Since real estate property comes with a hefty price tag, you can’t afford to be lax when investing in one.
Buying an apartment in Dubai requires a lot of research. This includes taking as much time as you can to look at as many options as possible and studying the pros and cons of living in them. It requires visiting the properties a number of times as well.
This painstaking process helps you narrow down your options smartly and ultimately, make the right investment decision.
Asking the right questions when investing in furnished apartments for sale in Dubai can also help you select the right one.
But which vital questions should you ask to be sure you are buying the ideal apartment? Here are the five that should be on top of your list:
Who are the master developer and building contractor?
Whether you are new in Dubai or have been living here for several years, you have to know that some property developers and building contractors stand out and have a better reputation than others.
It is vital that you know which companies these are and invest in a property only from them.
Doing so ensures you will have a home that is carefully planned, well-designed, structurally sound and safe that can last for years, and aesthetically appealing.
It is easy to know the master developer and building contractor of the property you are interested in since you can find these details online. If you have visited the apartment, their names will be posted on their billboards and other ads.
If you are working with a real estate agency, you can ask them for the details you need.
Once you know the master developer and building contractor, go online and do some additional research. Check their track record. Have their projects satisfied their clients and do they have a good reputation in terms of property maintenance?
Look into the building contractor’s track record, as well. Are they consistent with the quality of construction on all their projects? Are there reports of their structures having any structural defects or issues?
The last thing you want to happen is to buy and live in an apartment that may have problems in the future. Narrow down your options further by getting as many details as you can regarding the developer and contractor.
Am I satisfied with the location?
No matter how beautiful and affordable an apartment is, you won’t be able to enjoy these benefits to the fullest if it is far from your workplace, your children’s school, and other places that you frequent.
Living in an apartment near your office, your little ones’ current school, supermarkets, malls, restaurants, parks, and other places of interest can make a great difference in your routine and lifestyle.
If your office is only a few meters away from your apartment, you won’t have to wake up early to commute or drive to get to work on time. You and your children will have more time to prepare for school every day as well, which means no more rushing in the morning.
With several nearby grocery stores, restaurants, and malls, you will have more options to choose from when you need to go shopping or want to eat out.
Aside from the additional convenience, you will be able to save money on petrol and transportation.
What other perks can I get if I live here?
One of the best things about living in an apartment is having access to several amenities that you can find in the building or complex.
Before purchasing a furnished apartment in Business Bay, think about what you can get from your investment. At the very least, the building or complex should have the usual amenities, such as swimming pools and a gym or fitness centre.
If you have a regular pampering schedule, check if the apartment has an in-house sauna and spa so you don’t have to go far to enjoy them.
If you have a family or are a nature-lover by heart, you will do well to invest in an apartment that has landscaped gardens, mini-parks, and a playground for your little one.
Lastly, if you own a car, make sure your flat comes with a parking space so you won’t have to keep looking for a place to park and walking far to and from your apartment.
By having access to all these amenities and possibly more, you can enjoy living in your new home to the fullest.
Can I afford the property?
No matter how much you like an apartment, if it is way beyond your budget, you have to look at your other options.
Keep in mind that buying a home in Dubai doesn’t mean going bankrupt or falling into a debt trap. As such, you have to find an apartment that you are sure you won’t have any financial difficulties owning.
With several properties to choose from, you will be able to find one that you can afford and meets all your requirements.
You also have to remember that the initial outlay for an apartment can be quite hefty. Find out what these prepayment requirements are and if you have the budget for it. If not, explore your options so that you can make them without any difficulties.
If you need to get a loan or mortgage, find out if you qualify for one beforehand. Explore all your options carefully. Consult as many brokers and lenders as possible so that you can get the best deal.
To ensure you can afford your apartment of choice, think long-term while making your monthly computations. Make sure to calculate the monthly mortgage payment and review it within the context of your current financial situation.
What are the other fees I have to pay?
Aside from the mortgage or loan you have to pay every month, you have to factor in the other fees you have to pay regularly.
These include the Dubai Electricity and Water Authority (DEWA) fees, which you also have to pay monthly.
Additionally, find out if you have to pay any annual service fees.
You should also consider getting a property or home coverage once you officially own an apartment. Moreover, if you get a mortgage, you are required to get life insurance. You have to factor these into your budget, too.
Knowing these fees beforehand allows you to prepare for their payments and avoid any unpleasant surprises.
Having a questioning mind and making sure you cover all the bases help ensure you can buy the best apartment in Dubai — one that you can afford to own and won’t give you any problems in the future.
