Are you looking to buy a property in Dubai? If yes, you should acquaint yourself with some aspects that will help you streamline your property buying process.
Nevertheless, Dubai has become a property hotspot, appealing to people worldwide to own a property in the majestic city. What is more, the property market in the city is matured with the availability of many affordable Dubai properties for sale.
With one of the world’s biggest real estate markets, Dubai exceptional benefits, values, and features for property buyers, entailing immense satisfaction for the investors.
As already mentioned that there are some factors to consider before you finalize a property to purchase. Here are those:
Any property purchase decision hinges on the location. And the same applies to Dubai too. When you search for properties in the city, pay attention to the location, as it has a lot to do with your needs. If you have school-going children, then choose a location that is nearby to schools. Likewise, if you are single, look for locations near entertainment zones, like cinema halls, clubs, etc.
The thumb rule is that ask yourself the purpose of your property purchase. The answer will give you sufficient hints to choose the location wisely.
You can also categorize locations into three segments, such as:
If you are looking for cheap properties, then new residential areas in Dubai South can be an ideal choice for you. Dubai South has cheap properties, but the properties’ value will grow significantly in the future due to the increasing population in Dubai. The properties will have good resale value.
If you want to purchase a property for renting, then the developed areas, like Jumeirah Lake Towers, Dubai Marina, Palm Jumeirah, and Jumeirah Beach Residence, are perfect for you. Rents in such developed areas are quite high to give you a good return on investment.
There are many areas in the city where properties are affordable, such as Discovery Gardens, Dubai International City, Jumeirah Village Circle, Jumeirah Village Triangle, and Media Production City.
Once you have chosen the location, check out the track record of the master developer, as that will give you a fair idea of the neighborhood. Although there are many master developers in Dubai, it is advisable to choose a reputed master developer, which is also a crucial factor in determining the city’s property value. If you see a well-maintained community, you can regard the master developer to be reputed and well-known. Properties of reputed master developers appeal to people so, if you purchase a property for even for renting, it will be easy for you to get tenants.
Subsequently, you have to choose a project developer, which is a company that builds the property. It will help if you know about the difference between a real estate company and a project developer. While the former is responsible for constructing and maintaining the community, the latter is responsible for constructing and maintaining the building.
Once the developer finishes constructing a building, he engages a maintenance company for the first years. In the succeeding years, the owners’ association makes the selection of a maintenance company.
You should choose a trusted real estate agent to give you detailed information about the available developers and their reputation in the market. It will help you to choose the right developer.
Sometimes, someone buys a property in a good neighborhood and from a reputed company, but the architectural marvel is not good due to the maintenance company’s poor maintenance. If such things happen, the owner association has the right to terminate the contract with the maintenance company and hire a new one.
Before you finalize a property to buy, cross-check the reputation of the maintenance company. The realtor can be the best source of information. If you want to purchase a ready-to-move-in property in Dubai, you can visit the building to check the maintenance standard.
Timeline of the Building
As Dubai is a new city, most city buildings are new, and many are under construction. The oldest buildings in the city are not more than 15 years old. You will see many projects under development.
Due to the tremendous interest of people from all over the world to buy properties in the city, the off-plan properties are in great demand. These properties are affordable and also come with flexible payment plans.
You cannot look for an off-plan property if you want to buy a ready-to-move-in property. In that case, know the age of the building.
Check the warranty of the property you wish to buy in Dubai. The developer is responsible for correcting any malfunctions of the property up to one year of its completion. And the real estate company is responsible for rectifying any damages to the property up to 10 years from the date of completion.
There will be many benefits of owning a property in Dubai. But, you should ensure that you purchase the right property, considering the factors outlined in this article.