Dubai has become one of the prime locations in the world known for travel and tourism. Continuous development with combined efforts from UAE and foreign constructions companies has excavated the desert, bringing out a sea of skyscrapers, grandeur hotels and shopping malls, entertainment attractions, residential projects and much more. If an early settler look at the city today, his eyes would simply bulge out their sockets in mere disbelief, such is the captivating aura and glamour you’ll find.
Located across the Persian Gulf, Dubai enjoys receiving major trades from all over the world where primary imports are from India, Europe and a few Asian countries. Stabilized economy and flawless governmental plans has raised the well-being of dwellers which is why it’s considered a major spot for luxurious life. All those who wish to live within the city and looking for investment properties, here’re some worthy tips.
Know Property Laws
Start by knowing about property laws and how it affects your investment as a whole. Every country has its own set of rules and policies devised by legislative bodies depending on social, political and other conditions. Although core laws remain same, property prices tend to fluctuate quite often so you better keep yourself updated.
Ascertaining Your Budget
Property investment is perhaps the biggest decision of your life involving a major sum you’ve earned so far by shedding blood, sweat and tears. This requires careful screening of budget and the type of home you’re planning to invest in. Price varies as per number of bedrooms and availability of amenities so you better limit your research keeping personal finance in mind.
Contact Multiple Agents
If you’re sticking to a single estate agent, it’s perhaps the biggest mistake you’ll ever make! There’s a possibility that another agent located right besides the one you’re clinging to, is offering more discounted price of a similar home! Therefore, don’t ever rely on a single mediator, spread your social network and get in touch with manifold real estate brokers in Dubai.
Contact can be established directly by visiting their office only if you’re visiting Dubai. Lest you’re living overseas, there’re many ways to bridge the gap like internet or telephonic conversation.
Fetch the Insight Details
Once settled with a particular real estate company, ask the agent to deliver all the intrinsic details relevant to the property. This includes project completion date if construction is still underway, estimated price, total area per square foot and much more. These details will definitely help you to plan the right investment.
Decide Upon the Payment Terms
How’ll you pay for the property is a real matter of concern! It’s advised not to disburse the sum online until and unless you’re not sure who’s at the other hand. There’ve already been many cases of fraudulent agents who scam money and disappear overnight. It’s better to carry out all monetary transaction face to face only after assuring whether the broker is registered, has reputation while being listed online on several websites.
You can either pay lump sum or opt for monthly installment depending on convenience. All the payment terms must be settled before finalizing the deal and offering any initials. You’ll get to sign the purchase agreement only after full payment is delivered. Ownership will be transferred to your name thus vesting property rights completely in your hands.
Plan a Trip to Dubai
Never ever invest in a property just by looking images over the internet. Always visit in person or if you live across border, better ask someone you’re familiar with who’s living in Dubai to look at the place. This helps to determine whether the home is worthy of investment or is it just the other way around as seen in picture. Keep records of all statistical facts, financial details and depictions for later review. Also plan a one-on-one meeting directly with homeowner in presence of property agent to hold a constructive discussion.
Every buyer must possess outstanding negotiation skills to make most out of the deal. If you just don’t have what it takes to bargain, do take someone with you having proficiency in the field or else you’ll end up looted from all your riches.
The above tips will definitely help you make the right decision when investing in a property. Seek services of a real estate lawyer to avoid any discrepancy. Good luck reading!