It’s not every day you will be out and about hunting properties in Dubai unless you are a seasoned investor in the region. However, for an average buyer, it is certainly a dream come true to be able to buy a residential unit, whether big or small, in an advanced city like Dubai.
The first step, after one has decided to take the plunge, is to arrange funds. However, the actual process starts when the home loan mortgage application gets approved. It is this stage when you start sorting through the listings and finalising the property for yourself. As exciting this phase is, it can also prove to be the most daunting one. Many people end up making mistakes in this stage that end up hurting them for a long, long time.
To ensure nothing of this sort happens to you, take a look at top mistakes you should avoid when buying properties in Dubai:
Not Selecting the Right Type of Property
You can find different types of residential properties in Dubai, including studios, apartments, penthouses, villas and duplexes. Some of these are waterfront properties. As the name suggests, these developments come with the refreshing views of the water. Thus, they tend to be a little costlier.
Having said that, the price shouldn’t be the only deciding factor when it comes to buying property. Of course, it matters a lot, but you should take numerous other factors into consideration, such as the location, nearby facilities, amenities available, and, of course, the type of property. If you aren’t satisfied with the type of property at the time of buying it, rethink your decision. Take into account your family requirements and various other factors when deciding the type.
A mistake at the time of selecting the type of property is going to stick with you for a long time. So, make a wise, well-informed decision.
Not Verifying Details
This is a blunder new entrants in the property market tend to make. They just visit the property, inspect it, and sign the contract if it meets their requirements. This is exactly what scammers want buyers to do.
Buying a property without verifying details can land you in deep trouble, beyond your imagination. If it is a scam, you are risking your whole life’s savings. Therefore, always make sure to buy a property after proper verification. Regardless of the fact you’re buying a property in Dubai or in any other part of the world, it is a piece of must-follow advice.
Gather as much information as you can regarding the owner and developer of the property. If it is an off-plan project, ask the project everything about it, such as its expected completion date, escrow account, etc. Furthermore, the developer and the project both must be registered with DLD. Make sure to verify the same at the DLD’s portal. In case there’s a confusion or any red flag, do not ignore it. Never put your money until and unless you’re 100% sure about the authenticity of the property.
Not Defining the Budget
The price you’re willing to pay for the property plays a major role in the decision-making stage. Therefore, it’s best that you define the budget beforehand. This way, it will become easier for you to look for the property in specific areas, and the particular property types. Speaking of property types, consider getting an off-plan property if you do not intend to move immediately. You can find the best properties located in the most reputable neighbourhoods at relatively inexpensive rates. For example, there is an option of choosing from the luxurious Stella Maris apartments in Dubai Marina. It is the last waterfront property in Dubai that is set to be fully constructed in the 2nd quarter of 2022.
Rushing into Things
Many people make this mistake of rushing into things once they find a living space that fully meets their requirements and falls within their budget bracket. The real estate agent, too, pushes them to complete the proceedings as soon as possible. They tell their clients that there are numerous other buyers willing to buy the said property. This may or may not be true as their ultimate motive is to earn a commission.
The buyer, due to this urgency, often ends up making a wrong decision. So, no matter how lucrative the offer is, never make a hasty decision. When you are rushing into things, you are prone to missing out on certain details that can adversely affect your decision to buy that property. So, ensure that you have visited the property multiple times, checked every nook and cranny, verified each and every detail before signing the contract.
In a nutshell, try and steer clear of these mistakes to ensure the decision remains favourable for you in the long run.