BUYING A HOME TIPS AND CHECKLIST

 For many buyers, buying a condominium is an excellent alternative to a single-family home, especially if you want to live close to the center. However, when purchasing an apartment, there are some unique features to consider, as you, as the buyer of the condo, also become a co-owner of the entire property. Read here what is important when buying a home - the checklist for buying a home gives you practical tips.

What should be considered when buying a home?

Location of the condominium

The location is one of the most important criteria that influence the property's market value. But for you, too, it is crucial what the living environment is like, what shops are nearby, etc.

Land register extract

The land register extract provides you with information on the owner and registered liens, rights, and restrictions. Ask your lawyer or notary if you have any questions. You can also get help from Stellar Homes the best real estate agency in Dubai.

Quality of the apartment

Take a close look to see whether the condominium will meet your living needs in the long term. Are the size, the room layout, the furnishings, the view, the floor correct?

Possible follow-up costs before moving in

If you still have to renovate the apartment or want to carry out remodeling work before moving in, you should calculate the costs. This is important for the financing of the property and the loan for the home purchase.

Purchase contract

Before signing the purchase contract, have the draft purchase contract sent to you. Clarify open points with the notary or lawyer who drafted the sales contract.

Purchase from the developer

When buying a new apartment from the developer, the property is usually still under construction, and you cannot view the property. It is, therefore, all the more essential to study the construction plans. Stellar Homes is the best developer in Dubai.

Buying from a private owner

If you are buying a used condominium, you should view the property several times if possible. Also, insist on surveying the available parts of the property.

Community of owners and reserve

Look at the documents on the property, which concern the co-ownership of the available parts. Payment of the purchase price

When you sign the purchase contract for the apartment, it is customary to pay the purchase price or part of it. It is best to deposit the purchase price with the notary in trust. Payment to the seller is only made once the entry has been made in the land register.

Land register entry and handover

The purchase of the apartment is only complete when you are entered into the land register as the new owner. Before doing this, you still have to pay the real estate transfer tax. When handing over, you should make a handover report.

Looking for an apartment: How do I find the right property?

The search for a suitable apartment often takes several months. Since a lot of money is involved when buying an apartment, you should take enough time to look for an apartment and visit several properties.

In advance, it is advisable to define a few criteria for the search and to look specifically for potentially suitable condominiums. Our questionnaire will help you with this.

  

 

Criteria when looking for an apartment - the different property types

An old building or a new building?

High ceilings, a generous layout, and a neat facade make up apartments' charm in old buildings. Those who buy a new building, on the other hand, rely on energy efficiency and modern equipment. Whether you like the old or the new depends on your personal preferences. However, when buying an apartment in an old building, you should bear in mind that you may face high costs for modernization and maintenance in the future. Newly built properties are usually more expensive to buy for the first time, but repairs are initially only necessary to a minor extent.

In need of renovation or in perfect condition?

A property in need of renovation is very likely to be cheaper. But do not underestimate the cost and, above all, the time required. As long as the property is being renovated and you cannot move in, you will continue to pay for your rental apartment and, at the same time, the loan installments for your new home. Therefore, the renovation is only worthwhile if the price mark is correspondingly high.

Rented or ready to move in?

Leased real estate is attractive for investors who are primarily interested in returns. However, if you want to move into the condominium yourself, you must first notify the tenants due to your own needs. The termination for personal use can be protracted under certain circumstances.