How to Choose the Right Property for Your Needs

Finding the right property is not just about the physical features but also about understanding your personal preferences. We understand that buying a property in Dubai requires careful planning and the right guidance. Regardless of whether it is your first time buying a home or if you want to upgrade, the process can be tough. That is why, in this blog, we will make things easier by giving you practical tips on choosing the perfect property that meets your needs.

Determine Your Budget

Your budget is the backbone of your house search. Estimating the amount you are willing to spend on a home you can afford is the best way to go. Here is a breakdown to help you learn more about budgeting.
 

Set a Budget According to Your Preferences

To set a budget for your property search, you must first decide on the type of property you want to buy. For example, an apartment might be better if you prefer low-maintenance living. However, a villa might be more suitable if you value privacy and space. Think about the features and amenities that are important to you. Do you need a property with a gym, swimming pool, or a parking space? Do you need a garden or a balcony on your property? Once you clearly understand your needs, you can easily set a budget. Your budget should include the property's cost and other related expenses, such as legal fees and moving expenses.
 

Consider Your Income

Your income is the key factor in the budget-making process. It is advisable not to allocate more than 30% of your monthly income towards mortgage payments when creating a budget.

Remember Additional Costs

Some registration fees and taxes should be paid when buying a property in Dubai. 

Registration Fee:

AED 2,000 + 5% VAT for properties under AED 500,000

AED 4,000 + 5% VAT for properties higher than AED 500,000

DLD Fee:

4% of property value + AED 580.
 

Conveyance Fees:

The cost is between AED 5,000 to AED 10,000.

Agency Fee:

2% of the purchase price.
 

Property Valuation Fees:

From AED 2,500 to AED 4,500.
 

DLD Mortgage Registration Fee:

0.25% of the loan amount

AED 290 will be applicable when buying the property through a mortgage

Research Different Neighbourhoods and Proximity to Essential Services and Amenities

Living close to important services and amenities can make your life easier and save you time every day. Different neighbourhoods offer different amenities, accessibility, and lifestyles. Visit different neighbourhoods and explore their surroundings to get a feel for what it would be like to live there. Talk to locals, read online reviews, and gather as much information as possible. Look for areas near essential amenities like schools, hospitals, supermarkets, hotels, and public transport.

Evaluate the Property's Size and Layout

The size and layout of the property can greatly impact your life. Determine the number of bedrooms and bathrooms you require, along with the footage of the property. Think about whether you need space for a home office, guest room or hobby area. During your property inspection, assess how well the rooms connect and if the layout fits your lifestyle. Consider the placement of windows for natural light and the overall functionality of the space.
 

Assess the Condition and Age of the Property

Older properties require more maintenance and updates, while newer ones may have modern features and energy-efficient systems. Assess the property's condition to determine if repairs or renovations are needed. Properties with potential for improvement offer excellent value for money. You can add value by renovating or extending the property. But before extending your property, see if you will likely get permission from the authorities.
 

If you are uncomfortable with renovations or repairs, choosing a newer property or one in move-in-ready condition may be more suitable. However, if you are willing to update an older property, it could offer great potential and value.

Future Growth and Development in the Area

Future growth and development impact the desirability and value of a property. Enquire about upcoming projects, infrastructure improvements, or developments that may impact the location. You might not be considering selling just yet, but the property's resale value depends on these factors. Assess if these future developments could increase the value of the property. Look at the prices of similar properties in the area to get an idea of your property's potential resale value. Research the local real estate market to understand the current trends and forecasts for future growth.

Make a Final Decision

After considering all the factors and conducting detailed research, it is time to decide and finalise your property choice. Review all the information you have gathered, weigh the pros and cons, and trust your instincts. We recommend seeking professional advice from a real estate agent to ensure you make the right decision.
 

Once you make up your mind, settle the purchase by signing an MOU, agreeing on sales terms, obtaining NOC from the developer and transferring the ownership. Work with real estate agents, landlords, or any other relevant parties to ensure you have all documents ready.

Final Thoughts

Buying a house is a big financial decision, so it is important not to rush into it. A hasty decision can result in inconvenience and financial loss if it lacks sufficient research and planning. It is a life-long decision, therefore, think carefully and consult an expert if necessary. A well-thought-out decision will ensure that you invest in a property that meets your current needs and gives you a better future.

Find your dream home with us today. Contact us now, and we will help you choose the perfect home to call your own.