6 Great Tips for Purchasing Your First Apartment in Dubai
Most assuredly, buying a home is one of life's most important decisions. As many people put it, when you buy a home, you're putting down roots — you're settling and realizing a tangible goal for your future. In addition, you can't overlook the fact that buying a home is quite an expensive activity.
Plan Your Purchase Carefully and Strategically
As such, you must carry out your property buying decision with a smart plan. After all, the entire process is not just about finding a structure with four walls and a roof. You are also looking to build the life that you have always wanted.
So, if you wish to settle in Dubai for good, you need to make sure that the first home you buy will serve you for a long time. On top of that, it needs to effectively contribute to the kind of life you long to uphold for yourself and the people you may want to share your life with.
In the City of Gold, most expats (which make up about 80 percent of the city’s population) typically prefer apartments to detached homes. This comes at no surprise because over the years, it's just become so much easier to find apartments in premium locations as opposed to detached homes.
Besides that, apartment living has proven to be more convenient. You have access to more amenities and units that have gorgeous designs and are built with high-quality privacy and security systems. Therefore, if you are also leaning towards purchasing an apartment for your first official home in the city, you need to devise a solid plan. To accomplish this, consider the following tips:
1. Find the right buyer's agent.
One of the best things about working with an agent when you're looking to buy an apartment in Dubai is that you can access more options right away.
Conducting all your research entirely online will often only lead you to the most popular residential provisions in the city. However, if you are working with a highly experienced agent, you'll even learn about apartments for sale that are not posted online or anywhere at all.
Also, if you are keen on looking into a Dubai off-plan property for sale, working with an agent will keep you updated on the ever-shifting discounted rates due to buyers backing out and other circumstances. This is valuable information that you can use to your advantage, especially if you want to save a bit of money from the pricey investment.
2. Consider using apps as well.
To supplement the advice and guidance you receive from a trustworthy agent, turn to technology. These days, websites and smartphone apps can provide you with additional information that can help you find an apartment in Dubai. From targeted listings of apartments for sale to attractive payment plans, to tips for closing a deal and detecting property issues, you can find them all online.
3. Establish the life you want to uphold.
Always keep your lifestyle in mind. This will provide your search a more defined direction. However, at the same time, by placing the life you want to uphold a priority, you'll find it easier to determine the property qualities to be flexible with.
For instance, location is always a top consideration when buying a home. Naturally, you want your apartment to be in an area where living can be quite convenient. But, if you are deeply aware of what you want your life to be like, you should also entertain options that may not be in a prime location but where the community culture is similar to your personal culture, and the cost of living is more manageable for you.
More often than not, sacrificing a thing or two that you want can yield the best outcomes when it comes to finding a home to buy.
4. Prepare yourself for additional costs.
It's not uncommon for the price of units in apartment blocks, be they standing or off-plan properties, to come with additional costs. The standard price revealed in marketing campaigns is rarely all that you need to pay. Therefore, during the inquiry stage, ask about the additional fees right away.
These additional costs usually include the cost of parking space if you have a car, and property maintenance, especially if the unit is in a luxury high-rise building. Do the math for all the additional costs; the sum can help you decide if you really like the property.
5. Be patient.
Again, a house is one of the most valuable investments you will make in your life. Do be patient with the process, and always keep an open mind, especially with the selection of potential homes. While you may not yet find the apartment that suits your requirements, its construction may already be underway.
So, if you will not settle for anything other than the house of your dreams, be ready to play the waiting game. Remember, good things come to those who wait.
6. Go for what you truly want.
Real estate agents also recommend sticking to what you truly want. If you find an apartment that includes everything you want, but somebody is already living in it, do not hesitate to make an offer.
Sometimes, all it takes is an excellent offer to turn a property owner who is not selling into one that is ready to sell. You really have nothing to lose in following this tip, so make the attempt, even if the chances of swaying the property owner to your favor are slim to none. You’ll never know until you try.
Those are some of the best tips to use when buying your first apartment in the City of Gold. There's no arguing that the process can be challenging. However, as long as you have a plan, and you are psychologically and emotionally ready for the task, searching for the perfect home to buy will be well worth all the effort. You may even enjoy the process and learn so much from it.
Mark Tolland is the Founder and Managing Director at Abode Property, a boutique real estate brokerage ﬁrm providing top-notch, personalized services to discerning landlords looking to sell or let out their premises in prime locations of Dubai like Marina, Downtown and The Palm. The firm also advises global HNIs looking to rent or buy a prized asset in Dubai, and prides itself in upholding high service standards, ethics and accurate advice.