7-Item Home Buying Checklist For First-Timers In Dubai UAE

7-Item Home Buying Checklist For First-Timers In Dubai UAE

Dubai is the city of gold, landmarks, skyscrapers, accolades, fantasies, and vacations. It’s a great area to live, work, and do business. The region’s streamlined tax structure is one of the key benefits, whether you’re looking to buy a home or property to invest in. But what are the most crucial considerations to make while purchasing a new property in Dubai? Check out this city of gold first-time home buyer’s checklist.

Here is the best property to buy:

Due to the variety of property types available in Dubai at competitive prices, it is a favorite among investors. The real estate industry in Dubai is expanding. Apartments, condominiums, villas, and townhouses are your options.

  • Apartments: Apartments, which may range from studio-style flats to three-bedroom apartments, are the most common kind of residential property in Dubai. There are also lofts (with a modest second story) and duplexes, which have two full floors of flats. One to two-bedroom residential apartments come with a range of facilities, including communal pools, roomy balconies, gyms, swimming pools, and CCTV surveillance.
  • Villas: A villa will be a larger residence for your large family than an apartment. Larger living areas, connected garages, and private gardens are frequent features of these independent housing units. Three to seven-bedroom connected, semi-detached, or detached villas are just a few of the different bed options available. Compared to detached and semi-detached villas, attached villas share facilities while being more exclusive and private.
  • Townhouses: Townhouses or townhomes are linked to neighboring apartments by a shared wall. In Dubai, there are three to six bedrooms in semi-detached and attached townhouses. To help you choose a residential home in Dubai, seek the advice of a seasoned real estate firm.

Determine your eligibility:

If you’re a foreigner, be sure you are eligible to acquire land or a home in Dubai. It implies that you must be permitted to live in Dubai and earn a reliable income.

  • age of at least 21 (up to age 65)
  • a minimum monthly salary of AED 15K for those with jobs and AED 25K for those who are self-employed.

Prepare the mortgage requirement:

If you’re taking out a mortgage to buy a home, you must fill out an application and get the necessary documents ready. Depending on the bank, the criteria change. Typically, the following documentation is required when applying for a mortgage loan in Dubai:

  • a legible copy of the visa and passport
  • Your UAE ID in a clear copy
  • a pay stub as evidence of employment
  • evidence of residency (a copy of tenancy contract or Dubai Electricity and Water Authority or DEWA bill)
  • pay stubs and bank statements (past six months)
  • recent statements from your credit cards

Choose a finance institution:

You can obtain a mortgage or house loan from a bank or another reputable financial organization. Foreigners can borrow money from most banks. Large multinational banks also approve loans for greater amounts than regional banks.

Know the down payment or deposit:

It’s important to decide how much you’ll spend and your payment alternatives before you purchase your first house. In the city of gold, the down payment is typically 25% of the entire cost of the property. Off-plan properties are offered by several real estate developers with varying down payments.

Know the legal steps:

What procedures must you follow legally to purchase a home in Dubai? For real estate transactions, you must first create a buyer and seller agreement. Negotiating the conditions of the sale is the next step after finding the ideal property. If you want to pay cash for the property, take advantage of this to negotiate the best deal. Make sure that you and the seller have a clear understanding of the method of payment, the purchase price, and any other legal requirements. Once both parties have agreed, the sale agreement or memorandum of understanding must be signed at the following stage in the legal process (MOU).

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