The Hidden Costs of Buying a Home: What You Need to Know
Buying a home is an exciting milestone, but the total cost of homeownership goes beyond the property’s price tag. Many first-time buyers focus on the purchase price alone and overlook the additional expenses that can add up quickly. To help you prepare, here’s a guide to the hidden costs of buying a home, so you can avoid surprises and budget accordingly.
1. Down Payment
While this is not exactly hidden, the down payment is one of the most significant upfront costs. In Dubai, the down payment for expats is typically 20% of the property price, while UAE nationals can put down as little as 15%. This amount needs to be readily available before proceeding with the purchase, and it can vary depending on the property type and the mortgage deal.