Investors or home buyers are very keen to details. Its their money so they deserve to have all the information possible. Here is frequently asked question when purchasing a property.
NEW CONSTRUCTION vs. EXISTING PROPERTY
New construction typically provides competitive pricing, the ability to customize, and modern amenities. Delays, increased costs, and the unknowns of a newly developed neighborhood are all risks. Existing properties provide convenience, quicker access, pre-existing improvements (utilities, landscaping, etc.), and, in many cases, lower costs. Consider monthly outstanding dues, maintenance costs, and taxes. Costs like these can have a significant impact on your cash flow.
When purchasing leased property, determine whether it is rent-controlled, rent-stabilized, or free market.
Is the lease coming to an end?
Are the tenant’s renewal options favorable?
Who owns the furniture?
Check items for quality (furniture, fixtures, and equipment) if they are to be included in the sale
DEVELOPERS
Reputation is built over time but can be shattered in seconds by a simple mistake. The developer is an important consideration when purchasing a property. It is critical to have previous client feedback. The developer has a reputation to uphold, so the property’s design and execution must be flawless. When an investor seeks to invest in an industry such as real estate, where growth rates fluctuate throughout the year, it is usually not a one-time transaction. As previously stated, the initial investment is made with the property’s prospects in mind.
PREVIOUS PROJECTS
Each developer has a different project, such as apartments, townhouses, villas, or plots. Knowing about previous projects gives an investor an idea of whether the money they are about to release will be productive. It is important to revisit the project after some time has passed. In projects with phases, it is recommended that investors personally interact with the investors of the first phase to ensure that their investment is truly secure and profitable.
HIDDEN COSTS
Who does not have a dream of having a home you can call “my own”? Home hunters or investors should put in mind that in every purchase there are always hidden costs/charges. Here are the usual hidden costs of buying a property here in UAE.
- Transfer and registration fee
- Real estate Agency Fees
- Mortgage Fees
- Insurance Fees
- Security Deposits
- Maintenance and service charges
AMENITIES
Community Amenity refers to any public benefit, improvement, or contribution that can improve a community’s quality of life, and includes, but is not limited to, public spaces, land, or an interest in land, affordable and/or special needs housing, and facilities that meet the community’s social, environmental, cultural, recreational, and infrastructure needs. Nobody wants to purchase a home in a community that has no amenities. Having top-quality amenities and facilities is a plus in every residential complex. The usual amenities are dedicated parking space, pool, gym, kids play area, open garden, walkways, and bike lane.
DEVELOPING AREA
Location is a key factor in investing on a property. Some residential complexes are built in empty spaces or undeveloped areas. Contacting government offices or other public agencies in charge of zoning and urban planning is one way to learn more about the prospects in the area around the property you’re interested in is one way to gather information. This will give you access to long-term area planning and allow you to determine how favorable or unfavorable it is to your own property plan.
Read other : Buying Ready VS Off-Plan Properties in UAE: Which is the Best?
FINANCE
Many banks offer mortgages; it all depends on the individual’s ability to pay. Mortgages are loans used to purchase homes and other types of real estate. The property itself serves as loan collateral. there are two types of mortgages, Fixed-rate and adjustable-rate. A mortgage’s cost is determined by the type of loan, the term (such as 30 years), and the interest rate charged by the lender. Rates can vary greatly depending on the product and the applicant’s qualifications. Contact US Al Zaeem Real Estate in Abu Dhabi, UAE
