Sunday, January 15, 2012

Deciding to buy a residential property is exciting. Whether it is a way to step on to the property ladder or buy a holiday home, rushing into a purchase could have you regretting your decision. So, while the house your real estate consultant just showed you might seem to be the perfect pad you’ve always dreamed of, don’t let emotions cloud your judgment. Before you make an offer or sign on the dotted line, consider all the factors that will affect your decision.

With regard to Dubai residential properties, you need to decide where you want to buy your Dubai apartment or Dubai villa. This decision should be linked to why you want to buy a property in the first place and how you plan to use it – are you buying to live, enjoy a re-sale return, rent it out to a tenant or use as a retirement home later. If you’re looking to get rental returns, then you need to look for Dubai houses that are located in high-demand areas and close to amenities and conveniences. Next, you need to decide the sort of Dubai houses you should be looking at - an apartment by the beach, private villa with a pool or a condo in the heart of Dubai’s business corridor?

Once you are sure of the type of residential property you wish to buy, the next element to factor in is price. Decide how much you can afford to spend before you start looking for Dubai apartments or Dubai villas. Be realistic and calculate all the costs involved. If you are looking to buy Dubai villas, then you will need to include maintenance costs of the residential property, pool, garden, etc. Remember to also consider legal and consultant fees and other expenses in your budget. Always enquire upfront any other fees, except, transfer fees to avoid unpleasant surprises later. Pay attention to the view. Full sea-view Dubai residential properties are more expensive than apartments facing the main road. Then, explore the community and the vicinity. If you’re looking at Dubai houses near the airport or hospitals, be ready to hear planes or ambulances at odd hours. Also expect to put down a 5 to 15 per cent deposit on residential property under construction. Check if the residential property is mortgaged. Mortgage finance options for Dubai houses are also available, so find out the maximum loan to value amount (how much of the property value your mortgage lender is prepared to lend you) you are eligible for.

Work with a registered and reputed real estate agency to handle your purchase of Dubai residential properties. Hire the services of a brokerage company that has RERA-certified consultants. A consultant representing such an agency will show you a wide selection of Dubai houses that meet your requirements and budget, answer any question you may have concerning buying Dubai residential properties and guide you through the property buying process from start to finish. Above all, do your own research. Read information online or ask around for average prices of Dubai apartments or Dubai villas in the communities you are interested in so that you don't pay over the odds. Set up a local bank account as you will need one to kick start and during the buying process.

Dubai offers buyers worldwide some of the best residential property. Whether you wish to live on an island, by the beach, downtown or in the world’s tallest building, Dubai makes it possible. With prices stabilising and the market showing greater signs of regulation and maturity, investing in Dubai residential properties is a wise move for any type of property investor.

Tagged: , , ,


Post a Comment