Buying your first apartment can often be a dream come true. Moving into your own place is not only exciting, but it is also a big step towards being independent. However, it’s important to avoid getting so caught up in the excitement of owning an apartment that you make rushed decisions.
Instead of throwing away money on rent, buying your own place can not only save you some money, but it also provides you with the flexibility of being in your own place and living by your own rules. The security of owning your own home can never be replaced by even a rent-controlled apartment. If you have finally decided to purchase your own apartment in Dubai (or elsewhere), there are some tips and tricks which will help you make the best decision.
Of course, before sharing tips on how to go about buying your first apartment, a question that has to be considered is why.
Buying an apartment is an excellent middle ground between buying a house and renting – you can get on the property ladder and start investing in your future instead of simply throwing away rent every month, yet asking prices can be considerably less than those expected for houses.
Buying an apartment in a place like Dubai, where prices are likely to continuously increase over the long term, can help you to gain independence in your own place, pay into a mortgage, and then potentially trade the apartment in for a house once the price increases and you have enough money down.
Whereas rental rates in the UAE decreased for the entirety of 2018 and Q1 2019, a noticeable increase in demand for higher-rated properties also led to an increase of tenants opting for lower-priced rentals. Hopeful buyers who have been watching this situation closely will be happy to hear that property prices in Dubai are stabilizing.
One thing is for sure – Dubai has huge global appeal and an image of glamour that has led to huge amounts of interest in foreigners when it comes to buying property in the city. People from outside the UAE who are interested in purchasing an apartment in Dubai will be happy to learn that it’s very easy for an investor to get a 10-year General Investor Visa without even needing a sponsor.
To learn more about the rules and process for this, check out the full guide on UAE real estate investor visas.
Otherwise, read on:
Top Tips For Buying Your First Apartment
As the saying goes, “fail to prepare and prepare to fail”. Taking your time and having the right approach can make all the difference in making the right decision which will serve you well in the long term. We have compiled a list of helpful tips for buying your first apartment.
Let’s take a look:
- Don’t Stretch Your Budget: Rather than spending all your money, be financially responsible. Although you may be drawn to large luxury apartments in the best areas with amazing features like a roof-top pool, can you really afford it? Property prices in Dubai, for example, can vary widely depending not only on the area, but a wide variety of other factors such as nearby noise, traffic, and the size and amenities of the property. Make smart decisions: think less “luxury” and more “functionality.” Don’t stretch your financial budget to buy one place.
- Location, Location and Location: Location is the most important factor when buying an apartment. You can purchase an amazing apartment, but if the location is unpleasant or unsuitable, you will quickly live to regret your decision. Choose a location near parks, schools and other facilities which will not only be handy for you but for future potential buyers. Your location will contribute towards the price of your apartment if you want to sell it in the future.
- The Neighborhood: No one wants to live in an unpleasant or unsafe neighborhood. Instead of buying a bigger apartment in a shady neighborhood, buy a smaller apartment in a nice one. Research the neighborhood to make sure it offers all the amenities, facilities and security you look for.
- Sturdy Construction: Before buying your first apartment, it is essential that you have a professional do a building inspection. You should ensure that the property is in good condition, which can save you thousands of dollars in future repair or maintenance costs. Furthermore, one of the biggest issues with new apartments is the thin walls. You don’t want to buy a place where you can hear your neighbors fight, talk or move around. Only a professional can really assess the condition of the apartment and identify any potential issues.
- Number Of Units: Large developments are considered a high risk offer investment, as well as offering less privacy. Try to find a building which has a lower number of units in the one development. This will offer privacy, lower maintenance costs and will likely mean a better return on your investment in the long term.
- Parking Spaces: Does your building offer enough parking spaces for everyone? Additionally, is the parking space close to your apartment or completely in another block? Parking your car in a faraway place or having too few parking spaces available can become a huge nuisance in everyday life. So, before buying the apartment, make sure that the building offers close and adequate parking spots.
- Think of The Future: You may be single right now, and an apartment with a single bedroom might lure you in. However, if you are planning to expand your family in the future, you should think ahead. Get an apartment which offers an extra bedroom or space for future remodeling and construction.
- Security: Does your building offer enough security? Are there security cameras to monitor visitors and intruders? Can anyone just barge into the building? These are some important questions that you need answered before purchasing an apartment. Security might not be at the forefront of your mind when apartment-hunting, but it will become critical when you are living there.
- Serenity and Quietness: While everyone enjoys a party, no one wants to buy a place in a noisy neighborhood. Make sure that your new apartment is far enough away from noisy nightclubs, restaurant strips or on-going construction. This will save you from a lifetime of sleepless nights.
While buying your very own apartment in Dubai for the first time can be a huge step towards an exciting new adventure, it’s important to do your research, make the right decisions, and not get carried away.
Pay close attention to the security offered by the building, and research the neighborhood crime rates well, as well as other factors that may affect property value. It shouldn’t be dangerous or loud and should have good potential for a future house price increase.
If you take your time and do your research, you will find an apartment suitable to your tastes, lifestyle and even budget. Now your next step is finding the right removal company!
- Investment2 years ago
Investors Compare Residential To Commercial Property
- Investment3 years ago
What Do Landlords Fear Most?
- Management2 years ago
Top 7 Reasons Why You Should Hire a Property Manager
- Buy2 years ago
Who Is The Real Estate Agent Working For?
- Investment3 years ago
AirBnB Your Rental Property Is It Worth It?
- Investment2 years ago
Tips From A Property Investor On How To Improve ROI
- Management2 years ago
Healthy Homes For All!
- Buy3 years ago
How To Get A Property Before You’re 30
- Legal3 years ago
How to Deal with Tree-Related Neighbour Disputes in Australia
- Technology2 years ago
The Future Is Now: Some of the Most Spectacular Home Automation Upgrades