Home hunting tips when you are in Dubai?
Dubai is one of the fastest growing countries of the world. The trendy lifestyles along with employment opportunities means that a large number of people venture to this part of the world for greener pastures. There a villa for rent in Dubai La Mer, but be it buying or renting a property in Dubai you need to be aware about a few pointers. Let us understand them in details
Have an idea about your budget:
Do not merely consider the value of the property, but include the total cost of buying a property in Dubai. This is going to include the legal fees, maintenance charges along with deposits. If you are looking for finance you need to consider the mortgage requirements and how much amount of money you can spend through the repayment periods.
Be aware of what you are looking to buy-
A property that you buy for personal use would be a lot different in comparison to property that you are planning to rent out. If you are purchasing for investment purposes it is better to have an idea about the current market prices, and the rental yield you can expect from villas in La Mer for sale is important.
Understand what you are looking to buy-
Are you looking for a villa or an apartment? Would you like to live in the city or near the shores of the sea? Are restaurants, supermarkets along with schools really important for you. If you are able to answer these questions it goes a long way in purchasing informed properties in Dubai.
opt for an area that aligns with your goals-
if you are looking for a healthy rate on your investment then you need to look out for the developed areas. For example, places like Dubai Marina are strong and the demand for these places is always expected to be strong. But if you are looking for a property in areas where you feel appreciation is going to rise, then Dubai Mainland will not be a bad choice. A reason for the same is that the prices in these areas has witnessed an appreciation of 30 % in the last few years.
The choice of a reputed developer-
When you are purchasing a property in Dubai you need to ensure that the developer has an escrow account. Even checking out the track record of the developer is also important. Have they gone on to maintain the buildings in the best quality? Have they gone on to deliver the projects within time and the specified budget? Obtaining answering to these questions will provide you with a comprehensive idea about the track record of the developer. In addition, also check out whether the communal areas are well- maintained or not.
It is better to work with a professional brokerage house-
Check out whether the brokerage is registered with RERA or not. Even when you are looking for a real estate agent, they should have a license in place. Ask them for their broker card and check whether they have a certificate from RERA or not.
Local expertise is a must-
it is suggested that you find an agent who has in depth local knowledge about the community. A point to consider is that every locality or community does have its own challenges. It is better to work with a developer who has gone on to sell a reasonable number of properties in the local neighborhood. A reason fort he same is that they would be having knowledge about the ins and outs of the area. This will go on to help you in obtaining the right price.
Understand the hidden extras-
The service charges would cover the communal areas such as parks, pools, gyms or shared facilities. There is a fixed rate that is levied to it that would be dependent upon the size of the property along with the area. If you are planning to purchase a big property this may turn out to be significant cost. Even check out with the other residents what is going to be the electricity charges for a similar type of property would lead to. There are other extras that is going to include the mortgage registration costs and includes the agency fees.
Be aware about the law-
Numerous laws have been introduced of late, that relates to managing mortgage caps. It may also relate to planning of property purchase plans along with transfer or in the form of transaction fees. The need of the hour is to be up to date with the rules along with regulations and make informed decisions when you are purchasing property in Dubai.
Have a proper understanding about the purchase process-
it is necessary that you have an idea about the purchase process related to properties in Dubai. You can directly purchase it from a developer or you may choose a private seller. The moment you are purchasing off plan property, the foreigners need to complete a full proof registration form. Along with it they need to submit a copy of their passport and among other documents a reservation deposit. If you are planning to purchase a resale property then you along with your seller needs to enter into a memorandum of understanding. Being a buyer, you need to mention a deposit amount and this is normally the 10 % of the property price. Alternatively, it could also be a price that may have been negotiated. Though the formal transfer of deeds would be taking place in an outsourced location.
These are the pointers that you need to keep in mind before you are planning to purchase a property in Dubai. If you are a first- time purchaser it is always better to take professional help and a better move would be to get in touch with an agency. They have professionals who are going to guide you at each and every stage of your purchase decision. Always opt for the best in the business.