DO YOU WANT TO BUY A PROPERTY?
Long-term expats may consider settling in the Dubai. Buying a house in the Dubai is often a key part of their new life. Our overview covers the essential aspects of buying property in the Dubai — from the local real estate market to a detailed account of the purchasing process. Need to move abroad? Organizing an international relocation is not something you should do on your own. As expats ourselves, we understand what you need, and offer the essential services to help you move and live abroad easily. Contact us to jump start your move abroad!
SEARCH IDEAL PROPERTY
It is vital to get a feel for the local market, especially if you are moving to a new area. Speak to local estate agents to find out things like:? What are you likely to get for your money, and what represents a bargain? This will give you an idea of where to look based on your needs and budget. Once decided which areas suit your needs, you should:
Check the local papers and property websites regularly
Meet with a selection of estate agents to find out what is on the market now, and ask to be kept informed as new properties come on the market
At this stage, it is also a good idea to view a few properties in the area. Even if they are not right for you, seeing them up close will give you an even better idea of what you can expect to get for your money.
WORKOUT ON BUDGET
Viewing properties without a clear idea of your budget is a recipe for disappointment and wasted time. Remember that there are a whole range of costs to consider, over and above the cost of the property itself, including:
Agency fee and land registration fees
In any stuff in property how much will be the Removal cost
If Mortgage how much will be fees
If you have a property to sell, find out how much you might make from the sale, minus any outstanding mortgage balance.
CARRY OUT A FULL SURVEY
It is important to remember that viewing a house yourself does not remove the need for a proper survey carried out by an expert – a Chartered Surveyor.
Again ask for recommendations before appointing a surveyor, and check that they are registered company.
Decide on whether you need a full structural survey or a valuation report. It is always advisable to have a full structural survey carried out, as this will identify any underlying problems with the property via a detailed survey and report. It is likely that your lender will carry out a valuation survey as a condition of your mortgage anyway.
The survay report can help to highilight unforeseen issues and costs. If the report identified serious issues or a range of issues that would be expensive to put right, consider revising your offer for the property accordingly.
MAKE A DEAL
Your Agent will manage the drawing up of a “contract of sale” in negotiation with the seller’s agent once any issues and enquiries have been dealt with.
You will agree a date for completion of the sale with the seller and will usually be required to hand over a pre-agreed deposit.
This is the day that the seller must finally vacate the property, your funds are transferred to the seller (your solicitor will handle this) and you get your hands on the keys and the title deeds for the property.
With this all done, you will officially be the new owner of the property (or the leasehold): congratulations!