Being vigilant in the crucial venture of buying a home

Some points to guide you in your search for your dream residential destinationImage Credit: Supplied

Green homes, beachfront residences and island properties. The UAE has a substantial supply of traditional, modern and classy real estate investment opportunities that choosing a home to buy can be head-spinning at times.

Anyone over 21 years can get his home investment anywhere in the country. Of course, a buyer needs to first identify the type of property he wants to invest in (apartment, villa, townhouse), the budget, location and size.

Investors are usually advised to deal with a RERA-certified agent associated with a reputable and reliable company that delivers credible results, unbiased progressive project updates and reliable service. Because whatever an individual is doing, planning or organising, he just wants the best possible outcome.

There is a wave of newly constructed homes in significantly sized plots offering distinct character. Built units direct from developers are selling quicker and of special interest to buyers. There are also residences available in the secondary market. Detached homes and apartment complexes in integrated communities boast state-of-the-art facilities and amenities like sports venues, schools and retail outlets, transport infrastructure, and road links to major networks.

An average apartment in Dubai costs from Dh400,000 to a lavish Dh5 million, depending on its location and amenities. Some villas located in the outskirts of the emirate start from Dh1.1 million to a grand Dh65 million in plush addresses.

Although there are many ready properties available in the market, investors could get huge savings if they buy plots to build their dream homes or off-plan properties. Investors often shun off-plan projects for fear that these would not be delivered on time; however, the government has updated its guidelines to protect home buyer interest.

Documents required in the home buying process include a memorandum of understanding (MoU) which sorts out transfers of payment and a No Objection Certificate (NOC), among others. Be prepared to have these documents ready for ease of doing business.

It may also help if one enlists a legal professional to iron out any transaction hassles.

Handy Hints:

* Property experts say purchasing a house makes more sense than renting

* Investors must ensure that they have conducted a thorough due diligence

* They may consider hiring a legal professional to iron out transaction hassles

Source: Alfred Ocianas, Special to Properties

The writer is a freelancer


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