Deciding to buy a flat in Dubai marina may very well be one of the biggest decisions an individual could ever make. It goes without saying that the process would require a stable financial status and a huge sum to even get the process started. If one decides to take up a loan, then a huge chunk of salary will be deducted and go into repaying the loan.
It is therefore crucial that the buyer ensures it is okay to go ahead with the investment.
Before deciding to embark on this mission however it is important for one to indulge in deep and extensive research and avoid making grave mistakes. Outlined below are the top things that one should know before going ahead to buy a flat in Dubai Marina.
The quoted area
The companies that deal with real estates as well as the property management companies will provide a quotation of the super area belonging to the flat and will use this as a means of measurement to calculate the worth of the flat. The quoted area is, in most cases, not always the exact surface area and is a bit lesser in comparison and is referred to as the carpet area.
The carpet area is also the actual and exact floor area of the flat. The quoted super area is inclusive of common areas such as the lobby, shafts, staircases and in some cases even the wall thickness of the flat. The buyer looking to buy flat in Dubai marina should pay close attention to the quoted area and the carpet area.
When checking the flat, the seller may choose a sample flat in the block to show the buyers such as those who decided to buy a flat in Dubai marina. The main function of the sample flat is to attract the customers hence is furnished and includes high ceilings, ambient lights, and beautifully plastered walls which all give an impression of a big space.
The sample flat may also include glass doors, modern kitchens and use of high quality and expensive tiles in the bathrooms- all of which may not be provided for the other flats. There is a catch for the buyer who wants to buy flat in Dubai Marina. If you request the sample room, then it would most likely be more expensive than the other flats. It is therefore imperative that the buyer ask to see the other flats instead of the sample flat before you look to buy flat in Dubai Marina.
Ensuring All the required permits are in place
To avoid falling into an exhausting permit battles with the authorities when in the market to buy flat in Dubai Marina, it is advised that the buyer ensure that the real estate company or the property management company has all the required permits in place. Such permits may include the land use permit, permits from the electricity department along with other special clearances required which are prerequisites that ensure the various construction standards are met.
The buyer who has decided to buy flat in Dubai marina should go ahead and get a lawyer if required to cross-check the documents. It is also important that the buyer check if loans are pre-approved by the banks which may also be a positive sign.
Checking for any signs of wrangles with the banks
The property management company or the real estate company may have gone to the bank or a lender to get loans to assist in building the project. If so then the buyer could check with the banks or lenders to ascertain the viability of the flat before going ahead to buy flat in Dubai Marina. Additionally, a loan or assistance from the bank is a clear indication that the project is safe to buy.
Timeline for possession
Timelines of the delivery of the flat are dependent on various factors including lack of funds or shortage of available materials. A grace period is the amount of time that most of the developers would take before finally delivering the project in case of renovations when one has decided to buy flat in Dubai Marina.
It usually takes about 3-6 months. This grace period should be vividly mentioned in the contract presented between the buyer and the seller of the flat. In case the timeline for possession is exceeded, the builders are required to pay a penalty monthly.
Before agreeing on a sale to buy flat in Dubai Marina, the real estate company is required to tell the buyer anything concerning the flat that may alter the decision of the buyer.
Two of the most common ways of owning a flat is either by freehold or leasehold:
- Freehold-The ownership is handed completely to the buyer inclusive of the building and the land it sits on. This is the most preferred way for one looking to buy flat in Dubai Marina.
- Leasehold-The ownership of the structure or building resides with the buyer but not the land that the structure is on. The land is leased to the buyer for many years (50, 100, 90 years) giving the buyer the right to make use of the land such as putting up a building. Such information is important to the buyer before looking to buy flat in Dubai Marina.
When looking to buy flat in Dubai Marina, the buyer may come across new terms that they might not have heard of before. Below are some of the words:
- Lease- This refers to a written agreement or contract that is signed by the buyer looking to buy flat in Dubai Marina and the seller spelling out that the buyer reserves the right to live on the land for a specified amount of time. When a flat is on a building that is leased, the lease is passed on whenever the flat is sold. It should also be considered that if the number of years on the lease decreases, the buyer will be required to pay an additional sum to extend it. Quite crucial details for those looking to buy flat in Dubai Marina.
- Service Charges- When the buyer looking to buy flat in Dubai Marina makes a payment for the flat, an amount out of that goes towards the maintenance and insurance of the building. Depending on the number of services offered, the sum may vary. Additionally, there would be extra service charges deducted which would go on to cover other infrequent works and ensure the cost of some of the main work is spread over a couple of years.
- Real Estate Agent- These are the people who will help you to buy flat in Dubai Marina. They negotiate the prices and act as middlemen between the buyer and the seller of the flat.
In case you want to check the latest listings and are in the market to buy flat in Dubai Marina, head on to Déjà Vu Properties. They have a wide range of listings and is among the top recommended sites if one is looking to buy flat in Dubai Marina.
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