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When looking to purchase a residence in the UAE, they say it is important to conduct a thorough due diligence. To simplify the buying process, there are some important considerations to remember.
• Research – Before you actually make a purchase, prepare a list of factors that are paramount to you and your family. These can include size, dimensions, facilities, the neighbourhood and the overall location. Without a proper checklist, you may neglect important details which can become problems later on.
• Real estate company – Purchasing a property is a serious one-time investment and experts advise seeking the help of an experienced and reputed real estate agency. A well-informed real estate agent not only provides up-to-date information about the current real estate laws, but also helps ensure that you are aware of the range of options available.
• Budget – Finalising your budget enables you to filter the property market and helps your real estate agent focus on exactly what suits your needs. This provides the groundwork in case you require a loan to purchase your property. Understanding exactly how much you can pay or need to borrow can also streamline the purchasing process.
• Exact property – Once you have finalised your budget, be sure to read the fine print and analyse the total costs in relevance to your exact needs and requirements.
• Paperwork – Have important prerequisite documents ready prior to making your offer. These include bank account statements, passport with visa details and the signed buyer agreement.
• Reason for purchase – Knowing whether your property is going to be your residence or purely for investment purposes can considerably impact the type of property you will be purchasing. For example, for investment purposes, an apartment is more practical in terms of upkeep than a villa.
• Right time to buy – The great time to buy a property is when the bank mortgage rates are low. When there is an oversupply of property, buyers can also negotiate prices.
• Seeking the help of a real estate agency can help protect your best interests
• Opt for an established RERA-registered property agent when buying property
• Knowing the purpose of your purchase helps you focus on what you really want
Source: Saadiya Ahmad, Special to Properties
The writer is a freelancer