Searching the right property can be one of the most tedious tasks. You need to follow a bunch of proven tricks and tips to go through a worry-free property search in UAE.
Here are the top 5 important tips for worry-free property search:
Collect smart legal advice
At the time of buying a property in Dubai, it is vital to gather solid legal advice. Keep in mind that a good conveyancer or solicitor can alert you to severe issues. The property might cause the sale to fall through various ways. Some of the common ways are:
- Illegal building additions that could be removed by the council
- Complications related to the current title deeds and legal ownership of the property
- Potential issues that have strata management clauses and fees
- State authority rights to the property that is related to zoning
You must make sure that your legal representative reviews the contract of sale and mortgage agreement. This will ensure that your particular interests are safeguarded by legally binding documents.
Go for right property inspections
When you are genuinely interested in the property for sale, you might consider organizing a professional building inspection. This will serve the purpose to check for structural defects, pest infestations, damp, asbestos and issues with the plumbing or wiring. However, before that, you will undertake your own property inspection. You need to take the potential problems of the property into account.
You should search for damp and mold. Try to look out for fresh patches of paint. Check to skirt boards and ceilings. Look for structural issues like sagging ceilings and uneven door or window frames. Consider testing all the taps. See how long it takes for the hot water to come through. Try to check out the hot water heater. The home should be an energy efficient one. Take council rates and strata fees into consideration. Consider taking these steps before zeroing in on a property.
Look into the mortgage market
You must know your borrowing power. Do so before making a bid or offer on a property. Try to talk to different lenders. Review interest rates and investigating potential product add-ons. You must consider your ongoing homeowner costs. It should be able to manage mortgage repayments in the future. You can go for loan pre-approval. This will keep you ahead. You can actually use certain online calculators that can assist you in the estimation of mortgage repayments. You can then compare loans and evaluate your overall purchasing costs.
Come up with a precise valuation
An inaccurate property valuation can actually cost you a lot. You might have to borrow more than you budgeted for! You must go for an accredited valuer at the time of sourcing your own valuation.
Hire a buyer agent
Keep in mind that buying real estate is all about negotiation. In case you’re not comfortable making sale offers, you can consider getting a buyer agent for yourself. Most of the buyer agents are good at evaluating properties for sale and negotiating buying terms. You can also use a reliable friend or relative for the same.
Make sure to use a good property search site. After all, finding the right online tools can be the most crucial step for you. These enable you to take more control over your buying decisions. Apart from searching properties, you need to compare properties and then budget for them.
Thus, go for online tools that are user-friendly. This way you are less likely to miss out on a good property.
You can chat with your local estate agent. Though you might know how to harness the power of online tools, you might still need extra help. This is what a local estate agent provides you with. They can provide you with important local knowledge. You would need certain facts and figures, in order to make the best decisions about where and when to purchase. Only speak to a trusted local agent. Do so right at an early stage. When you are new to the area, you must consult a real estate agent in Dubai.
Try to find out how much other houses have sold for. This is an effective way of giving yourself an accurate price bracket. In Dubai, the housing market is pretty predictable. Keep in mind that similar properties in similar locations will be sold for almost similar prices. Usually, the local sale price of similar properties is the most prominent influence on valuation.
Consider checking out the neighborhood. Do so before making an offer. You might consider walking around the locale. You can chat with the people on the street. This step is very important when you are relatively new to the area. You can take several trips to the area at different times. This is sure to provide you with a good deal of clarity.
Try to check out the developments that are currently worked upon. This will give you a clear idea about the prospects of the area in the upcoming years. Look out for big brands. You can also look out for the kind of businesses opening up in the area. Try to find out at the local authority’s planning department.
Take help and advice from genuine sellers. You can actually end up getting vital information from them if you get to speak to them in person. You can decide on a list of questions that you might consider asking him. You are highly likely to get genuine and honest answers to most of your questions.
Prior to finding a home online in Dubai, you must fix a budget. You should know what you can afford! For this, you will have to assess your finances. Accordingly, you can set a price range of homes to start searching in. It is more than important to choose a price range that fits comfortably into the budget’s limits.
Your shortlisted properties should provide you with some room to negotiate. After all, you are likely to get into a multiple offer situation.