Questions you should be asking your realtor when buying a house
For every expat, it’s a dream to own a house in this beautiful city and with the new citizenship law in place, it has become an even more desirable offer. As satisfying as the feeling of owning a house is, it could sometimes be an overwhelming process.
If you are a first-time buyer in this city, there is no one who would know better about the market than your realtor. Real estate investment is primarily built on a buyer-agent relationship. A bond comprising of trust and loyalty and at Coldwell Banker, we have over 100 different agents who speak several languages and can support you throughout this process making it a memorable one.
Before you start investing in a house, ask your realtor a bunch of questions to feel more secure about your decision. Here are examples of some questions that buyers usually overlook.
Would YOU buy this house?
The basic job profile of a real estate agent is to sell the house. The realtor is the only one with the true full knowledge about the property and asking a hypothetical question of this sort will give you an understanding on whether this house is worth the buy. If the realtor sounds enthusiastic about this house, then question him on what he likes most about the property and if not then that would be your first red flag sign
2. What is the sales history of this property?
Get more information about the sales history and whether it is a new listing or, if it has been leased before or are you the first-time buyer. Addressing all these questions will give a better understanding about the history of the property and enhance your decision-making process.
3. Why are the owners selling the house?
There are various reasons as to why the seller wants to sell the house. It varies from the house being too expensive to maintenance to relocating for a job. The answer to this question will give you a better understanding regarding the property and its previous owner. Depending on the answer you can also take advantage of your bargaining power to get the best deal.
4. What are the expenses after buying the house?
Investing in property is a costly affair. Apart from the basic offer as a buyer, you would need to pay certain fees like the Dubai land department fee, property registration fee and Dubai land department mortgage registration fee. The buyer will also bear agency service fee, conveyance fee and mortgage fee. Annual maintenance charges or service charge for the property have to be considered as well and is payable to the Dubai Land Department. And lastly, invest in home and contents insurance to protect your home from any potential damage or theft. This insurance is not compulsory but highly recommended.
To get a detailed figure on the investment or just to inquire about the different fee structure entailed by the city, contact Coldwell Banker and get all the information required to help you with this process.
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