Making the Home Both Love

The dream for most newly married couples is buying their own home. Home ownership brings pride of ownership, a place of your very own, and the freedom of being able to decorate and landscape as you please. But the story is different if you are planning to be a resident in UAE, many expats could not afford to buy a house in this part of the world so renting an apartment or villa is the only option left for them. But if one is ready to take this first vital step, then there are considerations that they must make to determine if they can financially afford the price of renting an apartment.

Mr. & Mrs. Paresh

Blessed the stars were for Mr. & Mrs. Paresh when they just got married and shifted to UAE with big dreams but limited salaries one month ago. Both couples are earning and leading a satisfied life now. When asked about their experience about their setting up a new home in this part of world they said “It was a kind of nightmare at the beginning but then it gradually faded away as many of the problems were getting solved as days were passing.”

The biggest hurdle for newly married couples is coming up with a down payment for a new home. After deciding which flat to rent the first step Mr. & Mrs. Paresh took was to apply for loan from the bank which was again very difficult for them to get in limited salary. “We had to take help from our respective companies while applying for loan and then we were able to sign the one year contract for renting a flat”, says Mr. Paresh.

The next big consideration for the prospective home buyer is the cost of running the home. Utilities, such as gas and electric, cable and telephone etc. “Although many renters often have these items figured into their rent payments but there is no such hard and fast rule in this part of the world. This expense can be a large part of the family budget” says Mr. Paresh. Overlooking this important detail is often the reason people go into foreclosure. Remember, these utilities are not a fixed rate, and can only go up over a period of time.

Another important aspect that demands the attention of couple is decorating their home. Many at times both have different ideas and tastes but blending them caused no harm to them and keeping in minds that budget should not exceed. “I mostly buy my house decors and other furnitures from IKEA because we trust the brand and it is long lasting as investing over and over in such things imbalances the budget” says Mrs. Paresh. Well a very smart and well thought move which not helps them saving their income but also gives a versatile touch to their home.

Beside all these expenses you should bank 5% of your income to manage any needed repairs on your home. AC can leak; pest control and you may become infested with mold due to pipe leakage. Fixing all these things is expensive, and not figuring this expense in is foolhardy for the first time borrower.

Whenever you consider buying a home for the first time, be aware of all the things that should be considered before you attempt to buy. It will make the home buying process much easier for you.