Investing in Ras Al Khaimah Real Estate
For all first-time buyers considering an investment in real estate – read these useful tips for a beginner’s guide to investment
Thinking about taking the leap and becoming a homeowner? Or perhaps you are looking at it as an investment. But knowing when to invest in real estate is just as important as knowing what sort of real estate you want to invest in. We have compiled a list of tips and tricks that should come in handy when you’re looking to make that first ‘major’ purchase of a lifetime.
1. First of all, get your finances in order
Cost of living in Ras Al Khaimah is less compared to other prominent Emirates, hence its much less burden to invest in Real Estate. Obviously, you are in a comfortable financial position if you are considering investing in property, but since you are making at least a 10 to 15 year commitment, it still pays to investigate banks, real estate agents and mortgage brokers. Most people who invest in property tend to stick with their current bank as the mortgage provider, but you may find better rates with the competition. So look out, compare and choose the best one.
2. Learn about the different real estate investment options
Property investing is extremely diverse and takes a lot of time and research to learn. The most important thing to know is that it does not fall under one umbrella. You can invest in residential, commercial or even industrial property. As a developing Emirate, Ras Al Khaimah’s skyline is prospering every day with lots of projects in the hospitality, commercial, residential, educational and medical sectors being initiated. Take a look at them all to understand which is the right fit for your goals.
3. Start small
They say one should always learn to walk before attempting to run, and it applies to real estate as well. You don’t need to start out by buying a 50-apartment building or an expanded real estate investment. You should start small. Get yourself a single small unit which allows you to get your feet wet and explore what it’s like to be a landlord. You may find that you love it and end up making more purchases over the years. On the other hand, if you decide it’s not for you, it’s much better to find out after a single, small investment.
Ras Al Khaimah might be the perfect investment option in UAE for first time buyers. With promising returns, world-class development, ample of options and friendly payment options by developers, Ras Al Khaimah could be great starting point for first time investors.
4. Don’t feel locked in.
It’s okay to get cold feet. Always listen to your gut feeling, no matter how far into the process you are. Remember, this is a decision you will live with for a long time, so if you aren’t feeling it, walk away. It is better to lose a deposit than a lifetime of savings. We don’t mean that you should be overly cautious, but you should take your time, do your research, and most importantly, be comfortable with the property, the real estate agent and the mortgage provider.