Living in Dubai can be amazing, owing to its modern infrastructures and great quality of life. If you have a high-paying job that you’re happy with, having this city as your home will be even more enjoyable. However, when it comes to getting your own place here, it can feel daunting and impossible at first. The whole process of buying a property in Dubai involves careful research and ample things to be taken care of. You may have heard about the off-plan property that a lot of people go for, but it also involves certain risks. If you know what exactly you’re looking for, then following a few steps can serve your purpose.
Take a look at some of the steps to be followed, if buying a property in Dubai is your next big plan.
1. Decide on Off-Plan or Secondary Market - At the onset, get an understanding of the purchasing process in Dubai. The next important thing to do is to decide if you want to buy an off-plan land (property that’s under construction) or go for secondary market or purchase from the owner/agent.
2. Search for Your Property - You ought to be clear on the purpose of this property; whether you’re going to occupy the house or rent it out. This will help you plan out your finances well in advance. Learn about rental returns in Dubai before setting out on property search, so that you’re on the safer side if you need to relocate and rent it out in future. You can then start with your property search by identifying key locations, based on your budget and other requirements. Get some insights from the local people as well; it can prove very helpful.
3. Have Your Property Surveyed - Are you planning to purchase an existing property from a seller listed on the secondary market? Then get the property surveyed by professionals. You need to be sure that the property is free from high maintenance costs or any other major problems that can occur in future. Irrespective of the type of property and who you’re buying from, you must ask your questions regarding quality, timely delivery, reputation of the agent/developer and other matters of importance.
4. Find a Property Lawyer - It is also a good idea to seek help from a property lawyer, who can take care of the rules and regulations, and further advise you on any possible risks. The ‘Dubai Land Department registered Conveyance’ company can provide professional services and help you with a smooth buying process.
5. Get Your Bank to Pre-Approve Funds - Ensure that your funds are pre-approved by the bank or other lending institutions. This will keep you prepared in advance and save a lot of time when you’re about to proceed with the deal. Visit Dubai and get the necessary investigations done, before you go ahead with the purchase. Get your tickets online from travel sites like Expedia or Agoda to minimize expenses.
6. Read the Sales Agreement - If you’re buying an off-plan property, you need to list out your terms and conditions and submit the application to the developer. Make sure to include the property completion date, compensation amount and other important details. If the property isn’t ready on time, then the developer should repay the specified compensation amount. In the case of secondary sale, there should be a contract/MoU between the buyer and the seller. When the property’s evaluation by the bank turns out much lower than expected, it results in the buyer putting in a larger down payment. The ‘opt-out’ clause compensates the buyer for any loss of deposit amount incurred in such situations.
7. Find out the Additional Costs - Be aware of additional costs such as developer fees, land registration fees, legal fees, maintenance fees and the like. Consider these fees and plan your finances well in advance so that you don’t end up with insufficient funds.
8. Check for Property Liabilities - Another important factor to check is that the property is debt-free or free from liabilities. The seller should take care of such liabilities before handing it over to you.
9. Read the Contract Carefully - The last and most important thing to do is to read and understand the terms and conditions thoroughly. Make sure that you’ve understood all the points and then go ahead with signing the contract.
Once you have these things chalked out, you can simply go ahead with your purchase without any hassles.