If you plan to buy a property in a foreign land then you must keep in mind that this can be a good investment option. But at the same time you need to take precautions to ensure that you do not get into a rut. While talking about investing in properties in other countries one country which has a good real estate market is Dubai. But you need to avoid the following property mistakes while investing in the Dubai residential communities:
1. Not checking the structural condition of the house:
While buying a property in Dubai one may just go on the outward appearance. The investor may fail to focus on the actual condition of the house. He may miss out on surveying if the structure is in good condition. This can result in big trouble in the near future. So it is of utmost importance that you check the condition of the house before you buy real estate property in Dubai.
2. Failure to check the additional charges and cost:
The person may simply take into consideration the selling price of the house. They may fail to take into account the other charges that they will have to incur when they buy a particular property in Dubai. They have to take into account electricity charges, service charges, maintenance charges etc.
3. Checking the credentials of the person who is selling the property:
Checking if the seller is genuine is of utmost importance when one is considering investing in Dubai’s residential property. There are chances that the person may cheat you and you will end up losing the money. Also, if you are approaching an agent then you must make sure that he is a registered agent. Always check of the person who is selling the property has the authority to do so.
4. Clarity about purpose of investment:
While buying a property in a country like Dubai the person has to be clear of whether he is going to stay in that property or it is only an investment option or whether he is going to rent out the property. The person needs to take these things into consideration before deciding to buy a property in Dubai.
5. Renovation cost:
Some people may spend several thousand Dirhams to renovate the home that they have bought. But while doing this they fail to understand that in the next few years if they want to sell the property, then they may want to sell it at a higher cost as they have spent money on renovation, but this will result in very few buyers who will be interested in buying the property. So before you spend on any property renovation make sure that you do not over spend. Do only renovation that is absolutely essential.
Those who want to invest in Dubai residential property must first be clear about the purpose for which they are buying the property. They must make sure that they deal with only authorised agents and genuine sellers. They must also focus on structural survey, maintenance cost and renovation factors.
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