Avoiding Pitfalls: Common Mistakes in Dubai Property Buying

For many, buying property in Dubai is a dream. However, making those common mistakes can turn their dream into a nightmare. So, to keep the process of purchasing a home in Dubai smooth. Here is a list of errors to avoid:

Having no Goal or Stargey:

• Not Knowing why you are buying a property is not a smart move. Having zero plans will distract you from finding a suitable property.
• Determine your goals, investment (short vs long term), moving to Dubai, or just a vacation home.
•  According to your goal, the requirements, wants, and needs of the property would adjust.

Having unrealistic Expectations: 

• Don’t dream big, investing in Real Estate needs patience. You will not receive your big profit in a matter of days, no it will take some time. 
•  You need to understand that the location, amenities, and developer will affect your ROI. So choose wisely before purchasing.

Not understanding the nature of Dubai’s Real Estate Market:

• Dubai’s Real Estate Market is unique, especially off Plan.
• Due to the high demand, most projects will be sold out during the launching party. So, you need to be fast in making your decision about buying the property.
• Or you would lose many hot deals with outstanding payment plans.

Hidden Fees:

The process of buying an apartment is more about signing the contract and paying the agreed price.  You need to pay extra fees

Here is the list:

• Dubai Land Department (DLD) fees.
• Registration fees.
• Taxes.
• Administrative fee.
• Valuation fees 

• Buying with no Research:

Purchasing property without doing research is a recipe for disaster. 

You need to answer those questions before planning anything.

• The first thing you need to ask is: 
  • What is a Freehold or Leasehold Zone?
  • Is the property in a freehold zone? 
  • Can foreigners buy in this area?
• After knowing the answers, you should consider researching the neighborhood of Dubai. To know the capital appreciation and ROI of each neighborhood.
• Find out which developer is reliable and pays attention to details. 
• And it’s important to know if a new project might block your beautiful view.
• With this knowledge, you can decide which project to consider.

• Maintenance fees: 
  • Don’t forget that you need to maintain your property if you want to increase its ROI and capital appreciation. 
  • You should repaint the apartment after renting it out.
  • Fix any damaged appliance.
  • Plus, in Dubai, tenants don’t pay the building maintenance fee.
  • The owner is responsible for paying the fee. 

By avoiding these common pitfalls and conducting thorough research, you can transform your Dubai property purchase from a risky venture into a sound investment. Remember, knowledge is power!