Buying a property anywhere around the globe is an achievement only scalable for about 1% of the whole world’s population. Getting an apartment, villa or a bungalow in NYC, Istanbul, London or Dubai is a privilege that only some people can afford to have. Therefore, you must be very careful while investing as it may be your only investment in the lifetime. Dubai properties for sale present a unique opportunity to buyers to get the best value for their money. However, as a beginner, you must take care or take a few precautions before investing your first dollar.
Your checklist as a first-time investor in Dubai must include:
Research is your best friend when it comes to scouting and buying property. If you figure out your requirement and how much you have to pay for it, you are going to come out of the deal as a winner. Get information from any source possible and combine it to form the ideal picture for you to understand before you buy your next home.
Calculate the amount of money you have before you start your research. Moreover, keep all your funds in a place which is easily accessible. You must also carry out market research for the ballpark figure you would want to pay for the kind of property you have selected to buy.
3: What Do You Want?
You must decide these three things before you buy any property:
The first thing is locking upon the kind of property that you want. You must differentiate between freehold, usufruct and common-hold properties. Moreover, you must decide on the fact that you will buy an apartment for sale in Dubai, a villa or a huge presidential palace. Once you have decided this, you must decide whether you would want to live in this property, rent it out or sale it in the years to come. The money that you spend will highly depend on these three factors.
4: How Much Can You Borrow?
You must understand the loan procedure and banking laws of the UAE. Do incorporate overhead costs and other liabilities that you have to pay while calculating your total cost. Do consult an expert that can help you through these financial nitty-gritties. The tax laws, agreement terms and conditions along with the complete process from start to finish must be understood before you start to swim in the pool of Dubai real estate.
5: Feel the Neighborhood!
The best way to have a real feel of the place you are about to buy is to walk around the streets and maybe rent out an apartment for a month in the same neighborhood. Any hidden flaws in your planning that the internet has not been able to highlight will come out in the open and may help you avoid a bad deal. Remember, at times the old school method is better than the modern-day methods.
Dubai properties for sale present you a huge canvas to paint on and therefore you must choose your brush and paint carefully. Research and more research along with help from someone who has bought property in Dubai before are mainly the two things you need to succeed as an investor. However, once you own a property in Dubai, you can witness one of the most beautiful sunsets in the wild while you sip your favorite drink from your balcony or infinity pool.
Marihan Saeed writes about creativity, business, real estate, education and literature. She’s an emerging writing with the center for fiction. When she isn’t busy freelance writing or editing. She’s at a desk somewhere in Dubai, UAE, toiling away at her own fiction writing.