Buying your first home or investment is a big deal, and let’s be honest...it can feel a bit overwhelming. Whether you're eyeing a cozy flat in the UK or a sleek apartment in Dubai, knowing what to expect makes everything easier. So, let’s get into the FAQs, tackle the basics, and make this whole "buying a house" thing less daunting.

Buying Your First Home in the UK

What’s the process?
It’s pretty straightforward once you know the steps:

• Start with research. What’s your budget? What areas work for you?
• Get a mortgage agreement in principle—this tells you (and sellers/agents) what you can afford.
• Find your dream home and make an offer. Fingers crossed it’s accepted!
• Sort out a survey to make sure the place is in good shape. Meanwhile, your solicitor handles all the legal bits (called conveyancing).
• Exchange contracts, complete the sale, and grab your keys. Welcome home!
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How much deposit do I need?
Usually, you’ll need 5-10% of the property price. For example, if the place costs £200,000, you’ll need at least £10,000. Bigger deposits are better though—they can help you get lower monthly payments.

Are there schemes to help first-time buyers?
Yep...:

• Help to Buy Equity Loan: Borrow up to 20% (or 40% in London) interest-free for five years.
• Shared Ownership: Buy part of the property and rent the rest.
• First Homes Scheme: Discounted properties for first-time buyers—worth looking into!
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What other costs are there?
The deposit’s just one piece of the puzzle. You’ll also need to cover:

• Stamp Duty Land Tax (SDLT): You might not pay this if the property’s under a certain value. (ask me and ill let you know the current situ)
• Legal fees, surveys, and mortgage arrangement fees.
• Maintenance: New boiler? Roof repairs? Budget for those “just in case” moments, there tends to be costs you don't plan for!

Thinking About Dubai? Here’s How It Works

How do you buy a property in Dubai?
Similar idea to the UK, but a bit of a different flow:

• Research first. What can you afford? Which area suits you?
• Find a property and agree on a price (negotiate—Dubai loves a good haggle!).
• Pay a reservation fee and sign the sales agreement.
• The property gets registered with the Dubai Land Department (DLD), and BOOM...you’re a homeowner!
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Can expats buy property?
100%! As long as it’s in a freehold zone (specific areas where expats can buy), you’re good to go. Just make sure you check the rules.

What about mortgages?
A lot of buyers in Dubai pay cash, but mortgages are available, even for expats. Banks in Dubai or your home country can help finance your purchase.



What extra costs should I keep in mind?
Aside from the purchase price, there are a few extras:

• Registration fees with the DLD.
• Agent commissions.
• For apartments or gated communities, factor in service charges and maintenance fees.

Final Thoughts
Buying your first home isn’t just about money...it’s about finding the right fit for your life. Do your research, get your finances sorted, and don’t be afraid to ask questions....ask LOTS of them! Whether it’s a townhouse in the UK or a high-rise in Dubai, it’s all about planning ahead and knowing what to expect.

Want to learn more about property? Email me at charlie@charliepanayi.com