Purchasing or investing in a house can be exciting yet tiresome. Getting all the paperwork done, finding the right agent, knowing what maintenance you are eligible to pay for and so much more needs to be known before starting anything. Below is a breakdown on some tips when buying a new house in Dubai:
Understand the difference between freehold and leasehold
First things first, understand what freehold and leasehold mean. Freehold means outright ownership of the property while leasehold means holding of property by lease for a period of more than 10 years up to 99 years and can’t be purchased outright.
Pick the right neighborhood for you
Choose the ideal neighborhood with the right amenities that suits your lifestyle and your family. Take into consideration the proximity of the workplace, educational institutions as well as health care facilities.
If you have a family, Arabian Ranches, Madinat Jumeirah Living and Central Park are ideal.
Know the prices
Make sure you know the price per sq. ft. Buying a low-ticket price property doesn’t necessarily mean that you’re getting a good price. In fact, you’re buying an expensive property when you calculate the price per sq. ft. It’s important to understand the value proposition of the project you’re buying in.
Also, clarify the smallest financial detail. For example, ask the seller if the fittings and furniture are included in the overall price.
Get the right mortgage
A lot of buyers book a property before securing loan approval from a bank. Find a specialized broker than can help with the documentation and securing the mortgage swiftly. They will also help you find the best loan for you.
Hire a specialist
There are great agents and agencies across Dubai. In addition to a lawyer, make sure to hire one that knows your preferences and financial status. Most importantly, find one that you can trust. Real estate agents in Dubai can assist with the entire buying process and property management. You can check their Real Estate Regulatory Agency credentials online.
Don’t skip the home inspection
Consult with a professional home inspector to check for faulty fixtures, plumbing, electricity, and more. Dubai’s most reputable real estate agencies usually carry out this task.
Read the contract carefully
Property purchases are accompanied by legal documents that may be a Sale and Purchase Agreement (SPA) or a Memorandum of Understanding (MoU) between a buyer and seller in Dubai. It is highly advised to read the terms and conditions and make sure to understand the responsibilities as a buyer as outlined in the agreement.