What comes to your mind when you think of building your home somewhere which is the world’s largest real estate market, city of wonders, has great beaches to have the best time out in the sun while enjoying waves, towering skyscrapers, and its vibrant culture, we are talking about Dubai. All these amazing offerings and great property options always gives us a thought that Dubai is an ideal choice for a wealthy lifestyle, and who doesn’t want a great lifestyle for their loved ones? So, after all these varieties of luxuries and amenities in the Dubai real estate market, there are still some things to consider when buying a property in Dubai.
Important Considerations for Dubai Property
While having so many amazing options can be overwhelming and confusing to decide the best ones, here are important factors to consider before investing to find the perfect property to call home.
The first and the most important factor to keep in mind before getting into a property investment is determining the location, because location can make a big difference and up or down the market value in a blink of an eye. Everyone desires the best community for themselves to have the most beautiful time in a home while building a home. If you are thinking about the future of your kids, you will most likely go for the locations that are pretty close to their future high school or universities. While for the professional people what will be the most appealing is living in a location which is close to the city center. So, what It means is to ask just one question: “what is your aim in buying a home in Dubai?” and ta-da. You will immediately get the answer through whatever comes to your mind after hearing the question.
When buying a piece of land, you will not only need the buying cost money but also extra cash that will help you with the additional fees and charges during, before, and after the buying process. When it comes to purchasing a property there are additional things that require extra cash such as paying the agency fees and the mortgage fees as well and there are also 8% cost of the property as closing charges. Besides all this, think about the cost of furnishings, maintenance charges, utility connections and many other things that are the necessary part in the buying and maintaining property.
Off-plan properties are proved to be a great investment as they are under development and not completely finished yet, so the thing is they are sold at a lot lower prices than the completed ones and have a 90% chance of profit after they are completed and ready to sell out. The key factor to consider while buying off-plan is researching the track record of the developer so you have an idea that your project will be delivered on time.
Before any investment it’s important to do careful research on the market trends in Dubai because global economic trends and local factors play a huge part when it comes to the value of the market. And by research I mean you have to dig deep the details on property values, market trends, rental yields. Other things to consider to understand the stability of the region you are choosing so you know the impact of the real estate market, tourism, and oil prices on the region. Always look out for extra information and opinions so you know you are investing in something that you not only can call home but when you need to move and feel the need to sell it out you have valuable insights that you will get a potential return on your investment.
Freehold Or Leasehold Property
When it comes to purchasing real estate, one major decision that needs to be made is whether to choose a freehold or leasehold property. With a freehold property, the buyer has complete ownership of both the land and the property on it, giving them the freedom to make changes and sell the property at any time. On the other hand, with a leasehold property, the buyer only has ownership of the property for a limited amount of time, as the land is owned by someone else. This means that any major changes to the property may require permission from the landowner, and the buyer may have to follow certain rules or regulations. Ultimately, the decision between freehold and leasehold will depend on the buyer’s individual needs and preferences.
Let me break it to you that purchasing a property in Dubai can be a rewarding and great investment if you consider the major factors and choose the property carefully, you will never regret living in the city of wonders. When choosing or buying a home far from your home, you need all the things you have been blessed with in the place you left behind so keep in mind the key factors and you will get the perfect property that meets your desires, aims, budget, family and future goals.