5 TIPS WHEN CONSIDERING TO BUY APARTMENT IN DUBAI

In today’s ever-changing world investing, for a better future is the best option for people. Once you have enough money to invest it is highly essential to evaluate what is the best available and viable option you have to plow your money. Investing in the real estate market can be considered as the most profitable option available today to get a good return of money in the future.

If you are living in Dubai then you can call yourself lucky as the UAE's property market is on a boom. Whether you are buying a house or an apartment in Dubai for investment purposes or personal needs, you can get a good amount of returns when you sell it in the future. Furthermore, to make the decision-making and process easier for you before you buy apartment in Dubai, we have listed down the top 5 tips that you must know.

Evaluate your buying purpose:

When you have decided to buy apartment in Dubai, you should also evaluate what’s your purpose behind it? You should be clear whether you are buying for investment purposes or your personal needs. When you are purchasing a property for investment, it can most likely be rented out so that it can yield a good amount of money every month. Generally, studio apartments in Dubai have higher yields if compared to two or three-bedroom apartments. Therefore, you must ensure you have made the right choice when you are investing your money to buy Dubai apartments.

On the other hand, if you are buying an apartment for your living you have to take care of a few factors that are neighbourhood, the community living in the area, facilities, and amenities, and last but not least the proximity to your workplace. You can consult real estate service providers in Dubai if you are looking for luxurious properties to live in where you can find class and convenience.

Study the Dubai apartments market:

It is not necessary to be an expert when you are buying apartment in Dubai, you just need to have a basic knowledge of how the real estate business works. The first and foremost thing that is required when you decide to buy apartment in Dubai is to note whether you are purchasing it from a private seller or a housing developer. If you are buying an apartment or a house that is secondhand from a private seller, you should ensure the agent has a licence and is permitted to sell locally. If you are not a local you will have to provide your passport to the agent and pay 10 to 25% of the real cost of the purchase to draft the sale-purchase agreement.

On the other hand, if you are buying a property from a housing developer you should ensure you have done a background check. In simple words, you should check the reputation of the developer in the city and verify whether his projects are successful or whether he has completed his projects on time or not?

Have an understanding of the financing plan:

If you are buying an apartment on the mortgage it is highly advised to study the financial clauses well. If you have a minimum amount to pay as a down payment it is suggested to ask your agent to add the opt-out clause in the sales agreement or in the memorandum of association ( MoU) that you have signed. In simple words this clause reimburses the buyer against the loss of the money he has initially deposited to get the property, while if the bank assessment for the property is lower than anticipated, bringing about the purchaser placing a bigger upfront installment on the property.

Just in case the opt-out clause is not added in the agreement, the buyer who cannot pay a significant amount in downpayment and decides to end the deal will result in losing the deposit, which is generally 10 percent of the property cost.

Market Survey:

It is highly suggested to conduct a market survey before you buy a flat in Dubai. Evaluating your needs and the facilities you want in the apartment you are buying you should compare the pricing of properties in different localities. Market survey is always important for both buying an apartment for investment purposes or personal needs. Conducting a market survey will help you evaluate whether you will be able to get good yields in the future or not. On the other hand, the survey can help you make up your budget. It is advised to You can get in touch with real estate service providers in Dubai like Inspire real estate for expert advice and to help you get the right apartment that suits your needs.

Registration Criteria:

Once you have conducted the market survey and are all set to buy your apartment ensure that you are on the right track. As it is important to finalise the deal with an authorised broker who is permitted by the UAE government. It is highly recommended to check the records of the broker you are in touch with from the Dubai Land Department and Municipality. While on the other hand if you are buying a secondhand apartment ensure the seller is registered in the books of the Dubai Land Department and Municipality and has a licence to resale the property.

To conclude:

It is highly important to know the basics of the Real estate market of Dubai before you invest your money to buy an apartment. One wrong step can cost you all your precious savings. Therefore it is suggested to consult experts before you take any step. To know where you can get the best locality where you can buy a property you can get in touch with Inspire Real Estate which is one of the leading real estate companies in Dubai. Experts at Inspire Real Estate will provide you with the best property options to invest in and guide you will all the insights into the Dubai real estate market.