Buying a property in Dubai for the first time?
Buying a Property in Dubai For the First Time?
Buying a property in Dubai can be daunting especially if you are a first time investor. There are several factors that you need to consider before you make the final decision – Buying a Property in Dubai For the First Time .
What are the steps you need to take to ensure that you’re putting your money in the right place? Whom to trust on the property market in Dubai?
Looking through the whole buying process can be discouraging, so I have here some simple tips that you can follow when you’re ready to invest in the UAE:
Meeting a Property Expert in Dubai
To find the property that fits your specifications, you need to seek the help of a credible property expert. These professionals will discuss the various opportunities available for you and they will often document your personal circumstance as well as the investment you’re willing to take.
In Dubai, it’s advisable to get a property expert with an ABR (Accredited Buyer’s Representative) designation because they are qualified to represent you – the buyer. Once you hired an ABR, the first thing they will discuss with you is the type of services they provide.
During the consultation, they will also determine the budget as well as the investment that will yield the highest, capital growth and other specifications that you require. You will go through an intensive dialogue with an ABR. For this purpose, a surveyor, snagger or asset protection may even be needed.
Searching the Real Estate Market
If all your specifications have been agreed on, it’s time for the ABR to search the market and identify the properties based on your preferences. They will also interview a sales agent and know if he/she is regulated or that agent is working for another agency.
Once that is settled, they will conduct a valuation using “Comparative Market Analysis” to ensure that the property is in fair market value and to avoid over paying.
Always remember, you have the last word and not the property agent. They will, however, present to you the many properties available on the market and these will include descriptions and valuations. You need to talk to them before these properties are shortlisted and arrange for viewing. This is also the best time to make the final decision since you will see the property yourself, so you will know exact what you’ll get.
Choosing a Property and Working with a Mortgage Agent in Dubai
Now, it’s time to buy the property but do you need a mortgage? When a mortgage is required, then your property agent will find the best rates for you. Actually, there are 400 available products in Dubai and your agent will do all the research and leg work for you. This will save you a lot of time and you will literally avoid spending your money on the wrong mortgage product.
Buying the Property
When everything worked out according to the process I enumerated above, then you will eventually be a proud property owner in the most progressive emirate in the U.A.E. As you can see, hiring an A.B.R can be beneficial since they can simplify the whole process for you.