Ensure a successful property acquisition in Dubai
Whether you are looking for your dream family home or looking for an investment property – Dubai has plenty to offer. However, it is a long-term commitment, and you need to do your research before committing to any contract. We have a wealth of experience, having worked as a premier renovation and construction company in Dubai since 2015, and hopefully this blog will give you some key points to think about to ensure that, regardless of why you are looking to invest in property in Dubai, you are on the right track!
Location, Location, Location
Whether this property is to be your family home or a sound investment location and local amenities are key. Even if the property has everything you have ever dreamed of, if you buy in the wrong location you will live to regret it. There are many great communities in Dubai all with their unique and distinct advantages. Think about your needs when choosing the right community, such as its proximity to your workplace, public transportation, schools, shops, etc. If it is right for you, then it is likely your neighbours will have the same mindset as yourself. If it is an investment property – think what your ideal tenant will want from the location. Dubai freehold areas for expats are usually constructed by developers who replicate styles. Making your property unique will make your property a custom style.
Get to know the Community first
Finding out about the community before making any purchase is key. It will help you avoid unpleasant surprises in the future. Ask these following questions to make sure:
- Are the constructions work over?
- What are the long-term plans for this area?
- Have properties value in the area been declining or rising?
- What are Social Media channel groups saying about their communities?
All of this is valuable insight and research which will enable you to determine whether you can move right away or if you have to wait a while longer till the whole development is nearer full completion and all amenities are coming on stream and finally, if you are making a safe investment!
Make sure you engage a professional
You wouldn’t buy a car without taking the vehicle to a professional inspector so similarly it is vital you get a professional to advise you on your prospective purchase. They will have experience of the developer, the community, general knowledge of the various property styles and will be able to highlight any errors in the property, such as interior plumbing and electrical systems, roof, floors, windows and doors, foundation, basement, and structural components. Using a professional contractor is the same as a professional agent. If you work with them to create your renovation/extension plan you will be assured that all local restrictions and regulations are being complied with as well as ensuring successful formal sign off for your works.
To hire a real estate agent or not?
Do not underestimate the value of a reputable real estate agent, they are well aware of property prices in different areas, they know how to negotiate, and they will make the transaction process much more manageable.
Is the price right?
This is where a qualified agent can be worth his weight in gold. You need a thorough knowledge of developers in Dubai, quality of building materials, the infrastructure of the place, etc to ensure the correct valuation of the property. Also, never forget to compare the price to the other properties’ prices in the local community.
Getting the right mortgage
Don’t make a rash decision when you find the ideal property. Take time, do your research to ensure you secure the best mortgage deal that suits your abilities, and keep track of interest rates day by day to ensure you sign up at the right time.
Make sure you get ‘the one’
It can be frustrating if you spent too much time and effort to find a suitable property with no luck. Don’t let that make you rush into a rash decision – this is a huge commitment and you should never conclude on a deal prematurely. Such a decision could cost you dearly should you later decide to change your mind. Remember you will have to pay the transaction costs again and the closing costs for the mortgage, as well as any moving costs.
Stick to your budget
Keep a level head and don’t rush the process and know your budget limit. Buying a property in haste can have long term consequences. It can be an exhilarating experience buying a new property but be patient, wait until after signing the contract to start buying the furniture and committing to other necessities to avoid running out of money before closing the deal. Remember all the little extras that you will have to allow for, like insurance, property tax, etc
Account for the purchase costs
Make sure to have enough budget for all transaction costs, such as attorney fees, recording fees, survey fees, brokerage commission, etc. Also, keep in mind that there could be hidden costs you did not expect such as DLD fees and conveyancing fees if required. If you are planning renovations prior to moving in make sure to narrow down a time frame to allow for your budget to include a place to stay while under construction.
Make sure you read the contract
Contracts are usually hard to understand, it is vital you fully understand what you are committing to. Read the terms and conditions thoroughly, make sure the professional services you have employed are fully engaged and working on your behalf. Don’t hesitate to ask for advice and if there is any confusion or anything which is unclear make sure it is fully explained to your satisfaction.
Buying a property is one of the most stressful things you may do but with the right team supporting you it should be one of the best things you ever do to find your perfect space in Dubai.
We would love to discuss the opportunity to work with you.
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