Dubai is a big market with so much potential when it comes to real estate. The real estate sector is the one who contributed to most in the economy. It is a financial hub in the middle east and lures investors from all over the world to invest in the business for a better return on investment. But before investing, once should real estate dubai market is volatile in nature and if you don’t follow the investing guideline then you are out of luck here. So in order to avoid pitfalls, one should do the groundwork to increase their chances to get a good profit.
Nobody wants to lose their hard earned money just because of taking the wrong decision. A smart investment who brings profit needs the skills to read the market pulse. If you get this process on spot then you will surely be in a good position to earn good profits. Buying a rental property can turn out to be night mare if you don’t perform these checks:
- Title Deed – Always check whether the seller is the rightful owner of the property or not. Check property legal papers to ensure ownership.
- Multiple Owners – For example, if the property has multiple owners then you will need the approval of all parties to move to sale. In some cases, one owner backs out from the deal, you surely don’t to face that situation.
- Tenancy Agreement – Go through the tenancy agreement papers to make sure whether the property is tenanted or not.
- Inspect the Property – Do pay a personal visit to make sure the property is not in a restricted zone. Be cautious about it and don’t show laziness here.
- Check Track Record – If you are planning to use the services of property managers in dubai then always go through their track record. If you think he/she is a trusted real estate broker then proceed on the next step. Never issue a cheque on the name of real estate agent, rather always make sure it is only payable to Dubai Land Department and the seller.
If you are using real estate companies in dubai like KeyOne Real Estate to buy rental property then perform all these above-mentioned points to avoid any mishap with your investment. I will explain more in deep about buying rental properties and what are the things you need to consider before finalizing the deal.
Landowner and Tenant Law
In the event that the property is rented, check the terms of the current rent and the verifiable consistency of both proprietor and inhabitant with the rent terms, says Peter Greatrex, accomplice at Trowers and Hamlins. According to the Landlord and Tenant Law, sitting inhabitants reserve a privilege to finish the agreement they marked with the past proprietor.
“It is preposterous to just expel an occupant for another one, and removal must be looked for in restricted situations,” says Greatrex. “Additionally, it very well may be hard for proprietors to force new … READ MORE