Afghanistan registered a first ever triumph over South Africa when they won the opening ODI on Wednesday by six wickets
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Have you lived in the UAE for a while, and decided that you've had enough of renting? Well, according to a recent HSBC study, you're not alone - it says that over 80 per cent of UAE residents who do not own a home are hoping to make a purchase in the next five years.
The thing is, buying a home - wherever you live - isn't particularly easy. In fact, it takes a lot of financial discipline and meticulous planning. The HSBC report aims to bring that reality home, and I think it's a message worth reinforcing. Still, that doesn't mean that you shouldn't aspire to owning your own home (you should), it just means you'll have to work pretty hard in order to achieve that dream.
With that in mind, I figured it would be worth taking you through some of our top tips when it comes to buying a home. Sticking to this advice should help you to overcome some of the challenges that you'll inevitably face when you eventually buy your first property.
Budget for the deposit
According to rules set down by the UAE Central Bank, you'll only be able to secure a mortgage if you're able to pay a deposit of 25 per cent of the value of the property yourself. The bank will then finance the remaining 75 per cent of the value of the property. But when you're talking about three- or four-bedroom villas, 25 per cent is a lot of money to be able to lay down in one go, so you'll need to budget for it. Work out what you need to save, when you'd like to have that money by, and then work backwards to calculate how much you'll need to save each month to achieve that goal. So, for example, if you want a deposit of Dh300,000 saved up in five years, you'll need to save Dh5,000 per month from now until then. If that's not realistic, come up with a plan that is, and then stick to it.
Don't forget about the extra charges
The deposit isn't the only thing you'll need to save for, though. According to HSBC's study, 70 per cent of millennials who bought a home over the last two years overspent on the budgets. And the most common reason was that people forgot about broker fees and legal fees. What's more, HSBC found that 57 per cent went over-budget because they decided renovate after moving in. These added expenses should be factored into your budget from the beginning - our advice would be to aim to save another 10 per cent of the value of the property on top of the 25 per cent you're already saving for the deposit.
Compare home loans
A home loan is a massive commitment - they're agreements that last for up to 20 years, so you'll want to make sure that you've signed yourself up for the right one. Use a comparison site to compare interest rates, features and repayment options. Even a 0.5 per cent difference in interest rates will make a big difference over 20 years, so it's worth comparing loans for that reason alone. But you'll also be surprised about some of the added extras banks will throw in - you just need to know where to look for them, and a comparison site will help you on that front.
The writer is the chief executive officer of compareit4me.com. Views expressed are his own and do not reflect the newspaper's policy.
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