What comes to mind of a first-time investor who has never invested in real estate? Fear? they perceive it to be risky worried they will end up with unsustainable debt. Many worries as they are not well versed with the market movements and lack of knowledge of Dubai real estate market. In fact, investing in property is not a risky proposition, as long as the right steps are taking in terms of gathering information, work with the correct professional to ensure he is not rushing before taking the first step.
We at DREX have highlighted few points that can minimize the risks while investing in real estate in Dubai. We encourage our clients to consider them before taking the next step in property investments in Dubai real estate market.
The world has changed, with information now available on your fingertips and one can get insights about properties with easy clicks from the comfort of your home. Before moving further get more information on the developers / developments / areas. Which areas are popular, which developers have a good track record, read about developments and buildings?
Research what promotions are been offered by the developers i.e.Long-TermPayment Plan, Registration Fees Waiver, Service Charges Waivers. You can get more insight on various projects by connecting with an experienced real estate agent who has access to knowledge such as quality of work and average time taken to finish any project as well as the financials attached to any investments.
Try not to over Leverage yourself.
Make sure you have kept aside some funds before making an investment in property in Dubai which works as a buffer for you when there are unseen circumstances which arise such as delay in leasing the property or reselling. Only thought process for having extra funds is that in case of emergency you do not need to make hasty decisionsand your investments will give you good returns and you do not fall into the trap of short term downfalls which arise in the market.
Get the Advice of an Expert
One cannot become an expert only by researching online, as it gives you an idea about the property market, or in most cases confuses investors even more, with the variety of different options available.Talking to an expert helps guide you through the various
Clients sometimes want to save few dollars by not taking the advice or services of professional real estate agents and mostly end up making the wrong decision. An expert real estate agent is experienced and has a skill set which will help you in saving both time and money. The real estate expert will help you with his expertise to give you the guidance in property pricing, location, reputable developers, better payment plan options, negotiations skills that will help you make the right decision.
Always ensure the documentation is correct
Always ensure that you read and take advice of your expert real estate agent before signing any sales and purchase documents. Especially if you are a first-time buyer it’s better to consult an expert to help guide you through the agreements, as some of them run in 30 – 40 pages.
Don’t be too quick, but don’t take too long.
Many times it happens that while buying your dream house or investing for the first time you tend to make quick decisions without taking the advice of the real estate agent or doing a proper research and you end up being emotional and make the down payment which results in either making a huge loss as an investor or you end up paying more for the property, or not getting what you had anticipated. Be calculated and discuss it with your real estate agent before proceeding.
You may also end up taking so long that the property which was indeed a good deal is sold and you end up buying something that was not your first choice.
We hope this short article will be helpful, if you are interested to get more information about investing in Dubai property market and get advice from our expert real estate agents please feel free to contact us.