Do you ever wonder what are the things you ought to know when planning to invest in property in Dubai? The process of buying property in a city as extravagant as Dubai has a particular kind of complexity and would require a great deal of patience from you to wait until all the documentation along with legal requirements are fulfilled. Buying a property in Dubai is not as easy as it looks, in the past few decades the city has been a focal point of tourist attraction that has changed the entire landscape of the place. It has been developing at an increasing rate and with that the competition in property purchase has also skyrocketed.
To make the process easier, we have prepared a checklist of all the things you have to be aware of before you go for a deal.
Identify your primary purpose
It is not important that every purchase you make is aimed to live in. Buying a house or a land unit as an investment can also be an objective for some people. And so you have to be clear to yourself as to whether you are the end user of the property or intend to have it as an investment for the future. So in this regard it is really important to identify whether you are looking for a house to live in or is it an investment that you want to own and sell in future. These two factors will help you in making the right decision without having to complicate things and make the purchase according to your plans.
Financial Strategy prior to the purchase
In order to buy a property in Dubai, one of the primary things is to create a viable financial plan regarding the investment and arrangement of all the credentials. Moreover, It is important that you have arrangements of savings that would cover all the initial charges for buying a property in Dubai. These include the down payments, closing costs, property taxes, registration charges and other such preliminary expenses. When you start with a good strategy it will automatically streamline your process of house ownership. This will be beneficial for you by saving your time, and will help in showing the particulars that you need to have if you intend to purchase a house or any other property type. Evaluate the expenses and additional costs that you have to pay and make sure that you build a strategy to arrange all of the expenses timely. It can be exhausting to keep track of all the payments you have to pay at different places such as service charges, taxes and other such costs. So make a plan beforehand and free yourself from all the hassle of managing all the things at the last moment.
Local Authority Approval
You should inspect whether the property you want to buy has been approved and is legally owned by the real estate sellers. This will help you in avoiding the trap of illegal selling of a property which will later cause you a great deal of complications in ownership and business fraud. This can also lead to more problems if there is a legal issue on the concerning property that you have bought.
Avoid Fake Listings
The market is filled with sellers with a lot of misleading listings and many buyers who do not have prior knowledge of such particularities end up being trapped in that scam. So before you finalize and start your payment procedure you need to verify and investigate the status of the property that you are planning to purchase. Many property agents use fraudulent listings and escape the situation leaving you stuck in that place. So before moving ahead you need to know what kind of listing can be relied upon.
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Prime Location
Another key point to remember is the location of the property. You should look for the distance it takes for you to go to the market, hospital, work, parks, etc. These factors really add up to the value of the property and its demand in the market. If the house you want to own is situated in the outskirts of the city, it would cost you an extra fare to commute to the places you often have to visit for work, grocery and visiting a doctor.
Legalities to check before buying property
Most of the times when you go for a consultation with any property consultant you will be briefed about the legal procedures in buying land in Dubai because that is one of the primary factors that we tend to ignore. Many buyers get to hear about the legality and registry of the proposed land unit or apartment that they are considering to buy. So it is a must for every buyer to check the legal status of the property and check whether it has been approved by Dubai’s land department.
Maintenance expenses
According to the property laws you have to pay the maintenance expenses of the building or apartment that you have considered to purchase. For instance, the service charge is one of the usual fees that you have to pay for the maintenance of the property. service charge.But you have to pay this fee once in a year. These expenses are collected for the building management in order to take care of the utility bills, cleaning and furnishing charges, security of the property and for damage repairs in case they are deemed necessary.
Decide whether you want to buy an Off-Plan apartment
The decision to buy an off-plan property can turn out to be beneficial for you in multiple ways. An off-plan property can guarantee you a great deal of capital appreciation which eventually would add more to the attraction of potential buyers. The situation of such properties is another factor that can be advantageous to the buyer as the buildings are made in ideal locations with lesser or minimum distance to cover from shopping, hospital, parks, work and schools. Such aspects add more to the value of this type of a property adding more to the return of investments (ROI) to the buyers and give them confidence that the investment is worth it and can give you profit as it’s value will surge with the passage of time
Consult a Reliable Property Agent
A smooth property deal comes at the cost of an agent who knows, understands and can sort out the negotiation and documentation process on your behalf. So, if you want to own a place in Dubai you need to look for a reliable agent first. One way of finding a good agent is through online platforms where you can search agencies in order to scrutinize their reviews as that shows the satisfaction rate of the clients who have hired them for their property hunt in the past. You can also ask for recommendations from friends or people who have purchased a property in Dubai.
Explore Nearby Market Prices
Another best practice in property purchase is to explore the neighboring properties, real estate companies and dealers. This will enable you in assessing the market prices, offers and facilities in the places nearby. It will help you avoid the risk of paying extra money just because you did not have any prior experience in buying property in Dubai. Such precautionary measures will help you get maximum value out of the investment you are going to make through the property purchase. So it is better to seek guidance and evaluate the reviews for agents who can potentially cut down all the trouble for you if you do it the right way.
Insurance Policies
It is important to survey a number of insurance companies while looking for an insurance for your home that you are planning to or have already bought. Look thoroughly for the regulations and benefits of buying the policy, see if other insurers can give more offers and after having a research, if you feel that one company has a reliable regulatory policy and gives you maximum benefits. Make your move and go for the one who is trustworthy and has no or lesser chances of being a fraud.
Preferences of lifestyle
Your choice of a property is as important as any other basic necessity in life. When you plan spending quite a sum of money you have to be mindful of certain factors such as: would the property you want to buy help you in living the life you intended to? Will it resonate with the way of your living? And whether the purchase brings ease and comfort to your lifestyle? These are a few of the most important questions you should ask yourself before making any financial commitments.
Briefings on Developers and New Projects
To wrap this up, it is also important that you have conducted a research on the profile of the developers who are selling the property. There have been many cases relating to the purchase of property where the buyers did not think about looking into the details and specifications of the developers. This gives a clear view regarding the reliability and authenticity of the developers and their past records. you should keep an eye on the forthcoming schemes. This is an excellent way to compare the ROI on your current investment with the new ones and see which one of them can be a more valuable plan.
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