Question to ask when buying real estate in Damac Hills in Dubai

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The quality infrastructure and exceptional quality of life make Damac Hills an ideal destination for the residents of people and for companies to locate their offices here.

Contrary to conventional wisdom, fossil fuels account for less than 1% of Dubai’s GDP, while tourism accounts for nearly 20%. These figures explain the diverse nature of this city, even though the fast-growing infrastructure helps take Dubai’s economy to the next level. Dubai’s fast-growing real estate sector also plays a crucial role in this regard.

Nothing surprising as the neighborhoods of Dubai provide exceptional infrastructure and unique business opportunities. For example, investment apartments in Damac Hills are gaining lost popularity today and offer a significant number of benefits.

Questions to ask when buying a home in Damac Hills

Those buying a home for the first time in a new country are often unaware of all the intricacies of the buying and selling process. How to protect yourself, read on.

There are several types of expenses that clients should plan for in addition to the price of the property itself, but these are hidden costs because they are only discussed during the purchase phase of the property.

1. What are the prices of properties in the area?

This question instantly differentiates a neighborhood specialist from a broker who is generally unaware of the pricing situation in that particular area. Brokers who are not familiar with an area will not be able to give you an accurate answer, and their ignorance will lead to ineffective negotiations and possibly overpayment by the buyer. That’s why it’s important to work with a neighborhood specialist for the best advice and guidance.

2. Why is the owner selling and how long has he or she been living on his or her own property?

This question will give an answer about the owner’s circumstances. While it is not always possible to get a truthful answer, it can still be helpful. In some cases, you may even be able to identify a troubled seller who wants to sell the house quickly, or there may be something wrong with the property. Depending on the situation, this may provide an opportunity for negotiation that can be used to the benefit of the buyers.

3. How long has the property been on the market?

It is always helpful to know how long a property has been on the market. If a property has been on the market for a long time, it indicates that either the price was too high to begin with, or it is often the result of a poor sales strategy. This will give the buyer more bargaining power because the seller may be more motivated and willing to compromise on price.

4. What is the facility maintenance fee?

Buyers often forget to ask this crucial question about property maintenance fees. Building maintenance fees in Dubai will vary from a few thousand dirhams a year to 100,000, which can significantly affect annual costs and should be included in initial cost calculations.

5. Has there been any work done to the facility, such as upgrades or remodeling?

This is a vital question, as some developers physically come to the property and conduct an inspection as part of the No Objection Certificate (NOC) process. If there are any modifications or, more likely, remodeling of the property, the developer will require the seller to provide the appropriate NOC to allow them to provide NOC to transfer ownership of the property. It is important for the buyer to ask the agent if the seller has a NOC, otherwise, the seller may have to remove the remodeling or pay the cost of the NOC after the transaction is agreed upon, which could ultimately result in a failed transaction or substantial cost to the seller.

6. What are the hidden costs if I buy a property?

There are a few expenses that clients must pay in addition to the purchase price, but they are not that hidden because they are negotiated during the real estate purchase process. Typically, these fees can amount to about seven percent of the total cost of the property. Therefore, they should not be overlooked but should be included in the cost of buying the property.

Some are included, but not limited to:

  • Transaction fees, four percent of the purchase price;
  • Land Department fee for the transaction of AED 4,200 and an administrative fee of AED 580.
  • Professional/agent fee of two percent plus VAT and transportation costs.

Other additional fees depend on whether you buy on credit or cash, which will be stipulated in the contract.

Real estate agency in Dubai

As the real estate market recovers, Dubai is once again witnessing investors and end-users lining up to get their hands on off-plan properties in new projects from established developers. To join the world of stylish real estate and start enjoying income from its purchase, contact the real estate agency Ax Capital. Updated information, profitable housing units, and professional agents are a perfect compilation of a successful deal.