Buying A House in Dubai Has Never Been Easier! Until These Strategies Were Adopted

Buying A House In Dubai

Buying A House in Dubai Has Never Been Easier! Until These Strategies Were Adopted

The process of buying a house in Dubai for expats may seem like a really complex process filled with a lot of misfortunes and hindrances. It might even give you the chills just to think about the whole idea to buy Dubai houses. But thanks to the Dubai Land Department and the other legislative bodies in Dubai, measures have been put in place to smoothen out the house buying process in Dubai making the procedure of buying a house in Dubai for expats very easy. Below are methods an expat could use to buy Dubai houses. If these steps are followed then the ability to buy a house in Dubai palm island and to buy a house in Dubai marina would be easy enough

Acquiring an off-plan estate

The steps to acquire an off-plan site and get ahead to buy Dubai houses are quite simple, to say the least. If deciding to use this method, the first step would be the submission of an application form from the buyer to the developer. The submitted form would then need to get approved before proceeding to the next step. Once approved, the buyer would then go to the listings and browse around the numerous choices before settling on a preferred choice. After choosing a house or property to buy, a date is set that would be suitable for the buyer to go and view the selected property and if it is to the liking of the buyer, then arrangements are made to have a deposit placed.

Depending on the selected estate, the buyer would then need to wait for around 2-3 years before they could be allowed to move into their new homes, depending on the developer you choose.

This method may be the longest way to get a house in Dubai but it is certainly the easiest.

Using the Secondary Market

An even quicker guide to buying a house in Dubai for expats would be to buy Dubai houses through the secondary market.

The buyer would need to go to the site, assuming it is in Palm Island or Marina and have a chance to take a look at the property. If they like it, they will then have a chance to present their offer and the negotiation begins to buy a house in Dubai palm island or to buy a house in Dubai Marina area. If the offer is agreed upon, the necessary paperwork is drawn with the contracts and legal proceedings all alike. A 10% deposit is then paid by the buyer. If a buyer wishes to buy a house from a seller who has a mortgage, they would have to be able to emancipate the seller’s mortgage before they can be able to get the title deed with their name on it. The buyer is advised to use a RERA-registered broker when using this type of approach to avoid falling into the hands of frauds. If necessary, the buyer’s bank would then oversee the whole process and some point would even inspect the property to assess if there is any structural damage before validating the transaction.

After receiving the green light, the buyer is then free to proceed to the developer to get the No Objection Certificate. The transfer phase would then move to the land department where the process would be legally reviewed. Once that is done, a fee amassing to 2% of the total together with the AED315 to the DLD, the agreed upon price and the agent’s commission would need to be paid by the buyer. A title deed with the buyer’s names in them is then issued to the buyer. The receiving of the title deed marks the final phase of the house buying process and the buyer is free to move into their new home.

Although quicker than the first method, this process is more complicated than the first one and is often avoided by first time buyers or expats looking to get the whole process done in an easy way. Whichever you choose, both methods help expats buy Dubai houses.

 

 

Securing mortgage pre-approval

Preapproval is a crucial step in the house buying process all over the world. Getting preapproved would mean that the bank finds you to be financially responsible with minimal reservations on your ability to repay loans. To get preapproved, you would have to go into the banks with the following: a salary statement from your place of work, slips of salary handed to you, your bank statement over a period of time such as six months, a copy of your passport which should have your visa as well as your photo, a copy of your Identity Card from Emirates, a recent cop of card statements as well as a proof of address.

Once pre-approved, the buyer can then set out into the market to hunt for a house they would want and then go ahead to buy Dubai houses.

Costs to consider

When selling or about to buy Dubai houses, there are usually additional costs that arise in the process. It is therefore very crucial for one to be aware of these costs prior to buying or selling a house.

When selling a house, there are costs to take into consideration. These are cancellation fees for the clearance or the mortgage, maintenance fees in the form of service clearance, a DEWA settlement fee, the cost of No Objection Certificate from the developer, a fee to the land department in form of transfer fees and a commission to the agent or a broker.

When choosing to buy Dubai houses, some of the additional costs are: the amount of deposit that is agreed upon by the buyer and the seller, the amount payable to the land department in form of transfer fees, an amenity fee that would go towards covering electricity and water provision, amount payable as community service fees, mortgage application fees, other miscellaneous fees that would go towards the land department and an amount payable as commission either to your agent or the house broker.

 

Read Related Articles:

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