What Should you Consider When Buying a Property in Dubai?

The main driver for the first-time home buyers in UAE is a confidence that this country is not only one of the world’s safest places, but also one of the best countries in which to live. Therefore, buying a home in Dubai is one of the biggest dreams of people, and because of the importance of the decision and the commitments and expenses that it entails, there are things that must be taken into account to avoid mistakes or loss.

In this article, you will read about the main points you need to consider regarding what you should know when buying a property in Dubai:

Determining the objective of the buying:

If you decide to enter the real estate sector in Dubai, you must first ask yourself whether you will buy the property to live in or rent it.

While if you are looking to buy a property for investment, make sure that you are on the right path, and that real estate ownership will return to you with great financial returns in the future.

Duration of owning property:

Before making this step, you should think about the following questions: How long have you lived in Dubai? And how long do you plan to spend in the city? If you are unsure about your long-term plans or your commitment to staying in the area, a rental option may be more suitable for you.

Choosing a property that suits your financial capabilities:

Age, occupation and the amount of savings are influencing factors that must be taken into account when deciding to pay the value of the property from your own resources or by financing the property.

Adequate cost:

There is a universal rule that helps determine the ability to bear costs, which is that the monthly housing expenses should not exceed 30% of the value of the total income. And if you are the property owner, you will have to cover the maintenance fee, in addition to paying the annual service fee like (Dubai Land Department Fees, Property Registration Fees, Real Estate Agents and Brokers Fees … etc.)

Hire a real estate expert :

One of the most important things to do in order to prevent common mistakes when buying a home in Dubai is to hire a real estate expert, which is another important and serious step in this process, as this person can detect major home defects such as weak walls, leaks, damaged electrical wires, etc.

Location and area of the property:

Whether you are buying a property with the intention of living in it or renting it, the price of the property and the return on investment are highly dependent on the area and location. Although each property has special advantages that allow it to fall into the category of good investments.

Maintenance costs:

When buying a home in Dubai, you must pay the Annual Property Maintenance Fee to the Land Department based on the RERA.

Age of the property:

The age of the property is one of the important points that must be taken into account when purchasing.

Market condition:

You must follow the latest current market trends in the residential complex you have chosen, in order to know the appropriate time to buy and rent, in addition to the current rental returns in the area.

Having  a Real Estate Lawyer to protect your interests:

Whether you are buying or selling, it’s important to get a thorough inspection of the fundamentals of the asset and the parties involved in the deal. The higher the transaction value, the more critical it becomes to perform due diligence in these aspects. A lawyer will check the validity of proof of ownership, so you can be confident that the property is free from encumbrance or any legal impediments before you pay the deposit or sign any contracts.