7 things you need to know before buying a condo in Dubai

7 things you need to know before buying a condo in Dubai

Dubai – is a city known for its high rise buildings, shopping malls, loads of sunshine and fun. It is a known fact that Dubai is the business hub of the Middle East. Who would not want to visit Dubai at least once, the ultimate destination for tourists around the world? More so would be the delight of owning a house in Dubai. When you come across an ad that says, Dubai condos for sale will you not be ready to grab the opportunity that presents itself before you? But before buying an asset in Dubai there are various factors that you need to know.

  1. Analyze whether you are going to buy the property as an under-construction property from a developer or as a resale property from the developer. The property rates would differ based on these criteria.
  2. Only certain areas are freehold areas in Dubai – that is, the full rights given to the buyer, especially in the case of foreigners investing in Dubai. Some other areas are leasehold areas – where the person interested in investing is given a lease period ranging from 10 to 99 years. Before buying, find out whether your property is freehold or a leasehold area.
  3. Find out the purpose behind your purchase – are you going to consider it as an investment for future with rental income or whether you are going to live in the place. Decide the locality of the investment based on the decision. If you are looking for rental income, choose a commercial area and likewise if you are settling down in the place look for the amenities and facilities required for yourself and your family members.
  4. After having decided on these factors, hire a registered broker to handle the paperwork. Do your background check of the broker through trusted websites.
  5. Find out the reliability and reputation of the builder of your condo/home, with reference to aspects like the quality of materials used, their completed projects and its value, and their timely delivery of your house.
  6. The most important aspect of buying a house is the financing for your property. Have a thorough idea of the funds that you have on hand, the financing that would be required and the terms and conditions according to the rules of the land.
  7. Finally, do not forget to get an MOU signed with all the terms and conditions outlined in it.

An investment in Dubai is definitely a sensible option, with growth in terms of sectors like real estate and commercial fields.  Your investment has its own perks such as the economic stability of the emirate, which is a reassurance of the value of your property; the advanced technology and innovation the city has to offer with its world-class standards; the safety and security of the people living there that is taken care of and the value for money that your property would have currently as well as in future. So, why do you hesitate? Grab the opportunity and seize the gold!!!