Even though the COVID-19 has slowed down the business activities, the real estate sector in Dubai still has plenty of opportunities in store for those who are seeking. As the rates of villas for rent in Dubai are fluctuating and the developers are showing enhanced flexibility, you may find the living space you have been desiring to own at favorable rates and terms. However, rushing into things when buying property is strictly prohibited as it can lead you to fall into traps that make things extremely difficult for you.
Here are some easy & effective ways you can avoid traps and buy a property in Dubai:
Choose Your Broker Wisely
We all have come across stories of how some real estate agents/brokers have jeopardised the whole experience of buying a home in the UAE. You certainly don’t want to become a part of such a story. Thus, choose your broker wisely. Make sure they are licensed and have earned a reputation for being reliable. Don’t just explore the listings available on their website. Visit them physically. Be candid with them. Explain to them in detail the type of property you desire to buy. If you are looking for a specific property that you like, don’t hesitate in sharing its detail with them. The more you are open with them about your requirements, the better experience you will have.
Find Out the Owner of the Property
Whether you are buying a property in Dubai for residing purposes or investment, it’s important to know who owns the said property. Knowing about the owner and some details about them can help you to avoid falling into a trap.
Read the title deed of the property carefully if you are buying the property in Dubai. In case you are interested in buying in Abu Dhabi, the Sale & Purchase Agreement has the property owner’s name written on it. Don’t sign the deposit cheque until you don’t have enough information about the owner of the property.
Check if Tenancy Contract if the Property has Tenant
In case the property you are buying is already rented, make sure you have thoroughly read the tenancy contract. You can’t force the tenants to vacate the property if their contract isn’t legally over. In Dubai, it’s the responsibility of the owner to give a 12-month notice period to the tenant in the written form. Therefore, it’s necessary to be aware of the validity of the tenancy contract. Even if the existing owner tells you that they have already given tenants the notice, ask them for document proof to avoid landing in any sort of trouble in the later stages.
Know What’s Included
It is certainly a possibility that things that compelled you to buy a property are absent when you actually buy it. This has happened to a lot of people in the UAE. For example, things like cupboards, manicured gardens, etc. that enhanced the value of property were nowhere to be found when the new owner shifted in it. To ensure this does not happen to you, know beforehand what’s included with your purchase. Talk to the agent and/or seller in this regard. It will be an even better idea to have them listed in the pre-sale agreement.
Don’t Forget to Account for Miscellaneous Fees
When it comes to buying a property, some people only consider the actual price of the property. They tend to skip other unavoidable charges that they have to bear. These include bank charges, agent fees, services charges, etc. Ask each party individually the exact amount you will have to pay to manage your funds effectively. Furthermore, you will have to get new DEWA connections at the property for which you will be required to pay charges. Make sure you are adding them to the total as well.
All in all, buying any type of property anywhere in the UAE, including Dubai, is certainly not easy. A lot goes behind selecting the best property and negotiating the rates. Each step must be taken carefully and diligently to make the process convenient and free of traps. You can even cut yourself some slack by using a property portal Dubai can give you a variety of.