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Guide to buying an asset in the UAE

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Guide to buying an asset in the UAE
The contents of this guide will certainly help you to decide on how to get on with your second innings or investment in property. Apart from this Guide, there are plenty of sources to resort to the further research, including estate agents, television and magazines, the Internet and property exhibitions. Dubai a Global Business hub in the Middle East is now thronged by thousands of people who either are tourists, professionals, businessmen or want to migrate of which the latter is more in number as Dubai is growing in popularity through its advanced style of living, sophisticated atmosphere and the tropical climate as it is internationally renowned world over. As individuals circumstances vary a lot it is appropriate to seek a skilful persons opinion principally in aspects of property purchase, probable rental returns, taxation and mortgages as buying a property in Dubai or anywhere abroad is an extreme decision which at no cost should be taken lightly. It is an integral responsibility that you do all the necessary thorough research and acquire all the facts and figures and then only proceed ahead with this crucial decision as this financial transaction is considered to be the most important of your personal life.

Documentations
It differs from person to person if you are an employed you need to have the necessary papers for mortgage besides other legal papers and if self employed the process divaricates from the ones of employed. One needs to be very careful in this regard as it is the most imperative juncture of the process.

The Budget
Costing of the property will totally depend on the Size, Building, Location, the Amenities and proximity to
prominent places, so this is one of the aspects which one will have to bear in mind whilst choosing a property.

Mortgaging
It is always advisable to get a mortgage pre approval though a little lengthy process but the safest way to
move ahead in order to secure an accepted offer and the buyer whose offer is accepted is regarded as one of the competent buyer. Among the two type of mortgages fixed rate mortgage is more preferable rather than the variable mortgage for the latter has interest percentage fluctuating meaning it might be lower to what was agreed at one time and higher at other times, while in fixed the interest percentage is fixed for a certain period of time say for two years or so and the buyer has nothing to worry about even in times of disturbing economies as he is assured that his interest rates won’t increase.

Shelling out a bit extra
A bit of extra amount is always to be shelled out as there are some fees charged for service charge, Agency Fee, charge for buying off line, the Community fee, mortgage fee, utility charges such as water, gas, ectricity etc.

Last piece of Advise
So before you finalize things once again a brief revision on how to go about firstly Planning, Documentations, Budget, Mortgaging, an extra finance for miscellaneous but important expenses, a brief knowledge from beginning to end of the buying procedure, always find out a good agent who can finalize deal and hand over you the property you always wished for.