Buying Property In Dubai- Top Tips To Follow3 min read
“Investing in property is not the best way, the easiest way,the fastest way, however the only way to become wealthy.“
Real estate is a great option to invest in for the security of your future. It ensures you constant and certain cash flow as you get older. Moreover, buying properties is a lifetime investment. After you, your children and grandchildren will reap all the benefits of the rental or commercial properties.
COVID-19 has affected all areas of the commercial sector badly, including real estate. However, if you plan to invest in property, it is the right time because many companies put properties for sale in Dubai at very affordable rates. All you need to have is basic knowledge about Dubai real estate and connections with reliable realtors.
Another reason to invest in Dubai is that the property buying process is very simple and easy. Also, you will relish high rental yield and return on investment by purchasing apartments, villas, and other real estates in Dubai. Many people also have been making lucrative profits by reselling the properties in this fast-growing economy.
Here are some key factors that you should keep in mind while buying a property in Dubai.
Identify Your Goal
Before making a purchase, you should have a clear idea about why you want to invest in property: to become rich, securing your future after retirement, generating residual income, or anything else. Then, it will have a great influence on your buying decision and the kind of property you consider. To exemplify, if you are looking for a property to earn passive income, it would be better to go with apartments instead of a luxury villa. It is because less maintenance is required for flats as compared to luxury villas.
Know Your Finance
Deciding in advance how much you will invest in real estate is crucial, but it will save you time and help you make the best deal. So, first, dig out how much down payment you can afford and what amount you need to borrow. Then, contact the bank or non-banking financial companies to uncover the best offer. Doing so will boost your confidence, and you can move faster once you find the property of your choice. Apart from this, it is important to note that it takes a few months to find the tenant. So, be prepared to pay mortgage payments for at least the first six months.
Check Out The Location
Always go for the prime location surrounded by key landmarks. The rents of such properties are quite high, and you will easily find tenants. Also, verify whether the community is fully equipped with all utilities like electricity, water supply, gas supply, and sewerage. Apartments for sale in Azizi Mina are featured with every facility; you can consider them for investment purposes.
Don’t Be Fooled By Advertising
Dubai is one of the fastest-growing economies globally, and many foreign investors want to purchase property in this city. Due to this, many realtors invest a lot in marketing and advertising. However, don’t get convinced by captivating billboards and leaflets. Alluring ads doesn’t mean that the company is also providing great deals and reliable properties. Don’t risk your life savings, and do extensive research before making the final deal.
Watch Out Project Developer And Maintenance Company
If you have decided to buy a new property under construction, it is important to check with the project developer and the maintenance company. The project developer is responsible for the construction of the property, and the role of the maintenance company is the third-party vendor who looks after the repairs of the apartment and villas. Hence, verifying the background of the project developer as well as maintenance company is quite important.
Pay Attention To Location
Don’t forget to scout the location before deciding on any property. First, choose an area that is in high rental demand. Then, you can spend a little time in the nearby place to find out whether the place is really good or not.
The Bottom Line -:
Buying property is one of the biggest decisions of life. So, take it with patience and prudence.