Home to several attractions and world-class residential
developments, Dubai has become a preferred choice for many expats looking for a
second home. The emirate offers a lavish lifestyle and abundant opportunities
to grow and prosper as a professional and entrepreneur. A tax-free environment,
enhanced safety and security, an upscale lifestyle are other major reasons that
attract a lot of people to Dubai.
The biggest challenge as an expat you will face in Dubai, once you
have moved here, is to find the right apartment that’s easy on your budget and
offers the maximum utility. Now, there are different types of apartments to
choose from, available in varying configurations and layouts. Some of them are
nested in waterfront
developments that are known for their stunning architecture, scenic views and
modern interiors.
With so many options available, it can be tough to choose the
right one. To help you with this, we have come up with a comprehensive
apartment buying guide in Dubai.
Continue reading to know more!
Set a Budget
Let’s start with the most clichéd advice. You need to set a budget
when selecting an apartment. Whether you intend to buy or rent one, this step
holds crucial importance. Take various factors into consideration when setting
the budget. These include your monthly income, savings, lending capacity and,
most importantly, how much you’re willing to spend on the apartment.
If you are buying an apartment, you will most probably have to
apply for a home mortgage loan for this purpose. Make sure you start planning
for it in the earliest stages. The sooner you do it, the better it is because
the application may take some time to approve. The bank will take various
factors into consideration, including your employment status, credit score and
history, the ability to repay the loan, etc. during the application review
process.
After your loan has been approved, you will get a pre-approval
letter, which you can then use for your apartment hunt. This letter also
mentions the maximum amount a bank can lend you. This way, you will have a
better idea when setting the budget.
Finalise a Location
This is another important step and requires a lot of consideration
and deliberation. It doesn’t matter if you’re looking for an apartment to buy
or a rental unit, you need to choose the location wisely.
Ideally, it should be well-connected and located close to the city
centre. This way, you will be able to have convenient access to various
facilities, including public transport. Also, make sure that the apartment is
located close to your workplace. This will help avoid commutation hassles.
Now, the tricky part here is that apartments located within the
city centre can be very expensive, both in case of rent and buy. If you’re
renting one, you will have to allocate a major portion of your monthly income
to pay the rent. And in case of buying one, you would need to get a huge loan
along with using all of your savings. The latter is a mistake you shouldn’t
make. Always keep some amount separate for the rainy day.
If you’re facing budget constraints and cannot find an apartment
near the city centre, you can look for developments located at a distance as they
are relatively affordable. You can also opt for off-plan properties. However,
you will have to wait for its completion before you could shift in it. If you
are willing to do so, you can choose Stella
Maris tower located in Dubai Marina. It holds great prospects because of its
ideal location. The project will be ready in Q2, 2022. This means that the
waiting period isn’t quite long either.
Those buying an apartment in Dubai must know that expats can only
do so in selective communities, known as freehold areas. However, you can lease
or rent a property anywhere in the emirate without any issue.
Know About the Actual Cost
This is applicable both when you’re buying and renting. The amount
advertised may not be the actual cost. There are so many other expenses
associated when buying or renting a property in Dubai. Some of these are
agent’s commission, DLD registration, tenancy contract registration, title deed
registration, etc. You need to take them into account before finalising your
decision.
Lastly, you should know about the complete property buying and
renting process, depending on your requirements. Get expert help if you’re new
to this city as they can guide you in a better way, apart from giving you key
market insights.
