Inexperienced real estate buyers often make the same mistakes while looking for Dubai property for sale. If you are looking to invest in Dubai property, these are the things you should avoid.
Mistake #1: Overlooking the overall cost
Purchasing and maintaining any property includes additional expenses. Aside from the fundamental cost of the property, there are several other costs you should keep in mind, such as transfer fees, agency fees, DLD fees and others. Not to mention furnishing cost, move-in costs, service charges and charges related to utilities, if you plan on living in the property.
Mistake #2: Buying without planning
It is essential to have a proper plan set up before you start investing in real estate. Choose your investment strategy and look for Dubai property for sale that ticks all your requirements. Stay focused on your main property feature demands. Do not get influenced by agents’ sales pitches and sway from your set requirements. Furthermore, be prepared to make alterations as the market changes. You should keep in mind that real estate is cyclical and you can expect fluctuations in profit when it comes to Dubai property for rent.
Mistake #3: Being hesitant or uninformed
To make a decent profit from your property, you have to be sure that you have paid the right price at the time of purchase. Do your research to know the price range in the community you have your eyes set on. Also, when you find a good deal, don’t overthink it. Buy your Dubai property, because good deals sell fast. Monitor reports on recently sold properties in that area to have the upper hand in price negotiations. However, stay realistic while submitting your offer. Remember, you do want to close this deal.
Mistake #4: Not looking at the bigger picture
Even people with a lower level of income have succeeded to make substantial money by investing in Dubai real estate. Regardless of the real estate investment you have chosen, you have to be aware that it will take time before you see good rental yields. When it comes to buying a property in Dubai, patience is key to reap the profit from your investment.
Mistake #5: Limiting yourself
You will find many appealing investment opportunities in Dubai real estate sector in both secondary market and off-plan projects. Also, commercial property investment can sometimes be a better choice than a residential one. While investing in Dubai property, do not limit yourself to a specific type of investment. You can play around with property type, segment or area. Many savvy investors have made a serious profit on buying Dubai real estate when everyone else was selling. Seize the opportunity when the property prices hit rock bottom and become wealthy by investing wisely.
If you would like to get expert advice on which Dubai property to invest in catering to your budget and requirements or understand real estate cycles to find profitable investments, contact us on +971 4 518 7555.