When buyers come to the market to buy flat in Dubai, one would lean towards the cheaper options wrapped up in a bargain package found echoing across the Internet after searching ‘’flat Dubai buy’ or ‘flat for buy’ on the internet. It is tempting for a buyer to choose a bargain even in the real estate business. But not all bargains are good bargains and hence the buyer seeking to buy flat in Dubai should take caution when approaching properties at a bargain price. They should research further to ascertain that the bargain is not the negative type of a bargain.
Before finding flats to buy in Dubai, the buyer is advised to check the details of some of the most important issues before proceeding with the transaction and look for flats to buy in Dubai. It must be said that only the buyer could look out for themselves and it would be most absurd to have faith on the seller that they would reveal the complete truth about the flat.
The buyer is tasked with the full responsibility to make a physical assessment of the property to be sold. The buyer should, therefore, make a point of being physically present for the assessment as opposed to just looking at the online pictures of the flat. Among the things to be checked would include the size and location of the property.
In addition to these, there may be other factors which would affect the value of the respective flat. To ascertain these things, the buyer may have to consult the solicitor or the surveyor prior to making a final decision to buy flat in Dubai.
One major issue to resolve when wanting to buy flat in Dubai would be the requirement to investigate the whole general condition of the flat, compared to a house, this would be more difficult for a flat even with the surveyor involved. Nevertheless, it is worth mentioning that prevention of any mistakes prior to the investment.
Things to be considered when buying a Flat
The Amount of time left on the lease
One major factor that would affect the value of a flat would be the amount of time on the lease. The buyer should, therefore, take note that the amount of time left on leases always decreases. When the period of lease falls below 80 years then the value of such a flat will begin to plummet considerably. When the time falls below 70 years, then it gets harder and harder to be able to mortgage it correctly hence fewer and fewer buyers would get interested in the flat.
The best option in such a case would be opting to extend the lease.
The legislation in place would assist the owners of the flats to ask for the extension of the lease with the additional payments made of course. However, the owner of the flat should know that as the amount of time on the lease reduces, the respective extension fees rise significantly. A term below 80 years would result in a ‘marriage value’ which would also require payment from the flat owner to the leaseholder.
So, for one looking to get a flat on a short lease, they could be required to cough up the expenses to get the lease extended.
The amount of Service Charges
A critical area that is often overlooked by those looking to buy flat in Dubai is the amount of service charges as well as the management costs. In most cases, the freeholder maintains and is responsible for the repairs of the building fabrics. The leaseholders are also required to make contributions to help split the costs of maintenance payable through an annual service charge.
To stay ahead of the details then the buyer would have to get the information from the freeholders. Such information would include the accounts and the current amount of the service fees.
The freeholders are in most cases quite reluctant to hold the responsibility for the maintenance since it would cost them quite a substantial amount. Their negligence leaves their properties unchartered for and becomes unattractive to potential buyers. Other freeholders would opt for a higher standard maintenance that would prove quite expensive even for those who are searching for flats to buy in Dubai.
Some of the major works in the flats such as re-roofing may be costly, and the flat-owner may be required to pay up a large number of funds to cover the total cost. Hence it is imperative that the flat owners know exactly if there are any major works underway or if there are any plans of having one on the horizon.
Before any major works are carried out by the freeholder, they are required to notify the flat owners or customers who want to buy flat in Dubai.
In most cases, the build-up of reserve funds from previous contributions by the flat owners would cover up the cost of the major works. Unfortunately, such funds may not always be present or if present may not be enough for the expenses. The reserve funds could also be a rarity in cases where the freehold belongs to a housing association and in some cases owned by the flat owners.
Problems concerning the total management of a property such as a block containing the flat could have a negative impact on the buyer looking to buy flat in Dubai. Such repairs could include lack of proper repairs and extensive maintenance of the flat and legal disparities between the flat-owner and freeholder. Such are the experiences of flats purchased form rowdy sites after searching for flat Dubai buy and flat for buy on the internet.
The solicitor amidst the buyer aids the buyer by providing all the necessary information required from the freeholders and seller. This is to ensure that the buyer is equipped with all required information before immersing oneself into the purchasing process and proceed on to buy flat in Dubai.
For the best listings and cheapest flats available, Déjà Vu Properties provides the ease of use required by the various buyers looking to buy flat in Dubai as well as sellers. So, if in the market to buy flat in Dubai, then Déjà Vu Properties would be the best choice compared to spam ads that come up on googling ‘flat for buy’ or ‘flat Dubai buy’.
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