Investing in Dubai Real Estate can prove to be a great decision if you are looking for long-term benefits. Most of the people can just dream of buying a home or villa in Dubai to enrich their investment portfolio, but can’t do due to certain reasons and financial resources are on top of the list.
If you get any chance to invest in Business Bay Property for Sale or Arabian Ranches Villas for Sale, don’t miss the chance. Opportunities do not knock at the door all the time. Make sure to grab the opportunity and go for it.
However, before buying a property in Dubai, there are certain things that you should be aware of. So let’s get started.
Understand the Procedure of Buying Property in Dubai
There are two ways of buying property in Dubai. Either, you can go for off plan from a developer or resale from a private reseller. When going for Off Plan, emigrants need to submit the passport and a reservation form that clearly states terms and conditions of the deal. Reservation fees ranging from 5% to 15% is paid to draw up the sales and purchase agreement.
While purchasing a resale property from a private seller, the Memorandum of Understanding states the terms and conditions of the deal. After that, you have to deposit 10% of the property price in advance to confirm the purchase of the property.
Purpose of Buying the Property
Whether you are purchasing property for sake of your own living or for investment purpose can play an influential role in the type of property purchased. For instance, if the purpose of the investment is to have an extra source of income, the best approach is to rent out Business Bay Apartments. On the other hand, you can also sell out Arabian Ranches Property at a higher price.
Make sure to study the market and find out what types of properties can give the highest rent. Investing in a small apartment with one or two bedrooms is a better option rather than to go for a grand villa.
Property Survey is Must
In case you are purchasing the property from a private seller, make sure to hire services of professional companies to survey the property. Repair and maintenance of the property is the prime responsibility of the owner and the surveyor can let the potential buyer know about any high-cost maintenance that they may bear in the future.
Once you have purchased the property, it is your responsibility to bear all the cost of repair and maintenance rather than the seller. Keep in mind that major repairs might break your bank and you may not be in the position of such a high cost.
Ask for Legal Specialist Advice
If you are going to buy a property in Dubai, make sure to seek professional legal advice in order to make the process smooth and free of glitches. It is not a mandatory part, but to remain on the safe side, seeking advice can help you stay away from any mess.
If you are buying Arabian Ranches Property for the first time, you must be aware of nitty-gritty in order to stay on a safe side.