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8 Common Property Buying Mistakes People Make in Dubai

Posted by rachit on 23/07/2021

If you are able to buy property in Dubai then it is nothing less than a remarkable achievement. Excitement knows no bounds, especially for first-timers, when they are sorting out listings for properties for sale in Dubai. However, this is the part where they tend to make mistakes. And a mistake made here can prove to be very costly for the property buyer.

On this note, let’s take a look at the 8 most common mistakes property buyers are guilty of and how you can avoid them:

Common property-buying mistakes to avoid:

1. Not Getting Pre-Approval:

It is important to get a pre-approval letter from your bank if you are planning to mortgage a property. This letter specifies the upper limit of the amount that will be lent to you by the bank.

However, many people start searching for properties without getting a pre-approval letter from their bank, even finalizing some. This can prove to be one of the major property-buying mistakes, especially if there is a disparity between the value of the property selected and the loan amount given to you by the bank. If the value of the property exceeds the given amount, you will have to start looking for the right property all over again.

2. Making Hasty Decisions:

Many people, when they find a property that meets their needs and falls within their budget limit, they rush through the process and take hasty decisions. While doing so, they neglect certain aspects of the said asset which can cause problems in the long run. Don’t rush things to avoid putting yourself in such a stressful situation. Even the listings look tempting, take your time to go through everything in detail.

3. Choosing Wrong Location:

This is one of the most common property buying mistakes. Location is a major factor that defines the value of a property. If a housing unit is located in a secluded place where no development is taking place, it will definitely cost less, but you will be deprived of modern amenities and facilities.

4. Skipping Property Inspection:

Keep in mind that there can be a significant difference between photos/videos and real assets. So, don’t base your decision solely on them. Also, it is recommended to visit it several times so that you can get a better idea about the property. A better piece of advice would be to hire a professional property inspector. This may seem like an additional expense. However, the usefulness they provide makes them totally worth it.

5. Skipping Neighborhood Inspection:

You’ve got a dream property that’s perfect in every way, and you’ve happily signed papers, paid and even moved into the property. After relocating, you found out that the area is too noisy or not suitable for families.

6. Not Taking into Account Additional Expenses:

Many people believe that buying a property in Dubai is all about paying the price/listing price of the property. They decide their budget accordingly. This is classified among the most common property buying mistakes as it can land you in trouble later as there are many other expenses to bear.

7. Using All Savings:

Never make the mistake of using up all your savings while buying a property. An emergency can come at any time. So, you must have saved some for a rainy day.

8. Not Reading the Contract:

Finally, not reading the contract completely is another common property buying mistake that people make. The Reason? Language can be quite technical and difficult to understand. So, people skim through it and just sign on the dotted lines. This is something you should never do. Be sure to read every single clause of the contract.

Final Word:

It is not every day that you are looking for Investment Property in Dubai. Hence this decision should be made after thorough deliberation, consideration and research. Above all it should be ensured that there is no mistake in this regard. Visit Sweet Home Real Estate Investments GmbH to get the best solutions for Property Investment in Dubai

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