From time to time I am asked for advice on buying property. Where to start and what to do are among the questions frequently asked. This simple guidance should help those who need it to get started;
First and foremost, always use a reputable real estate agency. If you are new to Dubai and not sure who to choose, ask friends and family for recommendations.
Before buying property it's always useful to do some research; look at pricing trends, compare different areas and property values within them, and if it's an investment, study potential rental returns. The internet can provide you with market information.
Determine why you are buying; for a home or investment? It's useful to decide this early as it can impact what and where you buy.
When buying a home, consider your lifestyle and what's important to you. If you have a family, finding a residential community located close to good schools may be important.
However, if you're buying to lease then you might want a central location with good local amenities. Your real estate consultant can advise you in terms of the best location to suit your needs and budget.
This leads me to finances. Before you begin to look at properties, decide on a budget. This will save time and avoid disappointment if you later realise your dream villa is beyond your reach.
If you are part-financing the property, consider your options at an early stage. Speak to a financial advisor for the latest information on who will lend and more importantly, how much they will lend you. A pre-approved mortgage is ensures you are definitely in a position to buy a property when you find one. The down payment also matters, with most properties in Dubai requiring a minimum deposit of around 10 per cent.
Keep in mind the fees and charges you will incur. These include agency fees, transfer fees, mortgage application fees, registration fees and maintenance fees, and they all add up.
The next stage is to talk through your requirements with a consultant who will then find properties that best match them. Whatever you buy, I always recommend viewing before signing on the dotted line so you can see exactly what you get for your money. If buying off-plan, make sure your consultant gets all the information from the developer and consider it carefully.
On deciding to go ahead, carefully read the contracts and fully understand the content before you sign. Ask your consultant which documents you will need so you can prepare them.
All that is left is to confirm the date you will be able to move in. Where possible, get a firm date but with off plan properties, developments can be subject to delay so don't make plans to move until you have a solid date.
Finally, celebrate. Owning a new property is a great achievement so once you are in your new home, make the most of it!
The writer is managing director of Better Homes.
