Buying your first home is an exciting milestone, but it can also be overwhelming. From understanding mortgage options to choosing the right property, there’s a lot to consider. This guide will walk you through the essential steps to help you make an informed decision.

1. Assess Your Financial Readiness

Before you start house hunting, ensure you’re financially prepared. Key factors to consider:

• Credit Score – A higher score can help you secure better mortgage rates.
• Savings for Down Payment – Typically, lenders require 10-20% of the home’s price.
• Debt-to-Income Ratio (DTI) – Lenders prefer a DTI below 43%.
• Closing Costs & Other Expenses – Budget for legal fees, property registration, and maintenance costs.

2. Get Pre-Approved for a Mortgage

Pre-approval gives you a clear idea of how much you can borrow and shows sellers you’re a serious buyer. The lender will review:

• Your income and employment history
• Existing debts and credit score
• Available savings for down payment and closing costs

Having a pre-approval letter strengthens your bargaining power when making an offer.

3. Define Your Home Requirements

Think about your must-haves vs. nice-to-haves when selecting a property. Consider:

• Location – Proximity to work, schools, public transport, and amenities.
• Property Type – Apartment, villa, townhouse, or duplex.
• Size & Layout – Number of bedrooms, bathrooms, and living space.
• Future Value – Choose an area with strong property appreciation potential.

4. Work With a Real Estate Agent

A professional agent can help you:

• Find homes that fit your budget and preferences.
• Negotiate the best price and terms.
• Handle paperwork and legal requirements.

Look for agents with positive reviews and local market expertise to ensure a smooth buying process.

5. Research the Market & Compare Listings

Don’t rush into buying the first home you see. Instead:

• Check property listings on websites like Bayut and Property Finder.
• Compare prices in different neighborhoods to find the best deal.
• Visit multiple properties to assess their condition, surroundings, and value.

6. Make a Competitive Offer

Once you’ve found the right home, it’s time to submit an offer. Consider:

• Current market trends – In a seller’s market, you may need to offer slightly above the asking price.
• Comparable sales (comps) – Check the prices of recently sold homes in the area.
• Negotiation strategy – Your agent can help you negotiate closing costs, repairs, or additional incentives.

7. Get a Home Inspection & Appraisal

Before finalizing the purchase:

• Home Inspection – Uncovers potential issues like structural damage or plumbing problems.
• Appraisal – Confirms the home’s value to ensure you’re not overpaying.

These steps help protect your investment and avoid costly surprises.

8. Finalize Your Mortgage & Paperwork

Once the offer is accepted:

• Secure your mortgage by submitting the required documents to your lender.
• Review the sale contract to understand all terms and conditions.
• Pay closing costs which may include government fees, legal fees, and agent commissions.

9. Close the Deal & Move In

After completing all legal formalities, you’ll receive the title deed and keys to your new home. Now, it’s time to:

• Set up utilities (electricity, water, internet).
• Change your address on important documents.
• Plan your move and start enjoying your new home!

Final Thoughts

Buying your first home is a big step, but with careful planning, you can make a smart and confident decision. By understanding your budget, working with professionals, and researching the market, you’ll find a home that meets your needs and future goals.