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A Number Of Charges That Customer Must Pay In Addition To The Purchase Price. But We Would Not Term These Hidden Costs Because They Are Covered During The Property Purchase Process.
Top FAQs before Buying Property in Dubai
1. What Is The Range Of Pricing For Properties In The Area?
You can tell an area specialist from a non-area specialist right away using this question. Brokers unfamiliar with the region will not be able to provide you with an accurate response. They will not be able to negotiate well, which could result in the purchaser overpaying. As a result, it is crucial to consult a subject-matter expert for the finest counsel and direction.
2. How Long Has The Owner Lived There And Why Are They Selling?
You can learn a little bit about the owner’s situation by asking this question. Even while you might not always get an honest response, it might still be beneficial. In some circumstances, there may be a distressed seller who needs to sell the house fast. Alternatively, there may be a problem with the house. It may give room for bargaining, which the buyer can take advantage of depending on the circumstances.
3. How Long Does Have the Property Been For Sale?
It is usually advantageous to understand how long a home has been on the market. If a home has been on market for a long period, it is likely that it was overpriced, to begin with. In addition, this is often the result of a poor marketing plan. This gives the buyer additional negotiating power because the seller might be more motivated and ready to make a price concession.
What are the property’s servicing fees?
Buyers frequently fail to inquire about the property’s service fees. Building service charges in Dubai range from a few thousand dirhams per year to up to 100,000, which can significantly affect annual expenditures and must be taken into account when determining initial prices.
4. Has The Property Undergone Any Improvements Or Augmentations?
In order to obtain a No Objection Certificate (NOC), some developers will personally visit the property and conduct an inspection. Developer will demand that the seller have appropriate NOC before they can grant the NOC for property’s transfer of ownership. If there are any alterations or, more likely, extensions made to the property. If the seller does not have NOCs in place for these, the seller may be required to remove the extension or pay again for NOC cost after the agreement is agreed upon, which might ultimately cause a deal to fail. It is crucial that the buyer questions the agent if the seller has NOCs in place for these.
What Additional Expenses Might I Incur If I Buy A House?
Although there are additional expenses that customers must pay in addition to the purchase price. We would not term these hidden expenses because they are covered during the property purchase process. These costs often add up to about 7% of the entire property value. As a result, they should not be disregarded and should be included in the price of purchasing a house.
These include, but are not limited to:
- 4% of the purchase cost in transfer fees
- A Dh4200 appointment fee and a Dh580 administrative fee
- A professional or agency fee of 2% plus applicable taxes and conveyancing costs
- Other extra costs, which will be specified in the contract if you plan to finance the purchase.
