Saving up a down payment to buy your first Dubai property can seem a pretty intimidating task.
However, getting a down payment together is not as difficult as you may think—if you go about it the right way. Read on the 8 tips to help you start saving for a down payment now.
We start from the basics… Small expenses add up…
- Limit Your Lunch Outs/ Daily Coffee Run!
If you come to think of it, takeout lunches easily cost Dh 50 or more, adding up to over Dh 12,000 a year! Prep your meals at home and start by eating out once a week for lunch instead of five. Eliminate the Instagram worthy Starbucks drinks too!
- Drop the Gym Membership
Do you really need that gym membership? Work out at home, use your building’s facilities or go for a run in the nearest park!
- Save your raises and bonuses
Don’t get giddy and spend like there’s no tomorrow instead save it all!
- Avoid Road Tolls/ Taxis
Though Salik is not very expensive and gives you the option of using Sheikh Zayed Road when necessary, you can avoid using it all the time. Sheikh Mohammad bin Zayed Road and Al Khail Road are great alternative routes without the paying toll! Plus, if you are a commuter, skip the taxi that drops Dh 12 minimum. Go via Metro and pay Dh 7.50 maximum!
- Don’t Buy Things on Impulse
Yes, Dubai has season sale, yearly sale, monthly sale, weekly sale and even daily offers! So, you are not missing out even if you don’t splurge in a specific month. Discipline yourself and buy only when needed. Think of the Bigger Picture. You may not be able to get home a Branded Bag or Shoes or that Dining set on 50% off but at least you add more on your Down payment Savings Fund. Don’t tempt yourself, just don’t go to the mall without an agenda.
- Downsize Your Lifestyle
Choose which aspect of your lifestyle you want to downsize the most and start from there. For instance, if you are living alone, moving to a studio from a one-bedroom apartment can drop your rent significantly and can easily add up to your housing fund!
- Vision Board Works
Take a picture of a house you want to buy, pin it on a poster board and see it every day. This may seem silly, but constant reminders of your home goal will keep you motivated. Law of Attraction exists.
- Have Fun: Don’t be Kill Joy.
You don’t have to stop the fun just because you are saving for your future home. Get creative! If you are saving with your Partner, Reward the Person who Saves the Most and Treat him or her with Something Nice!
Is it easy to save for a down payment? NO. But the wonderful feeling of making your stay in Dubai worthwhile and having to invest your money not on rent but your own home will make everything worth it.
Ready to Invest? Our RERA Certified Property experts will provide you with options according to your specific needs and budget. Call our Hotline at +971 52 521 5207.
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