Dubai – The UAE’s property market has pulled in buyers and merchants from each nation and each level of pay. Throughout the decades, there has been a huge move in the property market with more information accessible to make educated choices, more prominent government oversight and a greater number of major parts in the market.
With the wide scope of choices accessible to investors and potential homeowners, Gulf News spoke with Walid Al Zarooni, owner and CEO of W Capital real estate companies in Dubai, a company that has worked in the UAE since 2001.
Here is a 11-advance checklist that Al Zarooni suggests you follow, on the off chance that you are hoping to buy a property, regardless of whether prepared to move in or under construction:
1. Identify the purpose
Ask yourself – what is the motivation behind this buy? Is it for a venture or use? Contingent upon the response to this inquiry, you at that point need to see property subtleties like the quantity of rooms, the area and administrations in the region.
2. Set a financial plan
What amount would you say you will put resources into this property? Take a gander at your money related situation and future budgetary plans and decide on an amount, regardless of whether it is Dh500,000, Dh5m or more.
3. Don’t overcommit
Make sure you have enough assets to pay the installments, particularly when you buy a condo that is under construction.
4. Timing is everything
Pick when you need to buy the property. Should you do it when the market is encountering a slowdown or when it is getting? According to Al Zarooni, it is ideal to contribute when people are selling.
5. Try not to get swayed by advertising
You may see a few developers putting heavily in advertising, with their tasks put across bulletins on the interstate or the jam-packed marketplace. Try not to let that persuade you that buying from such a developer would be a sound venture. To make sure you don’t place your life’s reserve funds in an awful speculation, follow the following scarcely any means.
6. Seek out counsel
Has a companion or a relative purchased property recently? Address them. Inquire as to whether they would have any counsel or a rundown of things you should avoid doing. It is ideal to address somebody you know personally to make sure you put away your money shrewdly.
7. Check for registrations
Deal with enlisted brokers and developers as it were. Make sure that the broker you are dealing with is enrolled with the emirate’s property office or district. In Dubai, there is an application called Dubai-Rest, by Dubai Land Department, where you can discover all the enlisted brokers, developers and activities.
Regardless of whether you are buying cheap apartments in Abu Dhabi, Sharjah, Ajman or Ras Al Khaimah, approach your broker for his enrollment or broker card, given by the region or land division. This will be a unique ID gave to the broker and you can contact the relevant authority to make any necessary inquiries.
8. Don’t avoid the fine print
Peruse the agreement before you pay any money. Request a draft of the agreement and read it appropriately. Take a gander at the essential data like whether the floor plan coordinates the model you have seen just as the subtleties of the size and number of rooms. Twofold check the handover date just as the installment plan before putting pen to paper.
9. Remember the receipt
Notwithstanding the amount you are paying, large or small, or whether you pay in real money, with a money order or a bank move, consistently get the receipt from your broker or developer.
10. Don’t get pulled in by false promises or quick returns
Al Zarooni has one guidance for people putting resources into the property market – persistence is significant. In the event that a broker sells you a property for Dh500,00 and guarantees that he can sell it for you for Dh700,000 surprisingly fast, leave such a deal.
11. Track the progress
In the event that you are buying a property which is under construction, contact the developer each a few months and request a photo of the construction to follow the progress. Regardless of whether you have put resources into property in different emirates, remain in ordinary contact with the developer to ensure that the construction is continuing according to design.
Making the correct venture doesn’t need to be a draw of karma. Doing your examination, twofold checking the realities being given by the developer or broker and remaining educated can go far in making sure you get your money’s worth.