9 Advices Before Buy Property in Dubai
If it is your first time buying home in Dubai, we understand that there are many questions in your mind. That’s why we are here for you. Visit Time homes real estate for the best advice for real estate in Dubai or read our 9 advices before you buy property in Dubai.
Due to a large number of new migrants, the demand for Dubai real estate has increased significantly. This made the real estate market of Dubai the most demanding industry, not just in the UAE but all across the world. Therefore, from the investment point of view, you can’t have a much better option than investing in Dubai real estate market.
But things might go against your expectation. If you tried to invest in Dubai property without the assistance of real estate agents in Dubai. So, as one of the top real estate companies, the most asked question is. What factors help us buy the best property in Dubai?
In this article, we have come up with helpful advice and tips. Following them, you will end up buying the property of your dream. So without further ado, let’s get started!
9 Advices Before Buy Property in Dubai
Why are you buying for?
Everything starts from its goal! Before buying a house in Dubai, you must clearly understand why you are purchasing. Whether you buy luxury villas or Palm Jumeirah villas for sale. You must be sure about the future. If you intend to use it for personal use. You must consider important things such as schools, hospitals, airports, and super-marts. But if you are looking for an investment standpoint, you must look for future predictions and locality.
What’s your budget?
Budget is the single most important factor to consider before buying a home in Dubai. Aside from the property’s value, many other fees are applied, such as legal fees, deposits, and maintenance charges. Also, before you specify a budget to buy a house in Dubai. You must undertake your current financial situation and future plans. You can also contemplate the option of bank and lending institution if you are on a short budget. Therefore, make sure you get the approval before the payment duration starts.
Following are the different charges applied when buying real estate in Dubai.
Agent’s Fee/ Commission
The standard percentage that real estate charge is around 2% of the property purchased. However, the fees may vary depending upon the contract signed or mutual understanding between the purchaser and real estate agent.
As a buyer of property in Dubai, you will be liable to pay 4 percent of the purchase value to Dubai Land Department. This fee is commonly known as a transfer fee.
Registration Trustee Fee
Once the deal is finalized, there is one more fee to pay at the registration trustee office. If the property price exceeds Dh 500,000, the trustee fee is Dh 4,000. However, if the value is less than Dh 500,000, the trustee fee is Dh 2,000. Find registration trustees here.
For a new resident in Dubai, the most challenging task is to figure out the best location. There are multiple factors that a new migrant has to consider before buy property in Dubai. If you are moving to Dubai with your family. You must think about schools, universities, bus stops, and supermarkets.
So whether you are looking for a townhouse to rent in Dubai or buying a home in Dubai, you must have a clear understanding of your requirements. Then, things will become more manageable for you and the top real estate brokers in Dubai who are working hard for you.
Under developed locations
If you have planned to move to Dubai after 5-10 years, the best option is to invest in some location that will have greater value in the future.
Developed Locations in Dubai
If you are looking for a huge investment opportunity. The developed location is preferable. However, make sure you have some decent investment in your hand all the time before investing in such locations.
Constructing your dream house in Dubai requires assistance from project developers. Unlike many other countries, you cannot construct your own house. You must make sure that a well reputed developer must build the house. There are several professional project developers in Dubai. The best suggestion is to perform comprehensive research and check the past performance. If the project is fallen into the wrong hands ultimately results in loss of revenue.
Once the location is finalized, the project developer can start the construction of the building. Make sure to conduct several meetings with the project developer to finalize the final design. Finally, the maintenance company will take over when the building is designed for the first year.
As mentioned above, after construction is completed. The maintenance company takes care of all the matters. However, the project developer picks the Maintenance Company. The contract can be terminated if it is not dedicated to its responsibilities. So before buy home in Dubai, you must inspect the reputation of the maintenance/ management company in charge of the building.
Dubai is not a historical city which means most of the things you find there are not more than 50 years ago. However, Dubai is highly popular for its phenomenal infrastructure and nightlife. Since Dubai is not a historical city, most development and construction are not more than 10- 20 years old. With more settlers are coming to Dubai, more construction and development are going on.
Dubai off plan property investment has always been in high demand for investors. People are interested in Dubai off plan projects because they expect a high return on their investment and attractive payment plans.
As previously mentioned, most of the construction in Dubai has been done in recent years, so there is peace of mind for you. But still, there are a few things that are important to consider.
In case of any structural damage, the developer will be liable for a maximum period of 10 years from the date of completion. Also, if the building has already passed the duration of warranty which is ten years. In this case, the house owner will be responsible for any kind of repairing work.
Like any other industry, real estate of Dubai also notices ups and downs. This means there is always a perfect time to buy and sell property. As a buyer, when you observe the market is slow, prices are reasonable, and developers are providing exceptional services, this is the best time to buy property in Dubai. And when purchasers are interested in buying properties which means it’s the ideal time to sell house in Dubai.
Watchful to the underdeveloped projects
The biggest common mistake in property buyers is that they trust the real estate agents in Dubai without any surety. Confidence and trust are vital things in making deals. But credulous can create a complex situation for you. Before buying under construction property, you must ask the real estate agent to provide you proof that the land department issued the land.
Thoroughly read the details of the agreement
Just don’t believe in the words of real estate agents. Instead, ask for the written agreement as proof. Once you have received the agreement, make sure you read comprehensively and understand all the details in the agreement. Also, the written agreement can be considered as proof if the situation is against you.
So, here are our 9 Advices Before Buy Property in Dubai. Also, you must get all the proof of all the payments you have performed to buy real estate in Dubai.