Your Guide to Buying a Vacation Home in Dubai
Buying a vacation home in Dubai can provide you with a range of limitless possibilities but the process in itself can be a little challenging for most. Hence, here is a guide to help you buy that perfect vacation home in Dubai which you have been eyeing since quite a long time.
What Type Of Property Are You Investing In?
That is, are you investing in an off-plan property or a ready-built one? This should be your first and foremost step due to the fact that your type of investment determines how you’ll proceed throughout the process. Overall, the procedure would still be very similar but the amount required to make the purchase will differ, along with a few other things too.
Start Your Research
Now that you have determined the type of investment that you are interested to make, start researching where you’ll like your vacation home to be located in. The unique thing about the Dubai property market is that there are many neighbourhoods which act like communities. Each community each has its own characteristic and personality. For example, Madinat Jumeirah Living encompasses luxury. It’s also a quiet and an environmentally friendly community. It is also within close proximity to day-care centres and schools making Madinat Jumeirah Living a prime location for families.
Start Your Property Search
This is the fun part yet it can also be overwhelming, therefore, the assistance of a Dubai real estate agency can prove to be very beneficial in helping you navigate the waters. This is especially imperative when it comes to purchasing a property from a private seller rather than a developer.
This is because an agent can do the heavy lifting that you wouldn’t be able to do due to the fact that you are not knowledgeable about certain procedures or because you wouldn’t have the necessary material required. They can also provide you with unbiased evidence in order for you to find the perfect place for you. Most importantly, ensure that your agent is licensed and registered with the Dubai Land Department.
If you are not making a cash purchase, then the alternative option would be to secure a mortgage. Therefore, you must be legally allowed to live in Dubai in order to apply for a mortgage. This is because lending institutions in Dubai would ask for a copy of your Emirates ID as well as other required materials such as your proof of address, salary details and so on.