Last Updated on July 21, 2023 by asifa
Compared to other global cities across the world, Dubai offers a fairly simpler process of purchasing a property. This explains why investors from all around the globe are interested to purchase properties in different configurations in the city. Whether it is a town house for sale in Dubai that you are looking for, or an apartment or villa, you have plenty of options to choose from. However, it is imperative to seek assistance from a professional company such as Everhomes that would help you make the right kind of purchase.
To mitigate associated risks, buyers need to have a transparent idea about the purchasing process. Usually, property purchases involve the highest monetary transaction you ever undertake in your life. A calculated and informed approach on your end ensures that you don’t land up regretting your decision later.
Buying a residential property in Dubai: How to go about it?
Below are some tips that would simplify the process of purchasing a residential property in Dubai.
Understand how the process works
You can approach a private seller for the property, who can resale it to you. Alternatively, you can get it from the developer off-plan. In case you are an expat and wish to go for an off-plan purchase, you need to furnish relevant documents like your passport and a reservation form tracking the norms of the deal. To go through the SPA (Sales and Purchase Agreement), you need to shell out a reservation fee that can range between 5% and 15%. Through this agreement, both the parties become committed to the deal.
In case you decide to settle for an under-construction property, there should be a completion date on the agreement. If the developers fail to complete the project on time, you can get a compensation.
If you decide to obtain the property from a private seller, the terms and conditions would be present on the MoU (Memorandum of Understanding). Normally, you need to pay 10% of the property value as a deposit to confirm that you would purchase the same. The transfer of deed would be carried out once you obtain the financing.
Consider the purpose of your property purchase
Do you wish to reside on the property yourself? Or do you want to earn a consistent income by letting the property out? Once you identify your goals, you can purchase your property. Often, expats acquire a property and rent it out to gain a steady income. If this is your case, the property consultants would help you in identifying the best property markets in Dubai. Depending on the rental yield, you can them decide the locality to go for. Also, it would be wise to go for a one-or two-bedroom flat for rental use, as investing in a villa would be expensive.
However, if you decide to personally occupy the property, you can go ahead with the luxury ones.
Property surveying is crucial
Well, you might find the right deal in an existing property, which a private seller can resale to you. When you purchase a property from the secondary market, it would be wise to hire a professional inspection or surveying firm. This ensures that the experts would be able to detect any underlying issue with the property. Also, you will get an idea about the maintenance of the property you are going to purchase.
In this process, potential owners will be knowing the present condition of the property. After all, you would have to shell out the future maintenance costs for the apartment or villa. So, it would be prudent to hire experts and get the properly inspected properly.
Look out for liabilities
When you look out for a flat or town house for sale in Dubai, look out for any possible liabilities. The property should have a clean chit in this regard, and it must be free from any debt or liabilities. The seller must obtain an NOC from the office or the developer. The latter checks for any possible liability and then process the NOC. Once you get the NOC issued, the property would be ready for transfer.
Often, the volume of paperwork and legalities seem to be overwhelming for property owners. In case you wish to be on the right track without bothering yourself with all these aspects, it would be wise to hire Everhomes.
