Dubai is one of the most sought-after destinations for young professionals. Its bustling business hubs and beautiful residential areas make it an excellent location to settle down with one's family. Both UAE residents and foreign nationals can purchase homes in Dubai. Foreigners can get a 10-year residency permit if they buy a home priced at AED 2 million or more. All these factors make it a prime destination for bachelors, couples, and families looking for stunning homes. From Lila Villas in Arabian Ranches to apartments in Downtown Dubai, the options are endless for anyone who wants to settle in Dubai. Let's explore what the experts say about buying a luxury family home in this city!
#1 Identify Your Life Goals Before Searching for Your Family Home
Do you plan to live with children in your Dubai home? How many years do you plan to stay? What kind of lifestyle do your family members prefer? Answering these questions at the outset will help you define what you want in your new home. If you want to raise multiple children at your luxury family home, a villa may be the best fit. In that case, you can explore Palma villas to find a spacious home. However, if you want to live with your spouse and no children, a smaller apartment can be more suitable.
You also need to consider a property's proximity to childcare facilities, schools, and related amenities. If you have a transferable job, you should look for residential properties that have a high resale value or good rental yield. That will ensure you get good returns even if you need to move. You can discuss your lifestyle and plans with a trusted broker to find a home that suits your needs.
#2 Plan Your Finances for the Home Purchase
You can purchase a family home in Dubai with all-cash payments or pursue financing options. Banks offer loans and mortgage options with different terms to UAE citizens, residents, and foreigners. You can explore these alternative financing solutions before finalizing the transaction. A reputed broker can guide you while you seek suitable financing options for buying the home. Experts suggest getting pre-approval for a mortgage because that can make the entire process easier. Getting pre-approved ensures that you know how much the bank will lend. As a result, you can streamline your search for your dream home.
#3 Account for Associated Costs
Your home purchase may involve associated costs in addition to the purchase price. For example, if you take a loan, the bank may charge a valuation fee of around AED 3000. They may also charge a small percentage of the loan amount as your loan processing fee. You must also pay a mortgage registration fee to the Dubai Land Department. In addition, buyers may have to pay registration fees, trustee fees, brokerage fees, DEWA registration fees and other associated charges. While most of these fees involve paying nominal sums, accounting for them will help you budget the purchase better.
#4 Read Your Purchase Agreements Carefully
You should read the contract carefully to understand your rights and responsibilities as the buyer. There are three key documents you must pay attention to:
- Memorandum of Understanding (MoU)
- Sale and Purchase Agreement (SPA)
- Title Deed
If you do not understand the terms, you can consult your real estate agent for a nuanced explanation.
For more help with house-hunting, reach out to the UAE’s top real estate agents today. They can help you explore Palma properties, Arabian Ranches homes, JGE villas, and more!
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