The emirate of Dubai is growing at an unprecedented rate. It is known for its towering skyscrapers, panoramic waterfront tourists’ destinations, and some of the best shopping malls in the world. However, apart from featuring the tallest skyscrapers and palm-tree shaped islands, a lot of people are considering buying a property in Dubai.
Some are doing it to strengthen their current real estate investment portfolio while others simply want to secure a home in one of the most charming property markets across the world.
Over the decades, there has been a noteworthy increase in the number of people buying a property in the City of Gold. There are numerous options available to investors and potential homeowners alike. So whether you are investing in Mulberry Dubai Hills or Zahra Townhouses, read this article to get some insight into the most important tips while buying a property in Dubai.
Pick the Right Agent
Location is usually the first pick of every potential buyer but if you are a newbie in the city or in the real estate field, finding the right real estate agent tops everything else. They will be going to be your eyes as well as ears during the whole process so as to streamline it. Therefore, choose your agent carefully.
Dubai real estate still has some agents who just want to make a quick buck. So, there can be chances of a scam or fraud. To ensure nothing of this sort happens to you, make sure that the agent you are dealing with is registered with RERA. Also, take into account that they are competent and serve your interests instead of theirs.
Get the Cash Together
If you are heading towards buying a mortgage, first hold a meeting with a finance provider. In this way, you will know the borrowing limit. All your efforts go down the drain if you put an offer on a property and then lack the resources to buy it. Moreover, you can also lose the deposit if you sign the contract.
Firstly, you need to explore that if the seller offers an outstanding mortgage on the property as well as the outstanding loan amount. Secondly, international buyers should make sure that they have their complete funds either in an Escrow (money held by a third party) or their own UAE savings account.
Views Surrounding the Locality
Nobody likes to enjoy the view of power lines or find their garden backing onto the local fish market. Therefore, go and pay a visit to the property you are intending to buy instead of just relying on photographs. Sure, everybody wants to enjoy a perfect view from every room but of course, you have to pay a hefty amount for this.
Here one point you need to consider is that you don’t need to break your bank when you can enjoy mesmerizing views by just taking a five-minute stroll. Although properties with a view add character to the establishment, make better scope for capital appreciation, and are quick to sell or rent, not everybody can afford to buy living spaces in such premium locations.
Look for a Good Neighborhood
In the UAE, having good neighbors is very important. It is not just about nodding or frowning at as you slam the door.
Since the UAE is a country that amalgamates different nationalities and cultures, any building can comprise five different nationalities on the same floor. So, respect for each other is the thing most people take into consideration the most. As the emirate doesn’t have a family network, people are more dependent on close friends and neighbors.
It goes without saying that while borrowing a cup of sugar with a cheerful greeting, a smile and a brief chit chat is a prerequisite to enhancing day-to-day life.
Analyze the Locale
Before you make an offer, drive through the neighborhoods in which you are interested to invest. Then, check out all the facilities available such as parks, schools, supermarkets, banks, and the community services available in the area.
The residents of Discovery Gardens always dream about a convenient route for in and out. While their situation is going to be improved in the coming years, waiting for hours to reach home can cancel your excitement of owning a new dwelling.
Instead, you might even regret buying a house in this location later. Therefore, you need to access all the road connections available to the community. Even if you are investing in Dubai off-plan properties, consider their road plan to avoid landing in troubled waters in the near future.
In all, follow these simple tips while buying properties in Dubai. They will help to make sure that you have made an informed decision.