If you’ve planned to buy a house in Dubai, then it’s unquestionably a good decision. Dubai is considered the land of opportunities where most of the people just dream to have a residence. The lifestyle, development, economic growth, and business opportunities – everything goes to your favor when you plan to buy a house in Dubai.
Dubai real estate gives you numerous property options regardless of you being an investor or a personal buyer. But when there are various options available, you need to pay attention to multiple aspects.
Here are some of the best tips you need to look at before buying a house in Dubai:
Your budget and the location
It’s a general misconception that Dubai is an ultra-expensive city to live. No doubt, there are many spots and residential areas in Dubai that are out of a normal person’s reach, but there are affordable places as well.
You certainly don’t want to push yourself into financial struggles after buying a house in Dubai, therefore you need to opt for a location that is within your range.
The most affordable residential areas in Dubai are The International City, Al-Barsha South, Bur Dubai, Deira, Karama, etc
However, if you can afford to have expensive properties in Dubai, then you must look for Dubai Marina, Downtown Dubai, Business Bay, etc.
Freehold or Leasehold area
If you’re a UAE national, then you may ignore this point. A UAE national can buy property anywhere in Dubai without any legal limitations. But if you’re an expat, then you need to see which residential area you’re laying hands on.
An expat can only own a property in the freehold areas of Dubai. Freehold areas are the designated areas for the non-nationals, while in the leasehold areas, an expat cannot transfer ownership under his name but can live on rent.
Out of more than 40 freehold areas, some are;
- Palm Jumeirah
- The Business Bay
- Dubai Marina
- Downtown Dubai
- Jumeirah Village Circle
- The International City
Attend to the legal procedures
Legal procedures require your special attention while buying a house in Dubai.
When you have finalized the property, a Memorandum of Understanding (MoU) is signed between the seller and the buyer. The MoU can be downloaded from the website of Dubai Land Department (DLD)
A 10% deposit is paid by the buyer before the transference of property. This deposit is returned when purchase formalities are complete.
The seller has to obtain a No Objection Certificate NOC before selling the property. After that, both the parties go to the Dubai Land Department’s office for the transfer of ownership under the buyer’s name.
If the payment is done through the mortgage, the buyer must get the bank’s approval before finalizing the deal.
Survey and the final check
Remember, a final check is mandatory before selling or buying property in Dubai. Have a comprehensive survey of the house to ensure the condition of the house. Check the ceiling, floor, windows, and all the nitty-gritty things. Make sure all the connections are activated before you move in.
Read and understand the contract carefully before you sign it. See whether all the mutually decided terms have been included or not. Once signed, a contract cannot be reversed. Therefore, this stage needs special attention
It is always advised to hire a property agent before initiating any Dubai real estate transaction. There are numerous benefits of hiring a real estate agent, here are the top reasons for hiring property agents in Dubai.
Whether you require an apartment, a townhouse or a villa, you get multiple options in every category. You just need to talk to the trusted real estate dealer – Ezestate to get the property of your choice in Dubai.