Buying Residential Property in Dubai – Things to be kept in mind
Thinking of buying that dream house in Dubai? Here are a few guidance tips that will be of help for residential property buyers in Dubai as the property market in the emirate is on the fast track.
• The most crucial factor is taking help from a reputable property agent/ real estate agency. Take advice from friends, family and local acquaintances if you are new to Dubai.• Have a clear idea of your property needs and budget and share it openly with your property agent. S/he will be able to guide you properly if these factors are known beforehand. This will save you time as well as heartbreaks later on.• Do a thorough research of the property market. One should be well conversant with property rate trends, locations and comparative property values therein. • Have a clear idea of the use you’ll put the property to – whether as a house or as an investment. This will have a direct impact on the location and type of property you’ll be buying. • Have your lifestyle and everyday routine in mind if you are buying residential property for personal use. A community near a good school might be more useful to you than owning property in a remote suburb. On the other hand, having residential property within easy reach of local markets is desirable if you are planning to rent it out.• If you are buying property for investment purposes instead of personal use, explore the potential returns out and out. Internet is a good reference source for getting hold of property market trends.• If you are financing your property, take help from a financial advisor at the outset. Having a pre-approved mortgage is good. Also be prepared to pay at least 10 percent of the price as down payment in Dubai.• Always keep in mind the amount of money that will add up in the cost as property agent fee, mortgage application charges, transfer charges, registration fee and maintenance fee. • Before signing the property papers, check the actual property thoroughly. • If you are purchasing property off-plan, carefully consider all the details your consultant has acquired. • Before signing the property contract, go through the terms and conditions thoroughly.• Be prepared in advance with all the documents you’ll need.• Confirm the date you’ll be moving into your new property.
Last but not the least, have a party to celebrate your great achievement!
• The most crucial factor is taking help from a reputable property agent/ real estate agency. Take advice from friends, family and local acquaintances if you are new to Dubai.• Have a clear idea of your property needs and budget and share it openly with your property agent. S/he will be able to guide you properly if these factors are known beforehand. This will save you time as well as heartbreaks later on.• Do a thorough research of the property market. One should be well conversant with property rate trends, locations and comparative property values therein. • Have a clear idea of the use you’ll put the property to – whether as a house or as an investment. This will have a direct impact on the location and type of property you’ll be buying. • Have your lifestyle and everyday routine in mind if you are buying residential property for personal use. A community near a good school might be more useful to you than owning property in a remote suburb. On the other hand, having residential property within easy reach of local markets is desirable if you are planning to rent it out.• If you are buying property for investment purposes instead of personal use, explore the potential returns out and out. Internet is a good reference source for getting hold of property market trends.• If you are financing your property, take help from a financial advisor at the outset. Having a pre-approved mortgage is good. Also be prepared to pay at least 10 percent of the price as down payment in Dubai.• Always keep in mind the amount of money that will add up in the cost as property agent fee, mortgage application charges, transfer charges, registration fee and maintenance fee. • Before signing the property papers, check the actual property thoroughly. • If you are purchasing property off-plan, carefully consider all the details your consultant has acquired. • Before signing the property contract, go through the terms and conditions thoroughly.• Be prepared in advance with all the documents you’ll need.• Confirm the date you’ll be moving into your new property.
Last but not the least, have a party to celebrate your great achievement!
posted by Property Reporter at
12:40 AM
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