I Want to Buy a House in Dubai
Housing as a facility is relevant to humans because it offers protection from harsh weather and is symbolic of man’s social status. That explains why many people will like to own a house as opposed to renting it. In Dubai, there is an increasing demand for housing facilities in the country, probably because it is a renown commercial nerve. More often than not, people ask around, “I want to buy a house in Dubai”, can you help me?
In this piece, we will be expounding on the intricacies of buying a house in Dubai vis-à-vis the prerequisite and the rudiments that can make the process of a home purchase in Dubai a straightforward one. Do well to read carefully and follow the details step by step.
“What Must I Know If I Want to Buy a House in Dubai?”
If you take a cursory look at the most site where apartments are advertised for sale, you will discover that there are more than 74,000 villas and apartments that are up for sale just in Dubai Emirate. That should give you an idea of how extensive the options open to you is. Yes, vast alternatives, but precisely what is expected of a prospective buyer in this renown and sometimes unpredictable market to get his choice house in a desirable location without overpaying or getting a lousy build quality?
If you have always been bothered by this thought, ‘’I want to buy a house in Dubai’’, it is imperative you know buying a house in Dubai is not fundamentally different from buying properties in any other parts of the world.
First and foremost, you will need to make up your mind on the location of your residence, what type of house your income can fetch you and determine specifically your budget property. Will you be able to buy up a whole villa or just an apartment? Well, all is based on your conditions – whether you are married or still single, any possibilities of a change in this status in the next four to six years? Are you married with kids? If yes, which school do you want them to attend?
Then, there comes the real question – is your job well secured? What future opportunities abound in your present career or other open options within the framework of your field or occupation?
After that, you will need to decide whether you are going through a real estate agent or buying directly from the owner in a private purchase. Whichever way you choose to follow, there are different processes involved.
“What is the Process if I Want to Buy a Home in Dubai?”
If you ask anyone with a fair knowledge of property market in Dubai that “I want to buy a house in Dubai” you will be informed that bargaining to purchase straight up from the house owner is just like average direct sales. If you like what you see, then you may proceed with agreeing on a price.
Once you have reached a common ground, the next step is to append your signature on a Memorandum of Understanding which is a formal document indicating that both the buyer and seller have consented.
This memorandum straddles issues such as price, settlement date, whether or not the sale must be valued and supervised by an estate surveyor and an engineer, and if the buyer can get the needed finance, if stated as a requirement, at an agreed date.
Regardless of the fact that it appears like the real consent to purchase, the Memorandum of Understanding places no legal obligation on any party to the contract. The property will be coming close to being yours only when you make an initial deposit of 10% of the overall price.
However, you need to be sure of your resolve before making this deposit, as it will not be refunded if anything goes awry.
Lastly, the property becomes yours entirely when you pay the total price, and all necessary legal documents to the property are documented at the Dubai Land Department as yours.
I want to buy a house –Key things to note
Life is full of exciting firsts. The first time you walk, your first day in school, your first crush, and more. The same thing goes for a home purchase. You have been contemplating “I want to buy a house in Dubai,” but this is your first purchase, and you do not even know how to go about it. No need to worries, the procedure is quite generic.
Firstly, you need to ask yourself, can I afford to buy a house now? Surely, purchasing a home will have a noticeable effect on your finances, so be sure you are ready for it. Buying a house entails a lot of advance payments, the part payment, contact closing cost, the cost of new furniture, expenses on moving. Are you sure you have enough cash?
Again, you must be sure you are mortgage-worthy. Even when you have sufficient cash, is the credit there? Obtaining a mortgage is not as easy as it used to be in time past. Lenders are scrutinizing all possible documentation towards ensuring that the debt-to-income ratio is not exceeded. That is one thing you need to watch if you want to buy a house.
“I want to buy a house now,” Other Important Things to Consider
As you are now fully informed about the happenings in the real property market, if you have zeroed down your mind and concluded that “I want to buy a house in Dubai” then, you must decide whether you are buying alone or with another individual. Sit down and sort it out now or it could lead to complications in the future.
Also, you must decide if the particular house is worth the money and evaluate all the real cost of living in the house- from monthly payment to property taxes and home insurance. You may take your final decision to purchase or not after all these have been adequately sorted out.
Buying a house in Dubai is an excellent investment and as well a good idea for owners occupation, however, it is necessary to consider the processes involved and cost associated before embarking on the project as it is a capital-intensive one.
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