As a result of the rapidly increasing numbers of villas being built in Dubai, it has become a favorite location for home buyers. Most of the villas for sale in Dubai are bought for both investment and personal purposes. They include bungalows, penthouses, villas and much more. Well, if you will be spending a very long time in Dubai and you earn enough, then you should consider buying a villa. Although purchasing a villa will cost you quite an amount, it is one of the most practical ways to get a suitable property. If you acquire one of the villas for sale in Dubai, you will get to enjoy facilities to meet your needs. Besides, you will also enjoy the luxury that is associated with living in a villa in Dubai. However, there are factors to consider before investing in a property in Dubai.
Can You Afford the Villa?
This is the very first step in buying a villa in Dubai. This is because if you go for a property that you cannot afford, then you will be forced to stop the process half way. To find out if you can afford a particular villa, you should talk to mortgage brokers or lenders. They will look into your income and will be able to tell if the amount you earn is okay to service the villa after you have bought it. On an average, you can afford villas for sale in Dubai if the mortgage repayment does not exceed half of your net income every month.
Get to Know the Builder or the Developer of the Villa
This information is very relevant when buying villas for sale in Dubai. It is especially important if you are buying off-plan. One crucial thing that you should know about the developer of the property is their reputation. Is the developer known for delivering quality villas? Also, will the developer complete the villa on time?
What are the Charges?
When buying villas for sale in Dubai, there are lots of charges that should be expected. These expenses include real estate broker fees as well as developer’s fees. Although these costs are charges that you cannot avoid paying, it is essential if you know how much they are before deciding to buy a villa for sale in Dubai.
You Will Need Legal Advice
In as much as no law says that you need a legal adviser, it is very expedient to get one. This is because the professional advice that can be obtained from a lawyer can go a long way in helping you avoid unnecessary pitfalls. Also, whenever a considerable amount of money is involved in a transaction, going all out without a lawyer could have downsides. Now that you know that you will need a lawyer, the question is; what role will a lawyer play in the whole process? A lawyer will go through each contract that you have to sign. After going through the papers, they will make sure you get a perfect explanation of the agreement. With this, you can quickly know the implications of signing a deal for any villa.
You Can Choose Between an Islamic Finance and a Standard Finance
There are two significant ways to finance the purchase of villas for sale in Dubai. They are the standard finance as well as the Islamic finance. More often than not, lots of lenders make available Islamic mortgages.
Where to Buy Villas for sale in Dubai
When you are thinking of a buying a villa in Dubai, you should put a lot into consideration. Some of the things that you should put into account are; are you buying the villa for your personal use, for investment? If you are looking to buy a villa as an investment, then you should not buy something too expensive to maintain. Also, the property should also be located in a pleasant environment and should be easily accessed. Moreover, when purchasing a villa for your personal use, then the proximity of good schools, shopping malls, parks and other facilities should be put into consideration. There are four neighborhoods in Dubai that are ideal for expats to buy villas for sale in Dubai. They are Jumeirah Beach Residence, Dubai Marina, The Springs and Jumeirah Village Triangle.
The Process of Getting Villas for Sale in Dubai
Purchasing a villa in Dubai is considerably easy. It can be completed within a very short period, but there is a process involved. For instance, if you are buying a property that is over 5 million AED, then you will need a deposit of more than one fourth of the value of the villa that you are buying. However, if you are buying a villa that is less than 5 million AED, then you will need to deposit less than that.
Moreover, to get a villa in Dubai, you should contact a real estate agent or an investment company. With this, you can be aware of the available villas for sale in Dubai. After this, you will need to obtain a certificate of pre-approval from a mortgage broker or a bank. With this, the amount that will be lent to you can be confirmed. As soon as you get the villa that you are interested in purchasing, a Memorandum of Understanding(MOU) is drafted between you and the developer. It usually contains the details of the villa as well as the amount that should be paid for it and the time for completion of payments. This stage also involves the payment of 10 percent of the amount for the property. Then you fill in the date when the transfer will be made.
Villas in Dubai appear to have a high demand. They are the best investment in real estate one can make in Dubai. To buy any of these villas for sale in Dubai, you do not need to have all the cash. You can always come up with a payment plan if you have a good enough income. Above all, seek professional help from reputable investment companies such as Déjà Vu Properties.
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