Property investments in Dubai are truly rewarding. However, the fact that they come with their fair share of risk cannot be denied either.
Although the risk of getting scammed is low, you can still suffer a huge loss if you aren’t diligent enough when investing in the Dubai property market. Since it is your hard-earned money, you need to be very careful when looking for a property investment opportunity in Dubai. To make things easy for you, experts at Zoom Property have compiled a checklist that can be followed to make a safe property investment. Read on to know more:
It may sound cliché, but research holds paramount importance when investing in the property market. Since there are abundant options available in an array of communities and neighbourhoods, it’s important that you spend some time doing extensive research before making a final call. Know about the different types of properties available in the market and their potentials with respect to ROI.
Take the location factor into consideration as it is one of the major aspects that impact the profitability of a residential project/property. Other than that, if it is your first property investment in Dubai, it’s advised that you know about the complete, step by step procedure for it. You must also research the types of home mortgage loans in Dubai in case you intend to get the property financed.
Most people believe that once they have found a property that meets their needs and falls within their budget range, the rest of the process is easy. However, it can become really complicated if you aren’t prepared with your paperwork.
Making a property investment, particularly if you have opted for a home mortgage loan, requires extensive paperwork. Also, you need to have certain documents in your possession that you need to present to the authorities and the developer at the time of signing the contract. This is why it is important to not only know about the documents required but be prepared with them beforehand. This will help to avoid last-minute hassles and unnecessary delays.
Among the many things to consider when making a property investment in Dubai, deciding the right time holds crucial importance. Other than that, you should also know how long you should wait before buying a property. Rushing into the buying process is foolhardy, and so is waiting for so long enough for the property investment opportunity to be availed by someone else. Therefore, you need to find the right balance between making a quick move and waiting too long.
Needless to say, the property market in Dubai is vast. It is teeming with opportunities for investors and end-users because of the launch of various residential projects in a host of communities. As an investor, it’s very unlikely that you have access to every bit of information about every community. This is where an expert real estate agent can come into the picture. If you are engaging a reputable and experienced agent, they can help you know about the potential of different projects nestled in various neighbourhoods. Furthermore, they can also give you an idea about the estimated ROI.
Another great advantage of hiring a real estate agent is that they can guide you through the entire property buying process. From researching properties, gathering the required documentation and negotiations to registering the contract with governmental offices, they can assist in every step.
An important thing to note here is that you can get all these benefits only if you have hired a professional and experienced real estate agent who knows Dubai’s real estate market inside out.
Most people make the mistake of investing all their life savings when buying a property. Novice investors also tend to make this blunder.
Experts recommend that you should keep some money kept aside to meet emergency needs. For example, if you have purchased a home for selling purposes and the property rates fall due to some reason, it can land you in troubled waters. Particularly, if you don’t have sufficient funds at your disposal. This is why saving something for a rainy day is always advised.
There’s no room for emotional decisions if you wish to earn ROI from your property investment in Dubai. You may have countless values associated with a home; in the end, it’s the ROI that matters. Similarly, you may have found a dream home, but if it’s out of your budget and comes with several hidden issues, buying it can prove to be an unwise decision. This also applies when you are planning to put your property up for rent or taking in tenants.
Simply put, do not let your emotions get the better out of you. Think practically and make a rational decision.
Last but certainly not least, it’s important that you read the contract thoroughly before signing on the dotted lines. Go through every term and clause, and if there’s confusion, do not hesitate in asking the representative of the property or your real estate agent. Being careless in this regard opens a lot of avenues of making a risky investment.
We hope that by following the aforementioned guidelines, you will be able to make a safe investment in the city of gold.