Great Tips For Buying Homes For Sale In Dubai

Dubai’s property market has boomed over the past couple of years because of the issuance of the Freehold Decree in 2002. Such legislation allowed foreigners to buy, lease, and sell properties in Dubai. If you are among those who are keen in diversifying their portfolio by purchasing properties or perhaps you are buying a property for your family, you must not take the decision very lightly. For you to be able to come up with an informed decision, experts shared some of the things you must know when it comes to buying homes for sale in Dubai.

Important Considerations When Buying Homes In Dubai

Choose a property that will suit your needs – This is actually not a hard process, considering the great number of choices accessible to property buyers in Dubai. It would actually be very beneficial for you to come up with a list of criteria as this can help narrow down your choices. These will include your budget, accessibility, and the size of the property.

Be aware of the different ways on buying the property – Among the most popular options is to purchase off-plan wherein you must choose from properties that have yet to be built. Developers can actually show you a sample of the finished property and provide you with choices when it comes to the quality. If you take this route, you must complete the registration process online, submit all the necessary documents, and pay an initial deposit, usually 10% of the total price. In 2-3 years, you will receive the keys to your new property. Another way is to buy a fully built property from the secondary market.

Work with a reputable real estate agency – Know that Dubai-based realtors must be registered with the Real Estate Regulatory Agency or RERA.

Perform a background check on the property developer – This is a must for those you are buying off-plan. In case you want to buy a property from the secondary market, it is a smart idea for you to have your loan pre-approved prior to making any moves to buy a home. Know that this can take some time and that getting pre-approved can help hasten the buying process.

Be aware of the buying process – Once you and the property seller came to an initial agreement, the seller will draw up a memorandum of agreement that outlines important financial details. If you are buying from the secondary market, the bank will actually perform a valuation of the property. After that, the seller must apply for a No Objection Certificate, ensuring that you, the buyer, won’t shoulder the debt of the previous owner and that the property is duly transferred to your name. Before signing, ensure that you have carefully reviewed all the details of the contract.