If you’re 2020 goal is to buy a new home, you are presumably nearing your deposit target financially. So, what are the next steps?
Lewis Allsopp, CEO of Allsopp & Allsopp explains 5 processes that will equip you to achieve your goal of buying a property in Dubai.
1. Save, Save, Save
You may be nearing that deposit target, but do not waver far from the trail. If any change is to be made to your saving amount at all, it should be increased! As well as a minimum deposit of 25% on your dream home, you will need to factor in the transfer fee of 4%, the broker fee of 2% and then other relatively smaller costs.
With all of this in mind, keep checking out the prices of properties and work out how much you can afford with all of the fees included. It’s a great idea to have a little extra for all the lovely furniture you’ve had your eye on too!
2. Get your documentation in order
Before you apply for a mortgage pre-approval, be prepared with all the documentation you will need. It is advisable to seek out the advice of a mortgage consultant who can talk to you in detail about what is required. To speed up the process, make sure you are in possession of the following:
- Passport copies with visa page visible
- Emirates ID front & back.
- Salary certificate in original format
- 6 months payslips if applicable
- 6 months bank statements
- Latest credit card statement for all your cards.
- Details of existing liabilities (car loans/personal loans/mortgages).
- Previous employment letter if the current job is less than 2 years old.
3. Widen your horizons
Now you have a budget in mind you can start to make a list of must-have property features such as the number of bedrooms required, the driving distance to a school or a workplace or whether you prefer a villa or an apartment. Be prepared to compromise! It is very rare that a property will tick every box so put this list in order of importance. You may be looking at something specific, however, you may be cutting yourself short. Look into as many options as you possibly can. There are properties you may not even know about which ticks many of the boxes you’re looking for.
4. Work with a reputable real estate broker
Find a real estate brokers in Dubai who is seasoned in the market and will give you advice. You need to feel comfortable with your broker, this is a huge decision, one of the biggest you will make in your life. It is imperative that you get your broker to talk you through the entire sale process in Dubai from start to finish; from how to make an offer, the negotiation process, the paperwork required, the NOC, transfer appointments and the handover. It is time to do as much due diligence as possible and ask every single question that pops into your head.
5. Check, Check and Check again
If you have found your property and you are all ready, there is one more piece of advice for you; before signing a contract, you must read it! Once the contract is signed, you don’t have any means to negotiate for certain factors that may be missing or details you may discover after the contract is signed. Take a good look around the house and ensure you are happy with everything. Do not assume certain aspects are a given. If you see something missing from the contract, you must make your agent aware and get it added before you sign.
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