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buying a property in dubai
CategoriesReal Estate

For anyone who is an expat or a native, buying a property for the first time in Dubai is always a big step emotionally and financially. Dubai’s property market is one of the most dynamic markets in the world with lots of choices at different price ranges.

So, for a first-time buyer, it is always going to be a difficult task to choose the right property. Here in this article, we outline 7 important tips that will help a property buyer in choosing the right property.

What is the timeframe of your investment?

Any property will take its time to appreciate, so, it’s always better to understand the timeframe you are looking for your investment. For example, you may be an expat who is working in Dubai. And in this scenario, you should have a fair idea of how long you are planning to stay in Dubai. This is very important because buying a property is a long term commitment and the return on investment will take time to materialize.

What is your price range?

Before you begin your property search, you should decide on the price range of properties you can afford based on your annual income. A general rule of thumb is your monthly EMI’s (including car loan, and home loan) should not be more than 40 to 50% of your monthly take home income.

Moreover, apart from the cost of the property, you should also account the upfront costs like registration fees, commissions and other related costs when you are finalizing the price range for the property you can afford.

Factor in the maintenance cost

Apart from paying the down payment and the monthly home mortgage, you should also factor in the maintenance cost you need to spend on the property. Most properties charge an annual maintenance cost, and this cost includes whole property cleaning, security, and other common charges.

Most of the communities use property management companies in Dubai to maintain the properties, and you might need to pay your annual maintenance charges to those companies.

Decide on the kind of property you need?

When it comes to buying a property, there are two kinds of properties, the ready to move properties and off-plan properties. If you are looking to move to the property immediately or if you are looking to rent out the property immediately, then you can choose ready to move property.

But if you are looking to invest in Dubai for a long term, then you can choose an off-plan property. Off-plan properties are projects that are being developed and will take time to complete.

Decide on the location

When you are planning to buy a property in Dubai, you should analyze and decide the location based on your requirement. Each location in Dubai offer specific advantages. If you are an expat and looking to buy a property in Dubai, then a location like international city is highly recommended. Because, this is the neighbourhood where most expats live.

So, before finalizing the location, you should analyze the advantages each location offers, and choose the one that fits your requirement.

Get help from experts

As we have already mentioned, Dubai is a dynamic market with several choices. So, you can also approach one of the best real estate agencies in Dubai, and ask them to assist you to find the right property based on your need. A professional real estate agency know more details like current trending locations, projects and they can help you in a better way.

Infact, you can ask your friends and colleagues to give you references on which agencies you should approach.

Read the buying or selling contract before signing

Buying a property always comes with complex buying and selling contracts. So, before signing the agreement, we suggest you to read the agreement carefully. And if you need any assistance, you can get opinion from real estate lawyers. This will ensure that you fully understand the buying agreement before signing the contract.

In conclusion, buying a property in Dubai for the first time needs careful planning and research. And the need for buying the property should also be very clear. You might be looking for a property to live, or invest or to get a Dubai golden visa. So you should search for the properties based on your need.

Following the above 7 tips can serve as a valuable guide to search the right property in your investment journey.

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