ExecutiveChronicles.com | 6 Tips for Buying Property in Dubai When You’re Overseas | With numerous properties to choose from and attractive rates, the best time to invest in real estate in Dubai is now.
With its numerous malls, beaches, high-end shops and restaurants, and other world-famous tourist destinations, your property can become a reliable income generator that attracts short- or long-term tenants.
The tax benefits you can experience in Dubai as a foreign investor and property owner are highly remarkable as well.
Unfortunately, going to Dubai may be difficult right now due to some travel restrictions. This will hinder you from viewing properties personally and cause you to lose out on some great deals.
However, your inability to visit the city should not stop you from buying a property here, especially if you are ready to invest in one.
Even if you are overseas, you can go through the process of purchasing a house, villa, or ready apartment for sale in Dubai with a payment plan efficiently and successfully with these helpful tips:
Determine your reason for buying a property in Dubai.
The first thing you have to do when planning to purchase a piece of property in Dubai is to figure out what you want to do or achieve from it.
Your reason for buying a property overseas will affect various aspects of the investment which includes its location, your budget, and the type of insurance you have to get.
For instance, if you want to invest in a property to turn into a rental, you need to make financial decisions based on estimated returns.
However, if you are looking for a second home in Dubai, you have to place more consideration on its location, the amenities, and other elements that will make it the perfect place for you and your family.
If you want to earn income from your future property whenever you are not in Dubai, you have to consider more factors in your purchasing decision.
Read about the different types of properties to choose from.
Residential properties in the United Arab Emirates are divided into three primary types based on structure. These are houses, villas, and apartments.
These residential types are further divided into freehold, commonhold, and usufruct.
Freehold and commonhold are the two most preferred types of properties of foreign investors in Dubai. Freehold properties are residences you can buy, sell, and pass on to your heirs.
Keep in mind, though, that not all properties in the UAE are freehold. They have to be built by a government-approved developer.
Commonhold properties, on the other hand, usually refer to apartments that are similar to condominiums, which means you can also buy, sell, let, and pass them on as inheritance. However, there are additional fees you have to pay regularly, such as maintenance and use of the common areas.
Knowing your purpose and budget for buying a home in Dubai and having a good idea of the different types of residential properties can help you narrow down your options wisely.
Choose a good location.
Whether you want to turn the property into a rental or not, choosing the right location is crucial when investing in real estate.
It is always best to find a property that is near essential places such as malls, supermarkets, transportation hubs, parks, and popular tourist attractions. You and your tenants or guests will find the quick access to these places handy, time- and money-saving, and highly convenient.
If you will live in the property temporarily or permanently, consider its proximity to other places you will frequent as well. These include your workplace, healthcare and dental centres, and gyms.
At present, the most popular neighbourhoods in Dubai include the Dubai Marina, Business Bay, Jumeirah, and Dubailand. You can also go online or ask trusted realtors to find out the latest top areas in the city.
Check the amenities.
Buying a property that already has the important amenities can give you and your tenants or guests a higher level of comfort and convenience, too.
Whether you are interested in purchasing a house, villa or apartment, make sure the property has a working cooling and heating system. Its plumbing system should also be fully functional and have plenty of storage space.
It would also work to your advantage if the home is already outfitted with the basic kitchen equipment and comes with a designated parking area.
Additionally, find out what facilities are available for use in the community or apartment complex. These can include a swimming pool, fitness and spa centre, laundry service, café, restaurant, garden, mini-park, and children’s playground.
All these amenities can make staying in your property in Dubai more enjoyable and worry-free.
Read about the developer.
The quality of your future property in Dubai depends greatly on its developer. As such, go online and find out which ones in the UAE are the most reputable ones.
Get details about the scale of projects they have completed and the quality of maintenance of the community or apartment building and complex. Find out if there have been any historic delays in delivering projects. Read about the reviews of residents currently living in their completed projects, too.
This additional research will help you determine how complete some of the communities are in terms of the basic amenities and the extra ones that allow you to have a better lifestyle.
Doing this step is important since you won’t be able to visit the property and possibly talk to residents before buying it since you are not in the UAE.
Work with a reputable real estate agency.
Finally, since you are overseas, you will need help with completing the whole purchasing process. A real estate agent can help you from start to end of the buying process.
Make sure that you choose a trustworthy real estate agent that is authorised to sell the property. While visiting the developer’s website, find out which realtors they are affiliated with.
It is important that you choose a reputable real estate agency since you will work with them throughout the whole purchasing process. Moreover, you can rely on their advice to ensure you invest in the best home that meets your needs and expectations, especially if you want to invest in a luxury real estate property in Dubai.
Make a successful investment in Dubai’s booming real estate market even if you are in another country. Start off your informed search with the help of this mortgage calculator that you can use anywhere you are: https://www.damacproperties.com/en/mortgage-calculator/.