Before finalizing a property to buy in Dubai, you should not fail to brush up your knowledge with some essential points.
That will help you streamline the property buying process.
There can be no denying the fact that Dubai has become one of the world’s biggest real estate markets, providing exceptional benefits, values, and features for property investors.
Despite the various positive aspects of the property market in Dubai, it is a good idea to consider a few factors before investing in a property in the city.
Location is an important consideration before looking at apartments for sale in Dubai. Therefore, you should examine the location, as that can indicate whether the place is the right one for you. For example, you can choose a location that is nearby to schools if you have school-going kids. Likewise, if you are single, look for locations near cinema halls, clubs, sports clubs etc.
The best idea is to ask yourself the purpose of your property purchase. The answer will give you sufficient inputs to choose the location wisely.
If you are on a tight budget, you can choose cheap properties in the new residential areas in Dubai South, where there are cheap properties. But, the properties’ value will grow significantly in the future due to the increasing population in Dubai apart from having good resale value.
Again, places, like Jumeirah Lake Towers, Dubai Marina, Palm Jumeirah, and Jumeirah Beach Residence can be the best ones for you if you want to buy a property to rent out. In these localities, rents are high and so you will get a good return on investment.
After choosing the location, you should look at the track record of the master developer. And, it will give you a good idea of the neighborhood.
You should not fail to choose a good master developer in Dubai.It can be a crucial factor in determining the city’s property value.
A well-maintained community suggests that the master developer should be reputed and well-known.
You should wisely choose a project developer. It is a business outfit that builds the property.
Again, you should try to understand the difference between a project developer, and a real estate company.
A real estate company is responsible for constructing and maintaining the community. And, a project developer is responsible for constructing and maintaining the building.
After the developer finishes constructing a building, he hires a maintenance company for the first few years.
Once the term gets over, the owners’ association decides the selection of a maintenance company.
Timeline of the Building
Most buildings in Dubai are new as it is a new city, and many buildings are under construction.
You will see many projects under development in Dubai. And, the oldest buildings are not more than 15 years old.
Off-plan properties are in great demand due to the strong interest from people from all over the world to buy properties in the city.
Off-plan properties are offered with flexible payment plans; hence they are affordable.
If off-plan properties do not interest you, you should choose a ready-to-move-in property. In that case, know the timeline of the building.
It is an important consideration, so you should not skip it. You should look at the warranty of the property you finalize to buy in Dubai.
It is an assurance of the developer claiming the responsibility to correct any malfunctions of the property up to one year of its completion.
Remember, the real estate company is responsible for correcting any damage to the property up to 10 years from the date of completion.
Nevertheless, you will reap significant benefits by investing in a property in Dubai. But, you should proceed with caution, not haphazardly. There are multiple aspects to look at before spotting the right property for your family. We believe that this article will guide you through the decision making process to enable you to select the right property.