your house has any defects, construction flaws, etc.
5. Ownership and Property Transfers
New homeowners mostly don’t know the expenses they have to pay after getting the keys to their houses. For example, maintenance payments, insurance, and other charges like that. However, don’t worry about the property taxes as Qatar has relieved those taxes on the property. But other taxes are compulsory, which you have to pay.
Read Also: How to Avoid Mortgage Fraud
6. Mortgage and Finance
Residential houses are major investments. It is very difficult to arrange the funds on your own. Therefore, you need a loan and a mortgage for such an investment. You should always calculate your mortgage amount and terms and conditions, and then compare them with the calculated mortgage monthly installments and subtract the expenditure from it. But you will have to pay the percentage of interest on the mortgage amount that is potential.
You should pay the interest rates so that it doesn’t affect your monthly budget. Then, compare different banks for the rates and also compare lending money companies. After that, decide which bank suits you.
Things to Be Noted Before Purchasing a House
You should always visit personally before buying a property. Do not blindly trust the agents; instead, keep transparency in your deal. Then, only you could be satisfied. Manage your finances and bear the consequences of it.
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Real Estate Agency
Most of you don’t know about the importance of a real estate agency. Don’t consider it as a business; rather, you should consider it as guidance. An agency is comprised of real estate agents. Those agents are there to post the vacant properties. Whenever you need to purchase a house, it is best if you hire an estate agent so that the process of availing of the property becomes easier and faster.
If you decide to hire them, go for an honest estate agency. Honest real estate agents will protect you from fraud on the property. Also, prevent unnecessary financial expenditure on the property.
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Change of Jobs
Job stability is crucial if you want to purchase a house for the first time. It gives security as you are earning from a stable source. Frequent switching of jobs is not the right thing if you are approaching a new property for the first time. If you have a stable job, you will be given finance if you apply for a loan. Therefore, job stability is important when deciding to buy a home.
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Repair
Buying a home is easier, but maintaining and repairing it is difficult. Repairing is a constant process that goes with time when the property is being used. Deciding to buy property requires frequent repair charges, so be prepared for them. If you can afford the cost, then you should consider buying it.
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Type of Property
First, select what type of residential property you want to buy; a small one or one bigger. You can get options for various flats, apartments, villas, houses, etc. It depends on the size of the property and family members. As it is your first time purchasing a property, buy what you like. Another thing is that some realtors often sell furnished properties. However, you will be charged more for it when compared to an unfurnished property.
Relaxation in Residents’ Laws
Qatar's government has relaxed its residents' regulations as compared to the other Gulf States. This historical step is bringing a flood of foreign investors from all over the world. You will notice that real estate agencies are at their peak. Similarly, you always get attracted to life's luxuries. People are willing to move to Qatar for this reason. Most people from the US and UK are becoming residents of Qatar. This country is beautiful with beautiful natural beauty. The government has permitted many areas for non-Qataris to own property there.
Saakin Qatar
We are the best rental, selling, and purchasing featured properties. You can search through our property directory to find the required property. Furthermore, our company has authentic dealers. With them, you won’t get fraud in any kind of property deal.
Conclusion
We hope you are now cleared with the question of what are the six things that no one tells first-time home buyers. A new person who is buying a property for the first time isn’t aware of anything. It is a huge investment so you need to be careful in the whole process of procurement of the house.
FAQs
Can I Get A Property Without Using the Real Estate Agency?
You can procure property but might not secure a perfect deal. That is why real estate agencies are helping make your deals worthwhile.
Is Buying A Property Better Than Renting It?
Of course, buying allows you to achieve full ownership of property. It is a safe investment.
Read More: Best Budget-Friendly Places to Live in Qatar