Fluctuations in the real estate market are a common scenario in any country. In Dubai, consumers can take advantage of the falls in property prices as long as they are informed. Here are some helpful tips:
Set a Budget
If you are in the real estate market to buy one of the homes and apartments for sale in Dubai, ensure you have set a budget first and think about the fees involved in the purchase. Often, the fees are 7.5% to 8% on top of the deposit. Consider maintenance and service fees that tend to vary by areas.
Research the Market
Determine where in Dubai you will scout for apartments for sale. Make sure you pick a promising area where people live for various reasons such as great access roads, nearby schools and access to other amenities. Also, it might help you to speak to a friend who ownsa property in Dubai to get more relevant information.
Obtain a Financing
A mortgage is not an exciting end of a property search; however, you need to spend time for it. Make sure you shop around for lenders and compare the options available to you and their rates. Make sure you get pre-approved for a mortgage loan so you can bid more efficiently. Your financial position and income profile will be evaluated by lenders to determine your capacity to pay off the loan.
Don’t Take Part in Bidding Wars
In a depressed market, property prices tend to be moderate. This means that you can easily make a compelling offer without having to make any further bids. Just make sure you are working with just one agent so don’t end up in a bidding war with yourself.
Take Time Knowing the Seller in Advance
What you could learn about the seller could change your offer. For instance, if the seller is moving to a new place and wants to close the deal quickly, being one of the first few people to make an offer increases your chances of getting their house. To know the seller, it takes asking a lot of questions.