Here are our top 10 tips for anyone looking to buy an apartment in Dubai.
Know why you’re buying.
Buying off-plan property will be different than buying for investment purposes, resale or to let in Dubai. Staying clear about the reason behind your purchase will determine the type and the location of the property you should look at.
What is your budget?
What are your financing options? Consider the total cost of buying including legal fees, deposits, mortgage payments and maintenance charges aside from the value of the property.
Have a good credit history.
Do not make huge purchases three to six months before you buy apartment as this will make you look unreliable to lenders and deter your chances of securing the best loan.
Stay informed about the purchasing process.
The first step when you buy an apartment in Dubai involves making a verbal offer to the seller. Once this is accepted, a contract is drawn up, a deposit is made, the buyer obtains financing, the seller ensures that the terms are met, final payment is made or in the case of mortgages a payment plan is finalised and the deed transferred. The process may differ if you purchase an off-plan property or a resale unit from a private seller.
Know your rights.
Numerous laws to regulate the market have been introduced to regulate mortgage caps, off-plan property purchase plans and transfer and transaction fees.
Choose the right area.
If you are looking for a healthy return on investment, then look at buying in established areas such as Dubai Marina. On the other hand, if you are looking for appreciation, then districts such as Dubailand will be a good option.
Choose a reputable developer.
Does the developer have an escrow account? What is the developer’s track record in Dubai? Have the projects been delivered on time and within budget?
Work with a professional brokerage.
Make sure that the brokerage is registered with Real Estate Regulatory Authority (RERA). Our agents are all RERA-registered and come with years of experience. Check out Better Homes properties for sale.
What are the hidden extras?
Do not ignore fees such as service charges that cover maintenance of communal areas such as parks, pools and other shared facilities. These may vary depending upon the size of the property and location.
Know the neighbourhood.
Drive by the house at all hours of the day to see what’s happening in the neighbourhood. Do a work commute from the house to make sure it is comfortable.