Owning your dream apartment can be life-changing. If done right, being a first-time apartment owner can be rewarding or cause umpteen hassles for you. It may be even more confusing if you do not follow the right plan of action while purchasing an apartment in Abu Dhabi. To get details on apartments for sale in the uae you must consider reviewing the following pointers:
- PRIORITIZE BUDGETING:
Once you start prioritizing strategic finance management, you will have an idea of what your budget is for your housing expenses. This might seem like corporate jargon to you. But it simply means that all you have to do is divide your expenses in a way that complements your current standard of living and keeps you dry on rainy days.
- PIONEER YOUR STRATEGY:
The widely used rule by financial planners is the 3/20/30/40 rule. So, to detangle this rule, the only thing that you must consider are the following:
- The net price of your house should not be 3 times more than how much you earn in a year.
- Your mortgage should be less than 20 years.
- The 30 means: All the EMIs you are currently paying should add up to 30% of your monthly salary. Accordingly, your car, appliance, and phone EMI add up to 10 % of your monthly salary. Then your EMI for the house has to be 20% of the 30 in the rule.
- Lastly, the 40 entails that your down payment must be 40 % of the property’s price.
- TAKE CLEVER LOANS:
Know about relevant housing aid, subsidies, and payment plans available.
- The UAE government has abundant information on its government webpage, “ABU DHABI HOUSING AUTHORITY.”
- When searching for apartments, also look into the payment plans and select the ones you are comfortable with.
- In many instances, you may get help in selecting the correct loan from the contractors themselves. Thus, always ask when required.
- KNOW WHAT YOU NEED:
Many leading real estate developers in Abu Dhabi, like Bloom Holding, offer premium apartments and it can be hard to make a decision.
- Whether you are a student or teacher, look out for the closest libraries, bookstores, and stationery shops before finalizing an apartment.
- If you plan to live with kids or elderly family members, it would be wise to have elderly care, creches, day-cares, hospitals, 24 hr medicine shops.
- For pet parents, it is vital to check if the apartment is pet friendly. Also, make sure you have dog parks and pet day-cares near you.
- Fitness enthusiasts, check if you can access a park, swimming pools, and gymnasiums.
- BE FUTURE FORWARD:
Purchasing an apartment is a big investment. Your location, the businesses around you, the condition of roads, and the reach your location has to other places all add to the future resale value of your apartment. So, before committing to a property, consult your contractor or agent and choose wisely.
Moving into your new apartment is a massive change yet one of the most awaited milestones. However, following these pointers will make the decision-making process easier, and you can choose the perfect apartment in Abu Dhabi.
HAPPY MOVING FOLKS!!