Are you looking to acquire villas in Dubai? Maybe you are a foreigner in UAE who has come to stay for a relatively extended period, and all through your stay in Dubai, you always saw inscriptions that read “3 bedroom villas for sale in Dubai.” You are excited, as you have always dreamed of owning a home, and not just anything with a roof, but of course, a villa that will offer the needed luxury in Dubai. Now, here is a ray of hope towards attaining your dream.
You might start hesitating, as a foreigner as it might be somewhat hard to go through all the procedures involved in buying one of the 3 bedroom villas for sale in Dubai, as an expatriate in Dubai.
Tips for Buying Villas in Dubai
In this article, we will be sharing with you, essential tips that can assist you if you wish to purchase villas in Dubai with ease even as a foreigner. In the first case, it is important you know that the procedures involved in buying real estate in Dubai are relatively more straightforward when compared to those in other places.
However, as uncomplicated as it may seem, you must be cautious and look carefully before making any purchase because just as it is easy to buy, it is equally comfortable to lose your precious money if you do not do your due diligence. To prevent running into these pitfalls, here are some few tips for you.
Get to Know How the Real Estate Market in Dubai Works
As a foreigner who wants to purchase one of the 3 bedroom villas for sale in Dubai, it is essential that you know that real estate can be bought either uncompleted from a property developer or as a home that is being resold by a private home seller. When purchasing an uncompleted development, you as a foreign buyer will need to tender your passport photograph and pay the reservation fee.
As a precaution, you will do well to make sure that the document spells out the proposed date in which the property will be completed and state the remunerations to be paid, should the completion pass the stated, agreed date and time.
Assuming you are buying a 3-bedroom villa in Dubai from private home sellers, there is the “Memorandum of Understanding” that expresses what will govern the deal. After signing this, you will have to deposit a down payment which is usually 10 percent of the property value to show that you are interested in buying the villa while awaiting loan from whichever sources. Immediately you get the credit ready, the documents of the villa will be transferred to you.
Figure Out Why You Need One of the 3 Bedroom Villas for Sale in Dubai
Zeroing down on whether to buy a villa as a real estate developer or to purchase the villa for owner-occupation can make your decision easier when choosing the type of villa you will most likely buy. If the chief reason for purchasing a villa is for investment, you will most probably let out such home. It is, therefore, necessary to consider the real estate market and analyze the types of the villa you can buy that will command the highest rent.
For instance, investing in a well-located villa in the city center might be a better investment decision than buying up a more prominent villa in the suburbs, even though it might be very capital intensive to acquire the former, the return will justify the initial capital expenditure.
Follow Due Process
Irrespective of the purchase arrangement, be it off-plan or from a homeowner, when you are seeking to buy 3 bedroom villas for sale in Dubai, it is necessary to make many inquiries to ascertain the integrity of the home seller or the developer of the villa you are about to purchase.
Should you be purchasing from a developer, you might want to consider the developer’s credentials regarding standard and ability to keep time on completing the property. In most instances, when purchasing from a real estate developer, the particular villa you want to buy may still be under construction, so it is vital for you to check on show houses to have a picture of what might likely play out.
Alternatively, if you want to buy one of the 3 bedroom villas for sale from a property developer, make sure he has a license and recognized by the real estate regulatory agency in Dubai.
Get the Villa Surveyed
Do you intend to buy your villa in Dubai from a private home seller in the secondary market? It is advisable to get a licensed, expert real estate surveying firm to have the villa surveyed.
The maintenance of the property is the duty of the owner, real estate surveyors will help you evaluate the villa by conducting a rigorous survey of the premises and can identify the imminent dangers of any high maintenance cost of the property which might have been in the market for a while without trading hands. As soon as you purchase any of the 3 bedroom villas Dubai for sale villas; its cost of maintenance becomes your duty. So, you will want to ensure that you do not acquire any fundamental issues beforehand.
Ask a Lawyer
If you want to buy a villa in Dubai, it is imperative that you as a buyer seek expert legal opinion to assist you with the buying process, although there are no legal burdens on you to contact them. Nonetheless, the advice they will give you will be professional, and it can prevent any possible future dangers.
Look Out for Possible Liabilities on the Villa
When you are buying a 3 bedroom villa in Dubai, make sure that you are getting a title document that is devoid of any liabilities or debt.
Get an Approval from the Bank
Before you conclude on buying any home, ensure that you have the approval of the mortgaging institution. This practically means that you have enough cash to proceed with the purchase process. Doing this will put you at an advantage, and a prevent a scenario whereby the real estate developer finances the building and you cannot get the fund eventually.
Think of the additional costs
Now that you are sure about the source of finance to purchase the villa in Dubai properties, you also need to predetermine what the extra costs are. This may be other dues related to real estate transaction. Watch it, up-keep fees, maintenance fees, and some little additional fees might add up to significant amounts.
After you have considered all this, and you have gone through the contract documents carefully, you can now proceed to buy your choice villa in Dubai.
Buying villas in Dubai is a vital capital decision; that is why it is important you go into housing the market armed with relevant tips that can land you the best one whenever you seek to buy one of the 3 bedroom villas for sale in Dubai.
Do you want a hassle-free home buying and selling process in the UAE? Déjà Vu Properties can help you. From the evaluation of the property to closing the deal, you will get professional advice.
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