One of the largest decisions in everyone’s life is purchasing a home. To ensure that everything goes as planned, you must thus be aware of every tiny detail before buying your dream property in Dubai. Dubai has developed into a global financial center over the past twenty years, drawing investors and buyers worldwide.
The city is home to the tallest tower, the largest mall, sustainable villas for sale and several other attractions. It is thus obvious that a large number of people have the desire to purchase property in Dubai. The purchasing process in Dubai can be intimidating, especially if you are unfamiliar with the market since there are several things to consider. Thus, we have included multiple Do’s and Don’ts as a guide to help you.
- DO keep an eye out for fraudulent listings and check out houses before visiting
Buyers must keep looking for fraudulent listings and ensure the properties they browse are real and available. Luckily, because of technological advances, it is now possible to schedule a viewing for eco-friendly houses for sale in Sharjah before the actual visit to the site, which you must do as your first step before seeing the house. You may receive a complete perspective of the location, area, and floor plan with the help of a video or 360-degree tour, or even with an interactive floor plan. From there, you can decide whether it’s worthwhile to visit.
- DO consider the location.
Dubai is seeing rapid growth and expansion, attracting major urban developments. Location is the most deciding factor in capital appreciation, as can be shown by comparing the values of properties in other cities. It is often believed in the real estate market that it is preferable to purchase the worst property in the best location. Rather than buy the best property in the worst location.
- DO make sure to understand the overall costs.
Find out the full cost of the transaction, which includes fees and the needed down payment, before examining properties. It is advisable to have a thorough grasp of the entire procedure and timetable. Then, before heading out for a visit, ensure that you have obtained pre-approval. It would be unfortunate if you decide to finally buy a house but then learn that you can’t afford it. Additionally, given how quickly the market changes, you must be prepared to make an offer as soon as you locate your ideal house. This is possible if you have a permit in place.
- DO consider your budget and lifestyle.
The primary issue to consider for people new to the Dubai real estate market is affordability. You must do your homework and determine which regions are affordable for you to invest in. Once that is made obvious, it is crucial to assess the sites that fall within your price range and then verify the traveling time. Also make sure that you enquire about the neighborhood or closest schools or parks. For instance, a customer who enjoys morning kayaking may acquire a house in Palm Jumeirah to support their hobby.
- DO know your priorities.
You can start by making a list of your necessities and demands. By doing so, you would be able to identify the issues that cannot be compromised and the ones where you are more flexible. A real estate expert can later take over the search to assist you in navigating the rest of the process and discovering your perfect house. Everyone has a certain preference when it comes to buying a property and you can have a talk about it with the property agent.
- Don’t take a long Mortgage
It is usually a better idea to select a short mortgage, even if there are numerous alluring financing choices with mortgages lasting up to 3 decades accessible in Dubai. You can keep your mortgage for no more than a decade or fewer because interest can accumulate over time. By doing so, you may maximize the use of your opulent Dubai home without exerting yourself or spending more money than necessary. Dubai has been drawing a lot of investors and customers, being one of the world’s top ten cities for foreign direct investments (FDI). If you’re considering purchasing a home in the city, you should talk to a seasoned real estate consultant about your aims. And ambitions, as they will have the inside information on the finest deals in the area.
- Don’t rush to make a decision.
We are aware of how thrilling purchasing a home in Dubai can be and that, occasionally, you just want to get over it as soon as possible. Making rash decisions, though, is a grave mistake. You should ensure that you have looked at other potential residences in addition to the first one you liked before making a purchase. It is quite easy to overlook alternative homes that can be more suited and excellent for you. Along with making sure the home suits your preferences and requirements, you must also consider any potential hidden costs.
Considering your budget, consider the area’s servicing and maintenance costs and overall living costs. Most customers frequently overlook these “hidden” expenses and purchase a home solely based on the asking price. You must spend time checking out as many homes as possible because nobody would want to buy a home that isn’t a good fit for them. To get a clear image of each house, you can make a list, note your preferences for and objections to each, and give each a second look.
- Don’t skip the home inspection.
Hiring a professional home inspector will make checking for damaged appliances, electrical problems, plumbing leaks, and weak walls easier. Missing out on house inspections might frustrate you and cost you money. Even if you still plan on purchasing a house, though it needs some maintenance, you could at least arrange your budget properly.
Buying a house is usually a one time investment so make sure that you do not rush about it. Dubai is the ideal location to have a house but it is important to do your homework before signing a deed.