Dubai has proved itself to be a major global hub when it comes to real estate. This city is a top choice among several smart investors all around the world because of its diverse set of advantages and strategic location with easy access to all parts of the world. However, investing is a huge task which requires careful consideration of several factors. If you’re looking forward to buying a villa in Dubai, here are the top 10 factors that you need to consider before investing.
TYPE OF VILLA
Once you have decided that you are going to invest in a villa, you need to be aware of whether it’s freehold or leasehold. Freehold lets you enjoy complete ownership and leasehold does not let you do so. Freehold is expensive and there are no additional charges or need for renewing paperworks. As for leasehold, it is cheaper and you might have to pay an extra amount. There is a need for renewing papers and the tenure in this case is for 30,60 and 99 years.
CREDENTIALS OF THE DEVELOPER
Always check the builder’s reputation and credibility before you decide to invest on a project. Conduct a thorough research and check the past records, projects, customer reviews, and work experience of the developer from every source available.
FACILITIES AND AMENITIES
As a buyer you might have certain facilities that you are looking for in a villa which will be aligned to your interests and the kind of lifestyle that you want to lead. It is always recommended to check whether these amenities are present in the villa before you invest in one. Some of the amenities that people look for include swimming pools, gyms, spas, fitness centers and parks.
LEGAL DOCUMENTS
Make sure that you are well aware of the legal fees and procedures well enough to avoid miscommunication. Before buying a villa, there are four mandatory steps to follow- pre-sale agreement, memorandum of understanding, no objection certificate and property transfer.
PRICE APPRECIATION AND CAPITAL GAINS
It is important for you to evaluate several things needed for a smart investment. For this, price appreciation and capital gains are the two important aspects that you need to watch. When you invest in a property in Dubai, it has a maximum 10% ROI. However it also depends on which communities provide maximum ROI and great rental value.
LOCATION
Take your time to conduct a research on the location of the villa. Choose one that matches your preferences in terms of location, for example, if you need to commute to The Dubai Mall frequently, you need to choose a villa which is the closest to the mall. Besides, proximity of the neighborhood to your workplace, schools, shopping centers and overall ambiance of the area are important factors that are to be considered.
MAINTENANCE AND SERVICE
It is important to ensure that the villa is properly maintained and is devoid of defects or issues. You can hire someone who will conduct a thorough inspection and provide you with the report.
RESALE AND RENTAL OPTIONS
Remember to check the rental situation in the neighborhood as well as the infrastructure developments happening around the location of the villa which can possibly get you an even higher ROI when resold.
COMMUNITY REQUIREMENTS
Carefully consider the kind of community you want to be a part of and evaluate whether the villa that you have selected aligns with your preference. You can meet the residents of that villa to see if that’s the kind of lifestyle and community you want to be a part of.
SELECTING A REAL ESTATE AGENT
Look for a trustworthy and credible real estate agent who is experienced enough to guide you through the complex process of buying a villa. This way you can save a lot of time and energy on your behalf.
CONCLUSION
Buying a villa definitely requires careful consideration and analysis. It is thus very important to be aware of the type of villa, conduct a thorough research before selecting a real estate agent or investing in a property, review the legal procedures and be informed about the location, amenities offered and community requirements.
