Dubai is a premier real estate market which has a wide range of luxurious apartments, villas, penthouses and townhouses for sale. This is a platform for hundreds of investors all over the globe. Many people have been wanting to invest in the city due to its transparency in the regulations. Foreigners buy apartments in Dubai and earn huge returns on investment. Some of the important tips before buying affordable apartments in Dubai are as follows:
#1 - Identify the Objective of Buying an Apartment
The first and the most important step is to know the exact reason to buy an apartment in Dubai. Determine the type of property you want to invest in. Based on your need or the type of investment plan. Decide if you want to choose a ready-to-move-in property or opt for an off-plan project.
**#2 – Research the Market Status **
Do thorough research on the market based on the investment plan. Have multiple options and assess each apartment for sale in Dubai. Forecast the future depending on the development of the community and its future demands.
**#3 – Financial Planning **
Plan on the budget to buy apartments in Dubai beforehand and contact the agency to get the exact figure. After buying a property there are additional costs, insurance and refundable deposits that need to be paid except for the furniture and move-in cost. A certain amount of commission and registration fees needs to be made while purchasing the property.
#4 – Legal Procedures
Know the end-to-end process of buying an apartment in Dubai and clarify it with the broker. It is important to know the process of making an offer, learn the negotiation process, get the paperwork done, clearly state the NOC and book the transfer certificate and understand the handover.
**#5 – Signing Up With a Real Estate Agency **
Always work with a real estate broker who is RERA certified. These brokers will help you in finding the right house and also provide clear and legal information as they are specialized in that particular market. Always ask for a broker registration number (BRN) to verify the agent and avoid booking freelancers.
**#6 – Setting The Desired Locality **
Decide on where you want to buy a property and visit and inspect it personally. Always buy properties in well-established locations. Know the purpose of that property if it is for renting and earning returns or for yourself. Buying listed property will help in getting better returns and also ease life during the selling process.
**#7 – Purchasing Rules in Dubai **
When it comes to purchasing a property in Dubai one must be sure about the types of property to invest in. There are 2 ways of buying a property in Dubai that is either from a private seller by signing an MOU and paying a 10% deposit or reserving an off-plan project.
#8 – Payment Plan in Detail
In case you are planning to buy an off-plan project get clear details about the payment plan from the broker. This will help you in planning the payment and not meet any uncertainties. Learn about the percentage of payment to be made before handover and during the construction. Also, understand the charges in case you miss the payment.
**#9 – Benefits from the Developer **
Sometimes the Developers in UAE offer benefits to the tenant or the buyer. There are changes you can get a residential visa benefit for a few years, avail a business license or even get a certain percentage off. It is always advisable to ask for benefits from developers beforehand rather than being surprised.
#10 – Wrapping Up or Closure
Before even buying a property, it is important to also learn how to close or wrap up this property. Understand the current market and look at the different things happening in the real estate market. Always go for well-established communities because this will help you in reselling the property.