Buying a property in Dubai or wherever you choose to do so, is always an exciting venture. And, with any major acquisition, it is essential to thoroughly do your research.
Here are some tips which will help you navigate through this journey:
DO: Research Taxation Laws In Dubai
Dubai’s “tax-free” status is yet another feature with adds to the overall attraction of Dubai as nearly 85% of the market is tax-free. This is something that can easily be overlooked due to the UAE’s tax-free status. Therefore, if you’re looking to invest in Dubai property market, you must examine the taxation laws to ensure that you’ve crossed your T’s and dotted your I’s.
DO: Seek The Advice of a Specialist
Even if you are a real estate professional, buying a property in another country will require you to seek the advice of a specialist – many specialists for that matter. There may be a number of variables which would be much different than you would be accustomed too. Seek the advice from one of Dubai’s real estate agencies as well as a lawyer to ensure a smooth transaction throughout.
DO: Consider The Associated Costs
The cost of buying a property is never an upfront figure. Make sure you consider all the associated fees (such as registration fees, agents fees, and property transfer fees) before you commit to your purchase.
DO: Familiarize Yourself With The Process
Due to the fact that this varies depending on your location, familiarize yourself with the whole process. Research if there is anything that you’ll need prior to conducting your search. This also helps to reduce any long waiting periods as you’d have all required forms beforehand.
DON’T: Forget To Verify The Paperwork
This is probably one of the most important steps which are sometimes overlooked. If you want a hassle-free process, then you must not forget to verify the paperwork from the seller before you sign on the dotted line.
DON’T: Buy The First Property You Find
Dubai property market is booming, and it doesn’t show any signs of slowing down anytime soon. The market mainly features appealing property options so you might feel overwhelmed when you view the first property your agent shows you. But as the market is flooded with amazing property options, you must first thoroughly review all the best options and then choose the one that blends in well with your requirements.
Not only this, but you must also thoroughly research about the area you’re chosen property is located in and then make your final decision.
DON’T: Forget To Explore All Financing Options
Unless you are funding your purchase completely in cash, it would be wise to investigate all possible financing options. Don’t only shop around for the best home for you, but shop around for the best financing package too.