Five things to know before buying property in Dubai

Buying a home is one of the most important financial decisions ever. Even though buying a house is exciting, it can also be scary. As you try to find a home that fits your budget and is the right size, you should think about a few other things. Whether you want to live in the property you buy in Dubai or use it as an investment, these are the 5 most important things you should consider.

Dubai Location

A well-known saying says that the price of a property depends on three things. These three things are all about where something is. When choosing the best place, there are many things to think about. In every way, the best place for you to live will depend on what you need.

For example, families want to live close to their kids’ school. Singles or young professionals, on the other hand, want to be close to the city center. So, you need to ask yourself a very important question: “Why do you want a house in Dubai?” Trust me; if you have a clear answer to this question, choosing a neighborhood will be much easier.

Buy a previously owned home

Used property is sold in a different way than new property. The first part is the MOU, which stands for Memorandum of Understanding. This shows all the terms of the sale that have already been agreed upon. The sale is finalised by paying a small deposit, usually 10%. Closing times for resale properties depend on how much paperwork there is and whether or not financing is available, but they usually don’t take more than two months.

Buying a house with a freehold or a leasehold

Who can buy in Dubai City depends on which neighborhoods are freehold and which are leasehold. Some neighborhoods in Dubai are not freehold, and only GCC citizens who have registered can live there. Other neighborhoods are freehold, and any foreigner can buy a home there. In Dubai, there are also leaseholds with terms of 99 years.

When making a budget, you should think about more than just the price of the house. When you buy a house or get a mortgage, there are other costs and fees, like mortgage and agency fees. As closing costs, add 8% to the price of the property you want to buy. Think about how much it will cost to furnish the place and hook up the utilities. Include charges for service and property maintenance that happen once a year. These vary depending on the Dubai real estate complex, the amenities, and whether you buy a villa or an apartment. The Dubai Land Department must be paid service fees once a year. The RERA service charge and maintenance index was used to figure out how much land costs per square foot.

Buy Apartment in Dubai

Buying a house before it’s built

Off-plan real estate is a big business in Dubai, which makes sense. Some buildings in Dubai have a beautiful architecture that adds to the city’s reputation as a strong real estate market. Most of the time, a hold is put on a property still being built, and a purchase agreement is made with a deposit of between 10 and 25 percent. Once this is done, the buyer and the Dubai developer are committed to the deal, which could do quickly. Off-the-plan homes sell well online, and buyers come from all over the world to buy them.

Invest in Dubai rental properties

Investors who want to rent out their properties do well in Dubai, but you should look at the rent returns in the area. It also depends on whether investors are interested in long-term contracts or short-term rentals for vacations. For example, Dubai’s downtown is a popular place for tourists. Most people who want to rent a home in Dubai are married couples or single working professionals. Because of this, apartments are more popular than houses. Last, don’t forget to check out the amenities, transportation, and shopping options in the Dubai communities you’re interested in.

Buying property in Dubai can be scary, but if you know how the sales process works, you can feel more at ease. Before a client buys a home from us in Dubai, Our Company give them a payment plan and explain how the process works. So, there are no bad surprises in store for you. We also handle the sales process and keep you informed at every step.