Villas, apartments, and duplexes for sale in Dubai continue to attract more and more investors and expatriates. We will deal with the main mistakes made when buying real estate in Dubai.
Real estate search without a prior mortgage approval
A mortgage loan is the most common way for people with average incomes to buy flats in Dubai. A major part of this operation is receiving a letter of preliminary approval. It means that the bank has recognized the loan application as valid, but it has not yet been confirmed. The creditor also indicates the upper limit of the amount to provide it to the applicant. Many people start looking for property for sale in Dubai before receiving a letter of preliminary approval. There will be a situation when the residential unit will not belong to the budget category. In that case, the house search process will have to start again.
Lack of clear requirements in buying apartments for sale in Dubai
Everyone has their ideas about the dream house. Some prefer spacious villas with modern design, while others prefer compact apartments in a high-rise complex. In this matter, everything depends on individual preferences. Before choosing a house, for instance, in off-plan projects in Dubai, it is important to articulate the requirements clearly so as not to waste time discussing and visiting inappropriate options. For example, if a buyer prefers duplexes, he should pay attention to this property type. You also need to decide on the location of off-plan properties for sale in Dubai. There are many neighborhoods in this emirate. Some offer a dynamic and upscale lifestyle, as they are located in the city center. Some are well-known for a calm and relaxed atmosphere away from the hustle and bustle of the city.
Buying a house is a responsible step. Therefore, it is in the buyer’s interest to take things slowly. By making decisions too quickly, you may miss small details that will prove significant in the future.
Inattention to additional costs when buying villas for sale in Dubai
During the transaction, the buyer pays not only the price for housing but also additional costs. They include:
- payment of title deeds;
- administrative fee;
- long-distance communication fee;
- service fee;
- DEWA connection fee.
Refusal of real estate agency services
Some decide to contact the developer, not the agency. There is a myth that this will help save money. However, this mistake can be more fatal than the “saved” amount on the services of an intermediary. It is important to say that developers serve only their interests. Their ultimate goal is not to find the perfect option for the buyer but to sell their property at any price. Therefore, it is better to be safe and use the services of an agency than to regret them later.
AX Capital is the most reliable real estate agency in Dubai and the UAE housing market. Its specialists will always help you:
- purchase, sale, and lease of residential and commercial properties;
- accompany throughout the transaction;
- solve financial and legal issues;
- provide high-quality after-sales service.