Dubai is home to many expats from all across the globe. If you have been living in Dubai for more than 5 years, and plan on spending more year, then it is better to buy a home or an apartment in Dubai. The real estate market of Dubai is unpredictable just like any other market, but it is still a great place to invest in. Dubai is home to many luxury and affordable apartments that have an amazing view of the desert oasis. Most home buyers that are looking for a home to buy, prefer to go for apartments. If you have a small family, then an apartment is ideal for you.
5 Tips to Help You in Buying Any Apartment in Dubai:-
Buying a property, in general, can be a tedious task. A home buyer needs to make sure they have all the requirements ready before they buy any property in Dubai. If you are on a low budget, then an apartment is an ideal option for you. A lot of expats living in Dubai prefer buying an apartment in Dubai instead of buying villas. Here are some tips to help you in buying an apartment in Dubai.
Get Your Requirements Set:-
It’s important for a person that wants to buy an apartment in Dubai to have their requirements set. Most people that want to buy a property end up buying a property that doesn’t satisfy them. This is usually because they fail to set their requirements. One needs to know what size of home they want to buy and the location. You might want to buy an apartment with a big terrace area and an open kitchen. It is important to list down your requirements before buying any apartment in Dubai.
Check Your Affordability:-
Know how much of a home you can buy. It’s important to get your finances and affordability check. If you are going to buy an apartment in Dubai on the mortgage, then you need to make sure you have saved for the down payment. Do your research on the best and affordable way to get the mortgage payment done. There are other funds giving or leasing services that you can try out. A lot of people that want to buy an apartment in Dubai end up buying one that is off their budget. Mainly because they didn’t check how much they can afford.
Hire a Professional Realtor
A professional realtor can help you in buying an apartment in Dubai fast. If you want to buy a property in Dubai, you need to do it fast due to the high demand for homes. Real estate agents are well informed and knowledgeable about the neighborhood and can guide you easily when buying an apartment in Dubai. Real estate agents can also help you in the closing process. If you are new to the property buying process, then it’s recommended for you to hire a professional real estate agent.
Inspect the Apartment You Want To Buy In Dubai
A home inspection is something that most home buyers in Dubai skip. An inspection is recommended because it can help in identifying the faults in the home. Most homebuyers seeking to buy an apartment in Dubai end up buying an apartment with faults in it. The faults in the home can be used as leverage for negotiation. Most home sellers stage their homes in order to make it look attractive. The staging also hides the faults in a home. Hence before buying an apartment in Dubai, it’s important for you to get the apartment inspected.
Check and Verify the Paperwork
The final step of buying an apartment in Dubai is to verify the paperwork of the property. Make sure the paperwork is verified by RERA. RERA is the real estate regulatory agency in Dubai that manages all property paperwork in Dubai. You need to keep closing costs in mind as well when buying an apartment in Dubai. Closing costs can sum up to about 4-5% of the price of the apartment. There has been a lot of fraud involved with properties in Dubai, hence it’s always recommended to have the documents verified before making any payments.
These tips are useful for anyone that is buying an apartment in Dubai. It’s always recommended to do your research on location and pricing before proceeding. You can use various social media networks and the internet to have an idea about the price and location of a property before you buy it.