5 questions you need to ask before you do some Dubai Investment
So the hunt is over: You’ve found a house that fulfills your checklist, matches your budget, and you can’t wait to buy it. But there is a list of 5 questions you need to ask your realtor before you buy real estate in Dubai.
Know the Defect Liability Period
Defect Liability Period is a protective window that you may expect out of a branded quality real estate as the buyer, against any manufacturing defects, typically for at least a year. Make sure to discuss this with your developer so you don’t end up paying for repairs that are supposed to be covered.
What are your surroundings like?
Imagine among the vast dubai property market, you chose living next to noisy neighbors or having rackety kids running/cycling in the corridor at odd hours. Get to know at least your immediate neighbors before you buy that house. You may find a bunch of them, since we’re talking about Dubai real estate market. Find out how strict is the security when it comes to ensuring peace for the residents. Also, don’t forget to look out for parking spaces in the neighborhood. If you like hosting get-togethers often, you wouldn’t want your guests to complain about insufficient parking!
Homeowners’ rules and regulations Dubai investment
Some properties have strict rules and regulations on things like use of facilities, entry of guests, pets, etc. Find out if all of them are acceptable to you as a homeowner and which are the ones that are negotiable.
Are there any hidden costs?
Apart from the annual maintenance fee that homeowners across the UAE have to pay, you also need to consider VAT this year onward. Yes, VAT does not apply on real estate transactions but it is not completely non-existent in this industry. For example, if your real estate developer in UAE is charging for parking separately, then the parking fee amount will be taxable.
When is the handover?
Well, you probably already know the answer to that. But if you’re investing in an off-plan project and planning your move-in around the handover time, its best to find out if the past handovers from the developer were on time. That way, even if the developer is known to not deliver on time, you can keep a grace period to avoid yourself some trouble later.
Buying a house is always an exciting decision, especially when you are buying it to live there. We at Vincitore Group want your purchase process to be smooth and hassle free. Be clear on the questions listed above and you’re good to go with some of the amazing developers in Dubai.
Happy house hunting!