If you are thinking of investing in an apartment in Dubai UAE? You’re not alone. It is becoming one of the most attractive cities for both residents and investors due to its luxury lifestyle, tax free income and expanding infrastructure. Then, before you put pen to paper, there are a number of things you’ll want to ask and think about that go far beyond what location and price you can find.

If you are planning to buy property in Dubai then it is essential to go into the process well informed. Basics are not rocket science, they can save you from stress and excessive money spent on it. Whether, you are a first time buyer or an old term investor, here are a few of the basics that you need to know before you invest your money. These following points also cover from legal regulations to long-term strategy to what you should know before making a smart move in real estate.

Here are the 9 Things You Need to Know before Buying Real Estate Property

1. Understand Your Purpose

Before you do any property deal, you need to determine why you are buying before you even look. Are you going to live in the space, use it as a vacation home, or renting out on a long term income basis? Knowing what you want to achieve helps you to cut down your options and to make decisions that lead you to your goals. The location and type of property you will choose will be influenced by this clarity.

2. Research the Location

The surroundings will have a big effect on a property’s value. When checking areas to explore, look into safety, nearby facilities, public transport and development plans. A good investment usually has an area that’s well connected and growing rapidly. Always look ahead before selecting a location for finalizing because future development projects can also enhance the value of your property over time.

3. Set a Realistic Budget

It is tempting to go overboard with luxurious features and having a prime location but it is important not to go overboard and remain within the budget. Also, remember to include other costs such as agency fees, maintenance charges, property registration and furnishing. If you have a clear financial plan, you will stay grounded and avoid any surprises at the last minute that could spoil your purchase.

4. Get Pre-Approved for a Mortgage

Getting mortgage pre-approval not only helps you define your budget but it also shows sellers that you are serious buyer. It makes the negotiation and purchase easier, and more leverage is yours. Pre-approval additionally provides better indication of repayments each month and additional responsibilities to assist you better figure out your future.

5. Work with a Trusted Professional

It can be complex to buy property in particular if you are first time buying. However, a real estate professional with experience in the transaction should help you decide where to go, what to do, and take you through the steps, especially in avoiding pitfalls. Market trends, paperwork and being able, in some instances, to negotiate tactics, are incredibly valuable to have on your side for a smooth purchase.

6. Know the Legal Requirements

Property ownership laws are different from country to country, and for foreigners, can be vastly different. In addition, you should be well aware of the legal requirements for buying real estate in the country you choose to invest in. Zoning laws, property taxes and ownership rights can help you understand these issues as well so that you don’t get into trouble or delay from it in the future.

7. Inspect the Property Thoroughly

Before a purchase is finalized, a detailed inspection is necessary. This will help you to understand what structural problems, faulty wiring, plumbing issues or anything you may be unable to see right away. Defects can also exist even in new properties. By hiring a professional inspector, you get peace of mind and you may save yourself from easily paying thousands in repair costs down the road from a potentially unsuspected problem.

8. Check the Developer’s Reputation

Before purchasing an off plan property, ask for name of the developer that is known for quality delivery on time. Find out what they have developed previously, what the customers say, and whether they have any legal issues. Using a reputable developer increases your chances of getting a property of your liking and with long term value.

9. Think Long-Term

When purchasing real estate, it is not just about present life it is about future life. Think about the property in the future years. Will it grow in value? Is the neighborhood headed for improvement or for another decline? Including long term possibility will allow to be sure that the purchase will be profitable both financially and practically.

Conclusion

Making the decision to invest or even buy property is not a decision to make without great clarity and care. The process of executing a real estate deal is a process that has several steps that are all important to your success in the real estate market, from budgeting and planning, to inspecting and negotiating. Always take time to get the things right from day one.

It is also wise to consult a trusted property investment advisor for more support. This will have them navigate away easily, local regulations, market trends, and all required paperwork. The right guidance and a clear idea of your goals will present you in a much better position to make healthy, intelligent decisions in the real estate environment.