Dubai, the city of lights and glamor of skyscrapers along with an extravagant way of living, attracts many people around the globe to own a home. However, finding the perfect property to buy and call home can be challenging, particularly for first-time buyers. Having a peek at these five tips will prepare you for a hitch-free journey towards purchasing an ideal home in Dubai.
Important Tips to Know While Buying a Home in Dubai
1. Determine your financial status
When people decide to buy a property in Dubai, they often get overwhelmed even before they enter their first open house. This also involves consideration of the amount of money one earns through salary or any other means, the amount of money that one is capable of setting aside for personal expenses, and the amount of money that has to be spent on other accounts to balance the expenses. Don’t assess the cost of purchase only but also include miscellaneous costs such as down payment, registration fees, improvements when needed, and even annual maintenance costs. It is advisable to consult and seek the services of a financial expert or mortgage consultant to determine your current standing in the financial capacity and to explore possible avenues in availing of home financing. Always consider the fact that a home is a long-term investment and you need to be financially ready to pay not only for a mortgage but comfortable living as well.
2. Select an ideal location
Dubai is a place with unique neighborhoods that have their own vibes, styles, and feel. Right from the busy commercial center to the South and the exotic and luxurious Jumeirah strip, Dubai provides many options and it isn’t easy to select the best one. Consider your lifestyle priorities! Are you passionate about the energy with lights and sounds of a big city or a neighborhood close to schools where your children can learn? Factors such as good accessibility to the workplace and other facilities like gyms, parks, or recreational centers as well as good public transport systems are some of the factors one might want to consider. It is wise that one selects a location with bright future trends so that he or she can reap big in the future.
3. Partner up with a qualified real estate agent
Dubai’s property market can be dynamic and multi-dimensional. This is where an experienced real estate agent comes in to be your ally in these kinds of scenarios. It is also advisable to find an agent who has prior experience in selling properties in your desired areas. One thing to always consider is that a good agent takes their time to understand what the client wants and the amount he or she can spend on the property. They can assist on everything from finding good deals you may not otherwise find to negotiating for you and helping to navigate through the legal process. It is advisable to not settle for only one agent without meeting several of the potential agents and having a chance to select the most credible and dependable one.
4. Stay vigilant against fake listings
In light of these issues, it is essential to adopt measures to avoid fake properties with the upsurge of online listings. Cross-check with well-established sources of information and be very cautious with offers that can be characterized as too realistic to be true. Do not transact a property until you have verified its legitimacy. During site inspections, it is advisable to physically look at the property and check for signs of probable maintenance headaches or other defects. So never hesitate to raise your questions! As with all elements that pertain to it, a good agent will not hesitate to give information and set an appointment for an inspection if required.
5. Consider additional costs involved
As much as property price is a key determinant, do not forget other costs come with buying a home in Dubai. Some of the expected expenses include down payments, which are usually a minimum of 20%-25% of the property value, registration fees, which range about 4%, and processing fees of the mortgage as well as possible service charges. Take as many of these into account to avoid being shocked by extra costs. Further, some areas may charge extra for amenities such as pools or gyms. This will enable you to make future profitable decisions regarding the management of the property expenses.
Conclusion
Purchasing a house in Dubai can be a blessing and an achievement, but this decision comes with its share of challenges. These basic guidelines outlined above will enable anyone who wants to buy property to do so with efficiency resulting from adequate information. If you are someone who is looking for professional assistance in buying your first property in Dubai, InZone Properties is here to help you and guide you through every step of the process.
