Buying property can be a minefield but I believe there are 15 steps toward making life a little easier for people, and making the decision-making process a much simpler one.
As a starting point, these hints will help guide you through the entire purchasing process from; identifying the most appropriate area to buy, to seeking sound financial advice and being aware of problems that may be encountered. I hope that it acts as a stimulant for potential buyers to ask the right questions and to find out all the relevant information throughout the property buying journey. Hopefully this will eliminate some of the unnecessary stresses and strains along the way.
1. Always choose a reputable real estate agency. If you are not sure, ask friends or family to recommend a company.
2. Do your homework. As a buyer, it is in your best interest to be thorough and research everything. The internet is a great source of information. Have a clear understanding of the Dubai market before you commit.
3. Establish a realistic timeframe. Although it may be tempting, don't rush with such an important investment.
4. Identify where you want to live. Drive around the freehold areas to see what best suits your needs.
5. Determine your budget before you start looking at properties.
6. Speak to a financial consultant to find out your options - who will lend? How much will they lend? On which properties will they lend. Allocate time for the financial process, adding a few extra days to the most conservative estimate.
7. Consider why you are buying. Is it for investment or own use? The answer will determine what and where you buy.
8. When choosing a property, give consideration to reselling. Is it the type of property that you can sell easily should you need to?
9. Inquire about fees and charges you will encounter. As a buyer you will be liable for a number of fees including; agency fees, transfer fees, application for mortgage fees, registration fees and maintenance fees. Make sure all are disclosed from the outset and have this confirmed in writing to ensure you don't get any nasty surprises!
10. Find out what down payment is required. Off-plan and ready now properties usually require a minimum deposit of around 10 per cent.
11. Be aware when buying off-plan properties. Ask your real estate consultant to get all details from the developer and consider all the information carefully. Many developers do not disclose all details. They can change significant terms.
12. Always view the property or site before committing and signing any paper work. If there are any changes made to properties the seller should produce master developer approval of those changes. Developers have been known to request demolishing changes prior to transfer.
13. Carefully read the contracts and get an understanding of the content before signing.
14. Find out what documents you will need to complete the purchase of your chosen property. The minimum requirement will be a valid passport copy but check with your real estate consultant what other documents you may need.
15. Confirm when you will be able to occupy the property; get a firm date if possible. Off-plan developments are often delayed so don't make plans to relocate unless you have a solid date.
