Buying Real Estate in Dubai Hills – Everything You Should Know
Apr 20, 2023
Purchase of Dubai`s real estate is available for personal use and investment. In either case, such a purchase becomes a serious step. In the United Arab Emirates there are many features in which you need to be well versed. Even if the purchase aims to invest money, you need to know the specifics of local life. This will allow you to choose the right object so that the money invested will bring the maximum return. Purchase of 3 bedrooms apartments for sale in Dubai Hills gives the owner resident status, which in turn allows him to conduct international financial activities or live a comfortable life in Dubai.
Real Estate in Dubai Hills
Purchase of housing in Dubai Hills for any purpose requires a foreigner to familiarize oneself with the features of the legal framework of this country, the nuances of the procedure, and other important issues. Moreover, it is important to analyze this sector from different angles to make the most profitable deal that will not have to be regretted. For this reason we are going to introduce 5 recommendations to follow for a successful deal.
5 recommendations for a successful real estate purchase in Dubai Hills
- Identify the goal but evaluate all the possible turn of events.
- Take on a mortgage if necessary.
- Be ready financially for additional expenses.
- Be responsible in preparing the documentation.
- Check the condition of the housing.
There are several great reasons to invest in the Dubai real estate market. Using the advice in this article will help make your experience a smooth real estate purchase and a fantastic long-term investment.
Identify the goal but evaluate all the possible turn of events
You should clearly understand that buying a home for yourself is one thing, but buying real estate as a profitable investment is something else entirely. Apartments in Dubai Hills are suitable for both goals. However, a buyer should take into account the age of the building, footage, floor, layout and many other characteristics. If you do not constantly live in the UAE and come here several times a year to rest, then you will certainly be interested in apartments located as close to the waterfront as possible. Such apartments are in high demand among tourists and expats that creates good rental opportunities.
Obtain on a mortgage if necessary
It is difficult to get a loan in Dubai for a foreigner, but still possible. To get a loan you have to meet the following conditions:
- Present a residency visa.
- Collect the specified package of documents within a specified period.
- Have at least 50% of the required amount to purchase a home.
- Confirm the impeccability of your own credit history.
- Pledge other property, in addition to the purchased property.
Usually the mortgage is given for 15-25 years, and you definitely will not receive it, if the amount of the monthly payment to the bank exceeds 35% of your monthly income. Simply put, the bank will only lend real estate to those in whom it has confidence.
Be ready financially for additional expenses
The common taxes are absent in the country, but some payments do exist. The necessary additional expenses include realtor fees, court costs, etc. Moreover, a buyer should be ready financially to pay the maintenance fees and potential repairs of the purchased property. The real agents can calculate the overall amount of money required for buying of the chosen property at your request. Make sure that you have the necessary sum or consider purchasing another apartment.
Prepare necessary documentation
Extreme attention should be given to preparing documentation from both parties. There are whole lists of documents obligatory to prepare. Seller should prepare a legally competent contract to describe all the details of the purchased object, as well as to secure the buyer the right to dispose of the property at his or her discretion: sell, lease, bequeath, etc. The new owner receives a certificate of ownership only after the full amount is paid. The contract is registered by the local court. Usually it takes 1-2 weeks for the transaction to be complete.
Check the condition of the housing
When choosing a property in Dubai Hills, a buyer has to consider many options that seem comparable to the investment appeal. Experts advise to evaluate first of all not the appearance of the object, but the quality of the chosen materials and overall condition of the construction. Among the most common mistakes we can highlight insufficient attention to detail during the inspection of the apartment, which may well lead to additional costs in the future. After the contract is signed and the keys are handed over, it turns out that there are some unpleasant surprises. Honestly speaking, it is a rare case in Dubai Hills as the developer offers apartments of the premium quality. There are almost no chances that something will go wrong in future.
Real estate agency in Dubai
To make a purchase, it is necessary to contact a suitable real estate agency. It is almost impossible to find a seller and draw up all the papers yourself. The right choice is important, so we offer addressing AX Capital in Dubai.
It is easy to rely on a proven real estate agency with a portfolio of numerous successful transactions. Individual approach to every client and extensive experience conclude an excellent reputation, which is reflected in high demand. The specialists will help to select the optimal housing in Dubai for living and investments as well as help to avoid unexpected issues of a deal.
The bottom line
After spending an unforgettable vacation in Dubai, many foreign citizens dream of returning here again. Clean beaches, warm sea, unbelievable architectural objects make Dubai memorable for a lifetime.
Even if you bought real estate in the Emirates for personal residence or lease, later you will be able to sell it profitably. Therefore, by investing money in housing in Dubai, you are guaranteed to remain in prosperity.