First-Time Buying a Home? Here’s What You Should Know
It can be a long time full of hard work, endurance, and patience before you save up enough to invest in a new home. But now that you’re here in the market looking at options, you have to wonder if you know everything. After all, you don’t wish to waste your hard-earned money away. You don’t also want your investment to procure returns any less than the maximum possible amount.
It might seem impossible to know everything on your own at first but rest assured, it’s not. You can always hire a professional to help you throughout the process, and they really are helpful. But even so, it’s best if you understand all that you need to in order to make the best decision. Suppose you wish to buy and put a villa for rent in Al-Furjan, you need to do so after knowing everything about it. So, here are a couple of things that will certainly help you in your home buying process.
Off-Plan or Resale:
In Dubai, you have the option to buy off-plan properties or buy the ready to move-in property from an owner. The thing about off-plan properties is that you buy those from the developer of the real estate directly. Although this is done before the completion of the project, you get a lot of benefits for taking the risk.
Firstly, let’s take a look at the risks involved with buying off-plan properties. When you buy off-plan property, you’re basically relying on the developer and the project to go according to the plan. This means that the project needs to be successful otherwise your investment will be stuck in it. The only thing you need to make sure when you’re buying the property is that the developer doesn’t fail.
You can avoid the risks if you go with top-of-the-line and huge projects bound for success. In Dubai, you can invest in any of the on-going projects by the top developers in the Southern district. Or you can go for resale properties and buy the property from the owner. You won’t be able to get the discounts and promotions that developers offer but you’ll be getting the ready-to-move-in property.
Whether you’re buying off-plan or resale property, you need to keep in mind the major factor i.e. location. The location is what decides the value of the property the most. You can make a castle in a dump or a dump in the middle of the city and the city property will have more value. Nonetheless, you need to keep in mind that the property you’re going for will have occupants that need amenities. Various locations around Dubai offer a lot of different attractions, facilities, and amenities. Features like jogging tracks, parks, hospitals, entertainment and leisure outlets, retail centers, and malls are all great. Together, these prove to be the perfect place for a family to live in.
Read more: How To Find A Good Buyer’s Real Estate Agent
Some of the best places you can invest in are the Jumeirah communities, as the development’s new and prosperous. If you wish to rent out, property for rent in Al Furjan goes for high rates and thus, becomes an ideal location for investment. Similarly, if you go for inner-city areas like Dubai Motor City or near the Dubai Mall, you can get extraordinary returns.
Once you have narrowed everything down to scale and have the perfect property in sight, prepare for the legal work. Although the best thing to do here would be to hire a professional real estate agent who can help you throughout the process. You can verify a genuine real estate agent by checking their details at RERA and DLD websites. These are people who are well-versed in real estate laws and regulations. Therefore, it’s no problem for them to help you go through the entire process. You’ll need to get in touch with the owner and have them meet you at the DLD once you negotiate the terms.
Read more: How To Negotiate Real Estate Commissions
After the DLD verifies the transaction details and you hand over a cheque to ensure payment, you’re good to go. Of course, the tenancy contracts and rental disputes are something you should have a professional look at as well. You don’t want mistakes from the transaction days to become the reason you’re facing disputes and lawsuits later. Carefully pay attention to all the details in the contracts and agreements. It’s not impossible to change the terms later but it can’t happen without the consent of the other party involved. Therefore, it’s best if everything is done right from the start.