Things to Know Before Buying Property in Dubai
Are you thinking of making the switch from a renter to a homeowner? If yes, then this blog will surely help you out to make the process as gratifying and painless as possible. We’ve outlined the most crucial aspects to think about so you can get started.
How long have you lived in Dubai and how long do you intend to stay? When calculating your prospective return on investment, the answers to these questions are crucial. Renting may be a better option if you are unclear of your long-term intentions or commitment to the area.
A global standard for determining affordability is that housing costs should not exceed 30% of your monthly income. Budgeting for upfront costs, which are anticipated to be around 7-8 percent of the purchase price, is also critical. You will be responsible for continuing maintenance expenses as well as annual service fees as a property owner.
3. Maintenance costs
You must pay the Dubai Land Department annual maintenance charges based on the RERA Service Charge and Maintenance Index. This index varies by community and provides a specific rate per square foot. On the Luxury Akar website, you can find the most up-to-date fees.
Is the property large enough to satisfy your demands, taking into accounting the size of your family? Do you have any immediate intentions to extend your family? Are you looking for a large backyard to play in with your kids?
Not every square footage is created equal, which is why it’s critical to carefully examine floor plans and layout. Do you want to live in an open-plan environment? Do you prefer larger bedrooms or more spacious living areas?
Have you examined the property’s age? Was the property built by a reputable developer if you bought off-plan? Do you need to renovate the property if you buy it on the secondary market?
So there you have it – six basic legal stages to buying property in Dubai. Obviously, the process differs depending on whether you are buying a commercial property or an off-plan property. In any case, real estate and housing investing is a significant financial commitment, and it is prudent to examine the benefits and drawbacks of purchasing property in Dubai before making a decision.
Are you looking for a property in Dubai that is currently available? Take a look at these Dubai apartments for sale at Luxury Akar in your budget range only.