Purchasing a property can be a daunting task, especially if it’s your first time. You need to take care of many things before you invest your hard-earned money. Below are some tips to help you ease the process:
Determine your Purpose
Before you invest in Dubai homes, determine if you are getting it purely as an investment or a residential property. If you are looking to acquire an investment property, you may want to rent it out later and you want to find one that yields the highest return on your investment. Usually, your choices include a one-bedroom apartment or studio. However, if you are getting a property to live here, you will have to consider the kind of community, facilities, neighbors and amenities available. Although a family with kids would wish to stay in a quiet community with nurseries and schools nearby, young couples who don’t have kids will want a vibrant community that has entertainment options such as nightclubs.
Choose Between Ready-Made and Secondary Properties
An off-plan property is still under construction and must be purchased from the developer. Properties in the secondary market are resale from owners or agents. If you choose to buy off-plan properties, consider the reputation of the developer when it comes to quality, past projects and completion times. Often, properties from developers are sold while being built and you must visit the site to keep track of the construction progress. You want to ensure you can live in your house at the time you and the contractor agreed upon.
Consider your Financing Options
If you are getting a property on bank finance, make sure you obtain a pre-approval from your lender to increase your chances of owning your dream property. Typically, as an expat, you may have to provide the lender a copy of your passport with visa page, proof of address, Emirates ID, bank account statements and proof income. Some lenders may also request you to provide the memorandum of understanding for the property’s sale and its title deed. But, if you are buying the property with cash, ensure you have enough funds in your bank account to avoid any type of inconveniences.