Watch out for these Traps When Buying Property

The pandemic had drastic impacts on every industry and sector. The world is still reeling from the after-effects of COVID-19. However, when it comes to real estate, things are slowly looking up in Dubai as well as all over the world. With fluctuating rates and real estate developers showing consideration and flexibility to the buyers, you could bag a good deal in Damac paramount towers or anywhere else of your interest.

But don’t rush! Along with people looking for business, there are scammers out there as well to rip you off of your money and waste your time.

Here are a few ways you can sidestep potential traps and buy a property in Dubai:

Choice of Broker

Be sharp and wise when it comes to choosing a broker for your property. Make sure that they are reliable and trustworthy. You can ask around for referrals among your friends and family. Check their license. With so many scams going around, one can never be too careful. Merely checking out the online listings is not sufficient. Head out and meet with them. Explain the kind of property you are looking for and honest about your requirements.

Find Out The Property’s Owner

Regardless of whether you are buying property for investment or residential needs, you need to know about the owner. Read the title deed of the property thoroughly. This is necessary for property purchase in Dubai. However, you would find the name of the owner in the Sale & Purchase Agreement if you are buying in Abu Dhabi.

Check the Tenancy Contract

If the property you are contemplating renting/buy is rented, make sure that you thoroughly read the tenancy contract. If the tenant’s contract is not completed, you cannot ask them to vacate. A 12-month notice has to be given to the tenants in written form when it comes to Dubai landlords and tenants. If the owner says he has given written notice, ask for proof.

Miscellaneous Fees

Some people take into account only the property’s actual price they are interested in, paying no attention to numerous other unavoidable charges, such as agent fees, bank charges, service charges, etc. Ask in detail about every fee charged to you. This would help you in managing your funds. Don’t forget about the new DEWA connections either. You would have to pay for that too.

Add all of them to the total.

Know What you are Buying

You should know what is included with the purchase of the property. Sometimes the features that you were told about are nonexistent. For starters, never finalize before seeing the property. Also, be sure of what is included. Talk to the agent/seller regarding this. Get all of them listed in the presale agreement if you can.

Be it Dubai or Abu Dhabi, there are certain technicalities involved with purchasing a property. Regardless you buy in Mulberry Dubai hills or anywhere else. See that you are careful, alert, and diligent throughout the process to ensure a clean and clear purchase without getting ripped off or trapped.