Get Houses Easily In Dubai – Recently, Dubai has grown to become one of the most visited places on earth with both investors and workers flocking the city in search of a more rewarding income. The most common question for them would be ‘can I buy a house in Dubai’? Of course, the people would require places to reside in. There are a lot of choices to choose from when hunting for a house and a potential buyer needs to take certain crucial steps to secure the right place in the very widespread and fickle house markets of Dubai. The question one should ask would be how can I buy a house in Dubai? Stop asking ‘when can I buy a house’ and do it already.
At this stage, it is safe to imagine that almost everyone in the working class of any country realizes the perks of owning their own houses compared to renting an apartment that is why they ask can I buy a house in Dubai? And not wondering if they should. These advantages include stability, having a property to call your own, saving money when doing away with rent and even capital gains for those in the real estate industry. If asking how can I buy a house? Follow the steps outlined below
The steps to be taken to own a house are listed below in detail.
Choosing the right place.
A buyer asking, “can I buy a house in Dubai?” needs to, first of all, make a decision regarding the location they would like to own a house in. This would require the buyer to choose a specified location based on their custom needs. Such needs could be closeness to a school, the type of community in the area, the proximity of the location to their workplace, the ability to expand the houses if need be, security, ease of transport among other criteria.
Choosing a realtor or purchasing directly from the seller
After answering yes to “can I buy a house in Dubai?” a buyer would then decide what approach to use while going into the market. There are different perks and disadvantages of choosing either of the methods and it is up to the buyer to decide on which one is favorable. Using a real estate agent would provide an added layer of protection and ability to consult for advice at any time not to mention that realtors will help you make a good choice of houses when need be. A disadvantage of using a real estate agent would be the added cost of getting one plus the commission you would cut for them if the negotiations are successful. If asking ‘can I buy a house on my own?’ then using a realtor would be your best bet. Using the more direct method will save a lot of time since both the buyer and seller would meet and begin negotiations immediately without the fear of having to pay extra fees in form of commissions. A drawback of using a direct approach though would be the inability to get the consultation you need on the go.
Memorandum of Understanding
After a successful negotiation, both the buyer and seller would need to put their terms of agreement on paper. This is called the Memorandum of Understanding. This is basically a contract that would be used as a guideline during the transaction process. The contract would include the agreed price, the date to finalize the deal, the date of an inspection of other critical things. However, the buyer should keep in mind that the Memorandum of Understanding is not a legal binding. These are some of the things to consider when answering ‘can I buy a house on my own?’
When all is said and done, the buyer is required to pay an upfront amount to serve as a deposit payment- typically about 10-20% of the whole price.
The money Process
When deciding to buy a house, it is advisable for the buyer to go straight to the bank and sort out the financial issues before even going to the market to check out the listings. Early preparation and arrangements of finance would make the whole process smoother and faster. There have been experiences of a buyer setting out to buy a house only to get disappointed when they find out they do not have the required amount to complete the transaction- all this after paying the deposit! A buyer should, therefore, go to their banks first and ask ‘how can I buy a house?’ and then follow up with ‘can I buy a house in Dubai?’
When using an offshore native bank to make the payments, be wary of how cautious the native banks are about the foreign real estate markets. Some will completely refuse to sign on to the transaction for fear of a volatile real estate market making the buyer unable to answer the question can I buy a house in Dubai?
Dubai Land Department
After completing the total payment, the buyer can then proceed to the Dubai Land Department and ask for the title deed. The title deed would bear the name of the buyer declaring that the property is under the ownership of the buyer. So yes would be the answer to ‘can I buy a house in Dubai?’.
Difference between freehold and leasehold
In Dubai, one can choose to either incline towards freehold or leasehold type of ownership. Freehold refers to when a buyer gets the absolute and inclusive ownership of the Dubai property including the building and the land on top of which it stands. The owners under freehold are free to make changes to their estates however they like it and can even sell it or lease it without restrictions
Leasehold, on the other hand, refers to the leasing of the property by a freeholder to a potential owner. The potential owner signs a contract with the freeholder that spells out the terms of the agreement including the period of time the property would be leased for. Leaseholders cannot sell or lease the property again. They are bound by the agreement of the contracts and cannot take actions that are not in the contract.
To answer, ‘can I buy a house in Dubai ?’, the buyer needs to realize that buying a house in Dubai follows the same procedure as it would in other areas on the planet save for a few hiccups that expatriates get to experience so answering ‘can I buy a house on my own?’ would most certainly yield a yes answer. Dubai is a fast-growing economic super metropolitan attracting all sorts of people from all over the world. With the increasing population comes the increase in need for a space to live in.
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