The first step towards buying property in Dubai is diligent financial planning. Whether you're making a minimal purchase or the largest investment of your life, every real estate purchase begins with careful and thorough finances. Don't fall into the trap of searching for properties only to fall in love with one that doesn't end up matching your budget. You'll want to speak with a mortgage advisor to determine what kind of loans for which you can get approved. At Arabian Estates, we have a committed team of mortgage specialists that can help you determine what finances are needed to buy the property you want in Dubai.
It's easy to get caught up in the sheer number of properties available in the booming Dubai real estate market. Creating a shopping list of features you're looking for in a property is a great way to narrow down the search so you can find exactly what you need more quickly. Start by identifying what kind of property you searching for such as a home, apartment, condo, villa, or commercial property. Next, list out the key features of the property including the number of bedrooms and bathrooms, age, design, amenities, and distance from schools, supermarkets, hospitals, work, and other important places. You'll quickly see how much easier it is to sift through the various property options when you have a prepared list of features to filter results by.
Buying property in Dubai is a multi-stage process that you should familiarize yourself with before getting the ball rolling. You don't want to find yourself in the middle of the buying process only to realize you have no idea what to do next. Speaking with an experienced broker is the best way to get up-to-date, actionable, and reliable advice. You should understand how offers are made, how the paperwork is completed, how negotiations are done, how the handover process is handled, and more. Knowing the process in-depth will give you an advantage when you finally find the property in Dubai you want to pounce on quickly.
Seeing a property online is one thing, but seeing the same property, in reality, is completely different. There are two main stages to inspecting a property. The first is done by you and your broker or real estate agent. This is where you judge whether or not the property lives up to your expectations. If you deem the property up to your standards, you should still note down any issues you see such as damage, malfunctioning electronics, and other issues. The second phase of the inspection is conducted by a professional that will look more in-depth for problems such as mold, leaks, drafts, infestations, and structural issues. Don't cut any corners during the inspection or you'll end up paying for the issues you didn't find later down the road.
Congrats! You've found the perfect property. Now, it's time to try and seal the deal with an offer. You'll make a legitimate offer through your broker who will communicate with the seller. Don't be surprised if the seller comes back with a counteroffer. It's common for there to be a decent amount of negotiating as sellers try to get the highest price and buyers try to get the best deal. Take your time and make sure to not overpay what you think the property is worth. There's no problem with walking away to find another property. Dubai has plenty!
Once an offer is accepted, you begin the formal paperwork. One of the most important documents you'll need when purchasing real estate in Dubai is the Memorandum of Understanding, more commonly known as the MOU. This document outlines the agreement between you and the seller including the terms of the deal and the responsibilities of both parties. It's not the most exciting part of the process, but it's crucially important. Make sure you're working with an expert when drafting and perfecting the document so you know you're getting a reasonable deal.
