Dubai’s realty sector offers a wide variety of state-of-the-art properties from townhouses or villas to apartments in secure complexes. Great houses with community-living and proximity to entertainment, recreation, and retail options are available for purchase with great payment options, even to foreigners. The real estate market regulations allow anyone to purchase a property in Dubai. If you have the funds, buying a property is relatively straightforward.
Once you have determined the type of property which interests you the most, you can contact a reliable agent to take a tour and check out the payment options to purchase the property from the developer. . If you are a foreigner, it is a good idea to consider the fluctuations in the exchange rates of the currency as well.
If you wish to keep the debts at bay, buying a home with cash might come to you as the most natural thought. It might be a financially smart decision to invest as much cash into the property as possible to incur minimum debts. These are the couple of pros which work in favor of cash payment:
Although the cash payment option is great for the financial health of the buyer, it is only convenient if the buyer has high liquidity. It is also not affordable for everyone, thus not suitable for all.
For people who are not willing to tie-down a lot of cash with the property purchase, obtaining financing is a great option. Factors determining your mortgage eligibility and approval include your credit score as well as the net worth of the home, among others. A mortgage has the following pros which make it a great financing options:
On the other hand, mortgages also have the following cons:
Typically, most developers offer a wide variety of payment plans. Here are a couple of pros which make payment plans a great choice for payments:
However, as compared to the other payment options, the payment to be made may be in bigger percentages as compared to the mortgages.
Other disadvantages of payment plans are:
An alternative way to buy a home in Dubai is to get into a rent-to-own agreement. If you like a ready-to-move-in property, you can rent it for a specific duration of time with an option to purchase the house before the term of the lease ends. The rent-to-own option comes with the following pros.
There are certain cons which you should know as well:
A good real estate agent like Rocky Real Estate can help you have a run-through to make the right choice for payment of property that you prefer to purchase. For assistance from our specialists, you can contact us at +971 43532000