Unless you are a seasoned investor, you will not be out and about looking for homes in Dubai every day. However, for an average buyer, being able to purchase a residential unit, irrespective of its size, in a developed metropolis like Dubai is a dream come true.
After deciding to take the plunge, the first step is to secure funding. The actual process, however, begins once the house loan mortgage application is authorized. It is at this point that you begin to go through the ads and choose a property for yourself. It is both an exciting and difficult phase. Exciting because you’re closer to moving to your dream home and difficult because finding the right one is not easy.
A lot of people get carried away and make certain mistakes that can haunt them for a long time. If you do not want anything of this sort to happen with you, you should avoid these property buying mistakes:
Choosing the Wrong Property Type
Studios, apartments, penthouses, villas, and duplexes – these are some of the most popular residential property types available in Dubai for buyers. Some of these are part of waterfront developments. These projects, as the name implies, come with beautiful water views. This is why their rates are on the higher side.
However, when it comes to purchasing real estate, pricing should not be the sole consideration. Of course, it is important, but you should also examine a variety of other variables, such as the location, available amenities, and, of course, the type of property. If you’re not happy with the type of home you’re buying, reconsider your selection. Also, consider your family requirements. For bigger families, for example, villas are ideal, while a 1-bedroom apartment will suffice for a couple.
Bear in mind that a mistake made here in this phase cannot be rectified easily. So, it’s important to make an informed decision after thorough deliberation and consideration.
Rushing into Things
Many buyers rush into things once they’ve located a living space that satisfies all of their needs and fits into their budget. This is a mistake you should steer clear of if you want your investment to be safe.
Even if the agent is pushing you to quicken the proceedings, it’s recommended to take your time. They may inform you that there are a slew of other purchasers interested in the home. This could be accurate or false, as their primary motivation is to make a commission. Listening to their advice will push you to make a hasty decision that you may regret later on. So, until you’re very sure of your decision, do not proceed.
Not Verifying Details
This is a common mistake made by newcomers to the real estate market. After visiting and inspecting the property, they sign the contract if everything is in order. This is exactly what con artists want their victims to do.
Purchasing a house without double-checking data can lead to more difficulties than you would imagine. If it’s a con, you’re putting your entire life savings on the line. So, it’s advised to always be sure to purchase a house after conducting thorough research. It is imperative that you follow this suggestion whether you are purchasing a property in Dubai or elsewhere in the world.
Get as many details as possible on the property’s owner and developer. If it’s an off-the-plan project, find out everything you can about it, including the projected completion date, escrow account, and so on. Furthermore, both the developer and the project must be DLD-registered. Ensure that you have double-checked the information on the DLD’s website. If there’s any kind of ambiguity or red signal, don’t overlook it. Never deposit your money in a property until you are absolutely certain of its legitimacy.
Not Setting a Proper Budget
The price you’re willing to pay for the property holds crucial importance. It should be decided during the planning phase after doing thorough market research. This will make it easier for you to search for properties in certain areas and for specific property categories.
If you don’t plan to move right away, you can consider buying an off-plan property. These properties are available at comparatively low rates since they are still under construction. Furthermore, they also come with a convenient payment plan. Stella Maris Tower, for example, is located in Dubai Marina but is available at competitive rates. You’ll only have to pay 5% of the property price at the time of booking. The rest is paid in instalments during different phases of development and post-construction.
We hope that you’re avoiding these mistakes when buying property in Dubai and having a safe experience.