When it comes to purchasing a property in Dubai then it is actually a simpler process as compared to the other countries around the world. Here the purchasing process is quite straightforward in a lot of cases.
If one wants to buy home in Dubai then these are the few essential points to keep in mind.
Understand the purchasing process in Dubai
When in Dubai one can buy a property either off-plan or from a developer or from a private seller who is putting up a property for resale. If one is buying a property off-plan then the ex-pats have to submit their passports and a reservation form which will have all the terms and conditions of the term. If one is going for a resale property then there has to be an MOU or a memorandum of understanding which will outline the terms and conditions of the related deal.
Consider why one wants to purchase property
One has to decide that whether they want to purchase the property to use on their own or they want it for the investment purpose. If the primary concern to buy the property is for investment then the expats will be ready to take the property on rent. So, in case of an investment if one goes for a one or two-bedroom apartment then it will be a much-sorted decision.
The importance of due diligence
No matter what property one is buying, they must ask a lot of questions to the developers or the real estate agent who is attached to this. If one is buying a property from a developer then they need to research about the developer’s reputation in the real estate market. If one is buying it from a real estate agent then one must check whether they are registered with the Dubai land department.
Have the property surveyed
When one is purchasing a property that already exists then one has to hire someone who we registered with the professional surveying company. They can assess the condition of the property and then go for a thorough check of the land and the premises so that they can alert the potential buyers if there is something important to bring in to their notice. This can save the buyer from unnecessary high expenditure on the property later on.
Seek specialist advice
This thing is highly recommended when it comes to potential buyers. One can always seek legal and professional advice so that it can be easier for them to go through the purchasing process.
If one is intending to buy a property with a mortgage then it is very much needed to request an opt-out clause that has to be included in the MOU or the sale agreement. Apart from that one also has to check the liability of the property that they are buying.
These are essential things to follow and if these are checked thoroughly then the deal of buying a property in Dubai will be hassle-free.