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5 Top Tips for People Who Want to Buy Their First Home in Dubai
Plan to buy a villa or an apartment in Dubai? We asked the experts for the most important things we should know. If you want to buy in Dubai, the process can be scary. Especially if you are new to the market and have to think about a lot of different things. So, we asked some experts in the field for their best tips.
Watch out for fake listings and take a look at the homes before you go. “People looking for a home should watch out for fake listings. So, make sure the ones they are looking at are real and available,” says Scott Bond, Country Manager, UAE at Property Finder. “Thanks to technological advances, you can now set up a viewing before you visit. This should be the first thing you do before going to see your possible future home. Whether it’s a 360-degree tour, a video tour, or an interactive floor plan, you can get a full view of the place, area, and property floor. Thus, plan to decide if it’s worth your time to go see it.”
The Perfect Place
“Dubai is a city that is growing quickly. The city is spreading out in a way that has never been seen before,” says Peter Smithson, Sales Director at Bellview Real Estate. “All you have to do is look at the property values in other cities to see that location is the most important factor in capital appreciation. An old saying about real estate says, “It’s better to buy the worst house in the best neighbourhood than the best house in the worst neighbourhood.”
Learn About the Costs
“Before you look at homes, find out how much the purchase will really cost. It includes fees and the amount of the down payment,” says Arran Summerhill, co-founder of the digital mortgage platform Holo. “The way things work in the UAE may be different from how things work in your own country. So, it’s important to know the whole process, how long it will take, and what will be needed and when. Then, make sure to get pre-approval before going out to look at houses. You don’t want to fall in love with a house that could be your first. Only to find out you can’t afford it. Also, the market is moving so quickly that you should be ready to make an offer as soon as you find your dream home. If you have permission to do this, you can.”
Cost with Quality of Life
James Perry, Managing Director of haus & haus, says that price is the most important thing. It is for people who are new to the Dubai real estate market. “Do your homework and figure out where you can afford to buy. Once that is clear, you should look at the places that fit within your budget. Check how long it will take you to get to your job or your kids’ school, if you have any. If money isn’t an issue, these two things become what the person wants in terms of the type of property. In the same way, he neighbourhood, or the way they want to live,” says Perry. “For example, if a buyer likes to go kayaking in the morning, they might look to buy a home on the Palm Jumeirah to support that activity.”
Know What’s Most Important
“Make a list of your needs and wants right away,” says Standpoint Real Estate Sales Consultant James Paul. “That way, you’ll know which things you can’t give up on and which ones you’re willing to give up on. Once you have a general idea of the areas that fit your needs, a real estate agent can take over your search and help you find your dream home.