There are a lot of things to think about when considering buying a new home. Especially if you’re planning to buy a property in a new city that you’re not so familiar with or even if it’s your first home, you might find the process a little overwhelming.
Basically, what you need is a place to start from, then go step by step throughout the process and the whole thing will become clearer to you.
The first thing you need to start with is deciding what you’re looking for. As simple as it seems, this particular step requires making some decisions that could seem obvious but call for awareness of some things.
In this article, you will read about the main points you need to consider in order to decide what kind of property you want to buy in Dubai.
Family home or investment property
There are some significant differences between choosing the home you want to live in, and a property that you want to buy as an investment. The differences revolve mainly around the lifestyle, location, size, type and most importantly ready or off-plan properties.
Off plan or ready properties
Off-plan or properties under construction are mostly more affordable than ready-to-move-in ones. Considering that there is a waiting period between the purchase and receiving the property, the price you pay for an off-plan property is a catch as the value of the property will increase eventually once the construction is complete.
However, deciding whether you want to go for an off-plan, or a ready-to-move-in property is to be decided according to your situation and the reason you’re buying the property for. If your goal is having the property to live in, or start renting and availing from its income as soon as possible, it would make much more sense to buy a ready to move in property. But if you find that you can sacrifice the wait in order to have a higher quality home or a better location within the same price range that you would have with a ready property, you can totally go for off-plan.
This might be the most important factor you should consider when planning to buy your new home or even to buy an investment property in Dubai.
The location of your property plays an essential role in the quality of life you have as well as the worth or your investment.
When buying a home for your family it’s very important to choose a location that ensures that you can spend as little time transporting between home and the places that you and your family members visit every day as possible. It's necessary to try driving to the location of the home you intend to buy before actually making the purchase to test the time you need to reach it from your everyday destinations at different times during the day, especially during the high traffic hours.
When buying an investment property, you need to choose a location that is sought after by tenants or buyers so that you can guarantee it won’t stay empty for long whenever you put it on the market.
The type of the property you choose can affect the style of life you have as well as decide how profitable your investment is, too.
It’s important that you decide whether you want to live in the house or you want it to be an investment before deciding on the type of the property you want.
Studios and small apartments are better choices for investment than large apartments or villas. As smaller sized properties are easier to rent or to sell if you decide to sell your property in Dubai.
While buying a home for you and your family requires thinking of your present and future needs. If there is the potential of your family getting bigger that means you will need more space for a comfortable lifestyle. So, a villa or a townhouse with many bedrooms would be a good choice for you as it won’t only provide the space you want, but also the privacy you need.
Services and Facilities
This depends on your lifestyle or the kind of life you’d like to have by buying this property when it’s a family home purchase.
If it’s an investment property, it’s important to focus on the availability of services that are important to the majority of residents in a big city like Dubai.
This includes metro stations, bus stations, schools, clinics, parks and entertainment places; or basically assets of the area where the property is. As well as the facilities provided by the building or the community like swimming pools, gyms, playgrounds, sport courts and so on.
You need to be clear of your financial situation. Whether you have savings that you can rely on or you want to apply for a mortgage, find out the maximum price you can put on a property without putting a burden on yourself. Try to find out the approximate amount that you’re eligible for as a home loan before actually looking, so you can look for the properties that you know you can afford.
An extra piece of advice
Visit drivenproperties.com and browse through the area guides showing the different communities in Dubai. Then have a look at the transaction records to have an idea about what is popular or what the service charges are per community or per project, and other useful information that can help you make an informed decision on the property you want to buy.