What are the five common mistakes to avoid when buying property in Dubai?
Most investors make the fatal and most damaging mistake of not doing enough research when buying property in Dubai. Investors need to understand what property they are buying, the agency to consult and who the developer is, what is their background, where is their office, what is their portfolio, what work they have done and so on. Many investors go ahead without even looking at the location in person.
It is an exciting time. Your sale and purchase agreement contract (SPA) has been drawn up when you are buying property in Dubai. The attractive real estate returns and lifestyle on offer are enough to make you want to sign it in a heartbeat. However, it is always wise to not rush into signing your real estate purchase agreement. After all, it is a big investment, whether you buy for investment or residential purposes.
The following below are 5 mistakes to avoid when buying property in Dubai;
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Working with an unauthorized real estate agent. BUYING A PROPERTY IN DUBAI
As per the Dubai real estate law, every single real estate broker that is active in the market irrespective of the fact that they are in a designated are or not, they must be registered with the Dubai land department. This is important because if anything goes wrong with the broker, the investor can simply go to RERA and lodge your complaint.
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Not knowing the payment plan
You can continue your checks by ensuring that your payment requirements are clearly outlined in the contract, such as the details of recurring payment dates and amounts that should correspond to the completion of your off-plan property. It is also essential to understand the stage of construction (if you are choosing an off-plan property) and if there’s any delay in their projected dates. This will give you a good insight into the developer’s reliability. At this point, you can also check whether your contract defines or has restrictions on the use of the property.
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Forgetting to get a copy of the Title Deed
Obtaining your own copy of the title deed is crucial to proving ownership. Also, if you decide to sell your property in the future or lease it out to earn from your investment, this will make the process smoother.
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Not looking at the bigger picture
Even people with a lower level of income have succeeded to make substantial money by investing in Dubai real estate. Regardless of the real estate investment you have chosen, you have to be aware that it will take time before you see good rental yields. When it comes to buying property in Dubai, patience is key to reap the profit from your investment.
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Limiting yourself
You will find many appealing investment opportunities in Dubai real estate sector in both secondary market and off-plan projects. Also, commercial property investment can sometimes be a better choice than a residential one. While investing in Dubai property, do not limit yourself to a specific type of investment. You can play around with property type, segment or area. Many savvy investors have made a serious profit on buying Dubai real estate when everyone else was selling. Seize the opportunity when the property prices hit rock bottom and become wealthy by investing wisely.
Conclusion
It’s not every day that you’re out there looking for property listings. Therefore, this decision must be made after thorough deliberation, consideration and research. Above all, it should be ensured that no mistake is being made in this regard.
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