5 Things To Consider Before Buying House In Dubai
Buying a property in Dubai means getting a ticket to be up close to the world's best amenities and entering into one of the biggest real estate markets with an immense value. Buying your own home saves your future self from drowning in ever increasing rent in Dubai for good. You would have to spend money for once and that will turn into an investment for lifetime since the real estate trajectory in Dubai is always on the rise.
So, if you are an expat looking to become a homeowner or an investor aiming to buy a promising property, here are some important things you should consider:
First, you should be very clear about your purpose behind buying a property before jumping on any decision. Are you going to use it for personal use? Or are you buying for investment? The answer to this question will further shape your buying decision because not every area has the same value and doesn't serve the same purpose.
2. Pick Your Area Wisely
So, once you have a clear purpose, next select your area carefully. If you are going to live in the house, it would be better to select an area closer to your workplace, shopping area, schools, and other recreational places. But with investment purpose, it's better to choose an area that can offer higher ROI in the future.
It is also important to know about freehold and leasehold while resesrching an area. Freehold lands are those areas where anyone from anywhere can buy a property in Dubai. Whereas, leasehold areas are where you can only lease the land for 10 to 99 years as an expat, but can't buy it. So, if you want to buy land, then leasehold areas go out of the equation automatically. And you can choose freehold area according to your needs.
3. Find a Reliable Company
The real estate companies in Dubai can be a game changer for you. They can bring value for you or do financial damage by fixing a poor deal. So, always find a trustworthy, experienced, and reliable company with a proven track record of giving the best customer experience. Make sure they know the dynamics of the market and prices and have wide connections to give you the right advice and help connect with the promising sellers.
4. Know the Legal Matters
Every place has its own rules and regulations related to real estate buying and selling. As you don't want to get entrapped to a legal fallout despite spending your hard earned money, it's better you know all possible legal matters. Consult a law firm, seek guidance, understand matters, and let them handle legal issues where your knowledge falls short.
5. Research About the Building
Things don't end after meeting the right company, connecting to a good seller, and knowing all legal matters. You should also do thorough research about the potential building. Like, find out which construction firm developed it, what year it was constructed, what will be your annual service charges, etc. Asking these questions in the beginning will pay you big time peace and ROI in the future.
Remember that beside arranging money to buy property, you would also have to arrange money for different fees, like lawyer fee, real estate company's fee, registration trustee fee, and Dubai Land Department transfer fee. But everything will pay off once you enter Dubai's real estate market as an investor or homeowner.
However, make sure you have a plan of living in Dubai for a long time because it reduces interest rate on loan and gives you other benefits while buying a house. Once you have your own home in Dubai, things will get easier on so many levels and every headache will pay off.