It is quite an exciting experience picking a property of your own. It can be either for personal use or for investment purpose, but still, you are going to be the owner of that property and it is a wonderful feeling to own property, especially if you are planning to buy a villa. It is the right time to invest in villas in Dubai. As the price of the property will be high and you are dealing with a huge amount you need to make sure that everything is in order before you make the final purchase. Below mentioned are a few things you need to keep in mind while buying a villa in Dubai.
Things to consider
Leasehold vs freehold- People who are not quite familiar with the real estate market of Dubai gets confused with leasehold and freehold areas. In order to make an informed decision, you should know the difference between these 2 areas:
- Freehold areas- Earlier days, a foreign national was not allowed to buy properties in Dubai. However, now things have changed and new laws were introduced by the Dubai government wherein certain areas were assigned as freehold land and people from any country could purchase property in these localities.
- Leasehold areas- In these areas, you cannot buy a property but you could lease a property or a piece of land. Leasehold property is any property that is offered on lease for more than ten years to 99 years.
Pick the right agent- You should choose an agent who has been in business for quite some time like fazwaz.ae as they know the market quite well and have all the information about each property, the builder, etc. Do research on the agent you have chosen so that you get the best deal and a good property of your liking.
Area research- It might be a tiring and long process but it is best that you get different areas checked out so that you can find the idle location you wish for your own villa. Each area would have own unique points and drawbacks. Accumulate all the details about the area and then decide upon the area you wish to reside or make an investment.
Property research- It is the most critical research point with respect to purchasing a villa as there are many properties that are for sale in Dubai. Under property research you should cover:
- Year of completion –It will give you a fair idea about the current state and quality of the property. Also, it shows how well the villa is being maintained.
- Service fee-You should compare the service charges with other similar neighboring building offering the same facilities.
- The reputation of the builder
Fees and charges- You should know about the charges and fees that are associated with a property purchase in Dubai. Listed below are fees you need to be aware of:
- Agents commission or fees
- Transfer fee for the property/ Fee for title deed registration
- Registration trustee fee