While you must be dreaming of granite countertops and white picket fences, you should not make an impulse purchase that may leave you with a serious bill in hand. Dubai real estate is expensive, and buying a home here is one of the biggest purchases you will make in your lifetime. So, before making your final decision, arm yourself with quality advice, knowledge and information, so that you do not end up regretting your purchase afterwards. Here are a few essential home buyer tips you should following while looking for a home in Dubai:
Know the purpose of buying the property: Whether you are buying the property for investment purpose or for residential purpose can hugely affect the type of property you purchase. If you are buying it for investment, you are most likely to rent it out. In such a case, you have to study the market and find out which properties have highest rental rates. Investing in a 1 or 2 BHK flat would be better than buying a huge villa, as the former can give you more rental than the later.
Get a pre-approved loan: Being pre-approved for a loan means that the bank/ers have already accessed your financial information, and told you how much they are going to lend you. Getting such loan will save you time and energy, as you do not need to run around looking for houses that you can’t actually afford. You also get an opportunity to do your research and find the best deal with best interest rate.
Understand buying process of Dubai real estate: In Dubai, you can buy a property either ‘resale’ from individual sellers or ‘off-plan’ from developers. If you are purchasing off-plan, you will have to submit your passport, reservation form and a sales and purchase agreement to verify your deal. If your property is still under construction, the agreement you sign should include a date of completion, and you should receive compensation if there is delay in it. If you are buying from an individual seller, an MoU will be signed, after which you have to deposit a percentage of the property’s price to confirm your purchase.
Check the neighborhood: Before purchasing a property, try to check its neighborhood and make sure that it has all the necessary facilities within easy reach, including a school, hospital, grocery store, shopping mall, etc. If you use public transportation to reach your office everyday, then check how you can reach the nearest bus stop, train station or taxi stand.
If you keep all these things in mind while purchasing a home in Dubai, you will make a perfect choice that is well worth the money you have spent. For Advice on buying and investing in Dubai real estate Consider Kendal and Co Real Estate