1. Allocate Your Needs
Once you’ve made the choice to become a homeowner in Dubai, you need to decide on the purpose of the property – is it to live in or is it for investment? Do your calculations, inclusive of all hidden fees and charges, to determine your affordability for monthly mortgage repayments. Decide on whether a villa or an apartment is right for you. And whether it be a ready property or one under construction? What location best suits your needs? It’s always a good idea to weigh all the pros and cons before taking the plunge and making the financial commitment. If it is an investment property you are seeking, you can’t go wrong with Dubai with some of the most attractive rental yields in the world on offer.
2. Explore Communities and Properties
Thoroughly research and inspect all communities of interest within Dubai. Attend open houses to get a feel for the homes listed for sale as well as the area overall. Check out the onplan.ae Community Guides to understand the lifestyle on offer in each area. You can also browse through onplan.ae Verified Listings to speak to RERA certified agents to see what is available in the market and assist you with your search. Ultimately, your lifestyle preferences and budget will determine which community is right for you.
3. Get Your Finances in Order
Before you start shortlisting homes, it is important to consider how to finance the purchase. Do you have sufficient liquid assets or personal savings, or will you be applying for a mortgage? Obtaining mortgage pre-approval before making an offer on a property can provide you with peace of mind as well as an accurate picture of your purchasing power. Before simply proceeding with your current bank, you should shop around to assess the best option. Speak to Mortgage Finder to get an objective comparison of the best mortgage offers and interest rates available.
4. Understand all Hidden Costs
Arm yourself with knowledge on all costs associated with your purchase, both upfront and ongoing, to ensure there are no nasty surprises! Buying a home in Dubai requires thinking beyond simply just your down-payment. There are various charges levied by government bodies such as the Dubai Land Department (DLD), real estate agents and mortgage lenders. You also need to consider ongoing annual expenses such as maintenance costs, service charges and life insurance premiums, if taking out a mortgage.