Real estate investing success requires one fundamental characteristic. Instead of allowing instincts or your heart to drive your decisions, you should make well-informed decisions instead.
You will need to take the following steps in order to make the right choices. The advice comes from global standards, my experiences as an adviser in buying an apartment in Dubai, as well as my personal expertise as a successful seller and landlord.
1. Determine what you are looking for.
Plan your finances. Your purchase should be economical whether you’re purchasing on a mortgage or in cash, for your personal use or as an investment.
2. Determine what you need.
Your priority list should include the number of bedrooms, proximity to schools, work, and stores, and the area’s scenery. Think about your family’s needs as well as its life cycle. Consider, for example, what kind of home would suit you best, crossing off those essentials. Do you want an apartment, a ready-to-move-in house, or a house off the plan?
The third step is finding a location.
Investigate a place you know well, or conduct extensive research on the location. What are your objectives for this project? When do you plan to move in and what is your resale strategy? Make sure you find an experienced Knowledge Partner who knows the area you’re interested in. Make informed decisions with a specialist who understands contracts, taxes, and other legal issues.
The fourth step: Research
Once you have identified your needs, do some market research, compiling a list of the most suitable options for you. Make fact sheets for each choice, ask questions, visit the place, analyze the local market, and collect critical information.
There are a number of factors, including the median price per square foot, the number and value of transactions in the area, and the present and future supply of property in the area.
Research the price per square foot and total property cost for the latest five sales in the area.
Determine if the offer represents excellent value by comparing the price being stated to the data. All of this information can be found on the internet. This will help you identify the most promising investing opportunities. The next stage is to look through each property in further depth in order to develop a more accurate information sheet before making a final selection.
Before you sign any contract, double-check that it covers everything from maintenance, repairs, and the exchange of keys. Always consult your Knowledge Partner and have them negotiate the transaction on your behalf. Before you finish, talk to a property law and tax expert. They are experts who will take care of everything. Finally, after you’ve found the ‘right deal’ on an apartment in Dubai, don’t hesitate to buy it or risk losing it.