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Tips to keep in mind when you are buying property in Dubai

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The economy of Dubai is one of the fastest growing ones in the UAE. When it comes to living standards, it ranks among the top countries of the world. Finding an apartment or a villa within your budget range does pose to be a major challenge when you are in Dubai. There are numerous villas for sale in Dubai based on your requirements.  But before you are planning to purchase one there are a few things that you need to keep at the back of your mind.

  • A financial plan is a definite must- As discussed earlier the monthly budget that you set for your property should not exceed 20 % of your gross monthly income. Before you are planning to search a villa or an apartment this is a thing that you need to keep in mind.
  • Search for listings on the internet- Hop through the various residential units that are given on the internet. Then you may filter them based on your requirements. Shortlist them and then go on to approach a broker to cash in on the benefit of time.
  • Observe the things carefully- it is better that you opt for business bay homes for sale near your employment premises as traffic can be a cause of annoyance during the rush hours. If you do not have access to accommodation from your company then you need to be choosing public transportation. This is also one of the pointers that you need to keep in mind when you are planning to choose a villa for sale.
  • The surrounding areas are to be investigate- Dubai is a land of numerous cultures. So, before you desire to live in a particular place you need to decide what type of culture that you are comfortable.
  • Observe the alternatives- In a place like Dubai there are various options. Like villas, furnished, apartment, semi- furnished, studio apartment and a lot more. Whatever be your demand you are likely to find them. Keep a watch out for the hidden fees. Be aware that the cost of options would be dependent on the place where you are planning to reside.
  • Make it a point there is ample scope of parking- During peak hours parking in Dubai can be a difficult task. It is just the case like in a rush hour. Car parking is something that needs to be available and when you are moving with your family and tend to have one vehicle. Then ensure that the number of parking spaces is clearly mention in the lease agreement.
  • Check the credentials of the agent- the agent happens to be in charge of the paperwork and he needs to ensure that the contracts are complete on time. Even you need to check out the registration of the agent with the real estate regulatory agency before you enter into a contract with them. A reason for these waits and watch policy is that it is illegal. To do business with unregister agents when you are in Dubai.
  • The correct name on the paper has to be mention. – The agent is the person who takes care of the paperwork. But you need to ensure that the cheque are send in the name of the landlord. It may also be a person who as an attorney in the power of this transaction. Make it a point that all the papers are checked and double- check before you sign on the dotted line.
  • Having an idea about the legal rights- An increase in rent needs to follow the rent indexes that is specified by RERA that is revised on a quarterly basis. Apart from complying with all the orders of RERA all form of evidences should be supported by legal protocols.
  • Everything has to be documented- All the necessary documents with the landlord has to be document. So that you can refer to them in the future if any issue arises. It is not a bad idea to take a lot of photos of the premises before you document the property. This would be of help when you need to return the property back to the developer.

The pointers to be kept in mind when you are purchasing a property in Dubai 

A foreigner needs to be aware about the rules along with regulations. Before they are planning to purchase a property in Dubai. It is really important as a lot of rules along with regulations have emerged. That it becomes really difficult to purchase a property in Dubai. But for the foreigners presently it would be a good move to purchase homes. As the process tends to be straight forward.

The purchasing from an individual seller

The procedure turns out to be a straight forward one. As the buyer along with the seller agree on the terms along with conditions before proceeding.

  • The two parties need to sign a memorandum of understanding that clarifies the parameters of the deal but it is not legally binding. In addition, a 10 % deposit is require.
  • If a mortgage is require then the buyer will be able to obtain one
  • The transfer of a deed occurs and during this time. The buyer has to pay the entire purchase price of their home.

Leasehold property is another option where you lease the property for 99 years. When you are purchasing a property, you need to mention to the real estate agent. That you are planning to stay there for a specified period of time. Which is specified in the lease agreement.

Though this may sound to be simple but it is critical. You need to prepare a list of improvements that you would love to have. If you have a car you need to include parking space as it is difficult to find a property in Dubai that has one. You could end up purchasing a furnished flat under distress if your priorities are not clear. Even a checklist would prevent such a situation from arising.

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