Buying a property has become much simpler than before. Thanks to the ample information available on the web, property buyers these days are much more informed. However, some pitfalls persist and people unwittingly become victims of these. A property purchase is a significant milestone in one’s life and is often possible only after years of hard-earned income. As such, a mistake no matter how seemingly small and irrelevant it may appear initially, can make you regret the investment you make. This is the reason it’s so important to tread carefully before you invest in a property. Through this article, we aim to highlight the blunders that are usually made and how you can avoid these to make your investment a successful one.
Here are 3 common mistakes to avoid when buying a property in Dubai:
1. Skipping a Pre-Purchase Property Inspection
A thorough property inspection is critical and is one of those things you cannot afford to miss. The appealing photographs that you see on the property listing or even your in-person visit may not reveal the underlying issues the property might have. Structural defects, improper wiring, faulty plumbing, decay, etc. are just some of the many issues an inspection can cover.
If not-so-major issues are found after a property inspection, you can renegotiate the price or request repairs from the seller. Needless to say, any major findings should be enough reason for you to back out before signing the dotted line. A successful pre-purchase inspection must be thought of as your last and best measure to ensure a safe investment.
2. Inadequate Research
As mentioned earlier, the internet age has made it easier for property buyers to stay informed. However, it may not always give you a complete picture. It is quite common for people to rush through the research phase and make the wrong choice.
Imagine yourself buying an apartment that is located in proximity to a sewage treatment plant. The regular stench is likely to make living there an unpleasant experience. Besides, renting it out or even selling this property in Dubai can pose a significant challenge. As we can see, this unwanted scenario can only be an outcome of poor research. An informed buyer would have never made such a blunder.
This is why it is so important for you as a prospective buyer, to not compromise on due diligence from your end. Speaking to residents of the neighborhood, evaluating property history, comparing other deals, and familiarizing yourself with the pricing are some of the things that should be on your list.
In addition to this, you must think from a long-term perspective. Whether you are looking to reside, or considering renting the property in Dubai, or simply investing to benefit from the appreciation, it is necessary to evaluate whether the property will align with your future objectives.
3. Not Checking the Developer’s History and Credentials
Picture this: You come across an enticing off-plan deal. You decide to purchase the property and make the necessary payments. You are eagerly awaiting the completion of your newly purchased property only to realize that the project has been abandoned mid-way, and there is no certainty of you receiving your paid amount.
The above scenarios can be the result of falling for the scams of a fraudulent developer. This is exactly why we emphasize so much on choosing the developer wisely. A property may offer everything you are looking for in terms of budget, space, locality, and so on. However looking into the reputation, portfolio, and financial standing of the developer is highly advisable before committing to the property in question. As part of this research, you can check out some of the completed projects from the developer. Evaluate the quality of the buildings and confirm if these structures have endured the test of time. You must ensure that the developer is not known for project delays and has not been embroiled in legal complications before.
A real estate investment in Dubai can be undoubtedly fruitful in the years to come. However, like any other investment, it harbors risk, and hence it is necessary on your part to take every possible measure to avoid costly errors that could trouble you later on. One such measure is acquiring the services of a reputed real estate brokerage. InZone Properties can help you seamlessly navigate the journey of buying a real estate property in Dubai. Our unparalleled expertise in Dubai’s real estate market will definitely help you make an informed choice. Buying a property is a big decision, make sure it’s not a wrong one.
