- Study the Community:Visit the neighborhood in the morning, afternoon and night before considering purchasing a home. Many home buyers regret having purchased their new home because they did not review the neighborhood extensively, later discovering the area was not for them. Visit the community on a regular basis during different times of day to ensure the community matches your daily lifestyle needs. Make sure important service centres are in close proximity: grocery stores, public transportation, quality schools etc. The value of the property increases when the community has easy access to these services. Purchasing a home in an underdeveloped community with no nearby services available will make reselling the property difficult. If an area is underdeveloped, confirm with the area property developer to learn what will be built in the future.Casually communicating with neighbors is another effective strategy to learn about a community. Residents can provide their daily experience living in the community which will assist the buyer’s decision making process.
- Select a Qualified Real Estate Agency:Choosing a qualified real estate agent in Dubai will be challenging as there is approximately 10,000 brokers currently licensed in Dubai to sell your property. It is the buyer’s priority to make sure the agent is registered with The Real Estate Regulatory Agency(RERA). RERA is the government branch within the Dubai Land Department(DLD) which monitors real estate transactions in Dubai. Ask the agent to present their valid RERA identification to confirm the agent is not a freelancer seeking to make quick money.
Rate my agent is another reliable source to learn about the reputation of an agent. This website consists of buyers and sellers sharing their experiences working with a real estate agent, the agent’s experience level, area of expertise and number of completed transactions sourced by the DLD. Research the quality and experience level of an agency before committing with a broker. The DLD website is a dependable source to gather information on an agency since it is the governing department monitoring real estate affairs in Dubai.Visiting a real estate agents office is the most beneficial strategy to gain insight on the stature of an agency. Select an experienced agency which has a large sales team of at least 50 agents. The DLD revealed that 74% of brokerages in Dubai have a maximum of 3 agents. Avoid working with smaller agencies because there is a higher chance of closing down. The buyer should only pursue larger agencies and refrain from smaller ones. The experience and size of an agency’s sales department is the best reference point when selecting a broker. Larger sales teams have brokers which have specialized in different sectors of the market, regularly interacting and constantly sharing information. Large agencies typically have a designated marketing team with in house resources: professional photographers, video tours, 360 virtual tours, 4K images and drone foot ages.
- Base Your Decision on Facts, Not Emotions:Buying a dream home based on emotions is a terrible purchasing strategy. Being affixed to buy a home because of certain property features may result in ignoring the negatives. It is the responsibility of the buyer to use reasonable judgement rather than being emotionally attached to the property. Experienced prospective buyers will attest having visited countless homes that feature impressive floor plans that divert the buyer’s attention away from noticing the unrevealed floors, cracks in the walls, creaky floors, ceiling leaks and plumbing issues. Hiring a property inspector is the best investment that can save a new homeowner from home defects that are not easily detectable.
- Hire Property Inspector:Sellers want buyers to focus on the most attractive aspects of the property and not notice anything that will require future repair. Look past the home remodeling by hiring a property inspector. A professional home inspector can avoid inheriting home improvement damages that are not easily visible.Take notice of wall cracks, creaky doors, windows that stick and any damage to the exterior. Property inspectors should search for improper electrical wiring by checking the home’s outlets and finding double taps in the electrical break box. Pipe damage and leaks is a common feature in older homes. The inspector should investigate the ventilation system to ensure it has been serviced properly by the current home owner. Damages discovered by the inspector can be used as a bargaining tool to lower the cost of the home. Spending a defined amount on a home inspection will prevent inheriting high cost damages and problems.
- The Art of Negotiation:Negotiating begins with getting to know the seller. Why is the property being sold? Is the seller moving and hopes to close the deal quickly? Is the seller undergoing a divorce? Has the seller lost his job and in need to seller his property.Knowing the seller’s motives is crucial. A buyer’s opening bid is based on three factors: what they can afford, what the property is worth and the value of similar homes in the community. Compare the average price per square foot of similar properties in the area. Be aware of any community developments that could increase or decrease the property value. Buyers should clearly define their price range and stick to it. Do not overstretch a bid based on emotions. Overstretching the amount willing to pay gives the seller more control. Sellers notices odd number bids more than a round number because an odd number is specific and shows the buyer carefully calculated the offer.
A seller is attached to his home and is more willing to accept an offer from a likable buyer. Buyers should build rapport with sellers by identifying with any shared interests in the house to personalize the buyer’s interest in the property. These shared interests can be books, movies, sports and anything in the home. Share these mutual interests with the seller along with describing how this particular home is suitable to the buyer’s lifestyle. A buyer should take a picture in front of the home and mail the photo to the seller, allowing the seller to visualize the buyer living in the home. Buyers who personalizes their interest in the home will stand out to the seller. The seller will be more inclined to negotiate with buyers which have established positive relations.
Raniyah is a professional blogger and writer currently linked with offplan-properties.ae, Dubai’s first dedicated website for new project launches.