First Time Buyers- Make sure you do your homework and understand the market before you make any decisions.
Availability- Familiarize yourself with the areas/ neighborhoods/ developments that are most desirable and the types of units available (villas, townhouses, apartments, etc.)
Understanding the Process
Financing/Mortgages - One of the key deciding factors in today's market, given the severity of the global credit crunch, is the availability of financing and mortgages. Not only is financing difficult to secure, but most lenders have very stringent requirements and this often proves to be the deciding factor in the majority of purchases.
Ownership Options- If financing proves to be a complex process, there are however a number of other options available to buyers. Some developers even offer rent-to-own schemes on ready properties, which has proved to be quite successful.
Regulations - A number of stringent ownership regulations exist and have been put in place by Dubai's Real Estate Regulatory Authority (RERA). It is important to check with RERA to ensure that all formalities are completed whilst finalising any deal.
Making the Decision
Set a Budget - Before making a selection on an area, or type of property you wish to purchase, it is advised that you set a budget, which will help you and any property brokerages assisting you, to make a suitable choice.
Property Brokerage- Selecting a property brokerage to assist in locating the right home at the right price for you takes a lot of the pressure away from finding the right home. It is often recommended to select two or more brokerages in order to be able to cast a wider net on the types of property you view before making a final decision. Established brokerages have large inventories and are usually willing to show clients a range of properties that are both within and out of their budgets, which helps buyers understand the market and what they can get for their money.
Negotiate - Negotiate the price. Nothing is set in stone.
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