Factors to Consider Before Buying a New Home in Dubai

Your new home is… a slice of heaven, a glimpse of beauty, a mark of elegance, a sigh so pretty. A warm feeling, a vibrant hue, a cozy ambiance, a dream come true. 

— Anonymous 

Whenever there is a discussion about a place that offers ultra-modern social and economic infrastructure, safe and secure living opportunities, and an outstanding lifestyle with a great deal of career choices, Dubai is always at the forefront. 

Dubai is undoubtedly a hub for endless real estate investment opportunities. Ranging from a lavish apartment in a high-rise to a luxury villa in a peaceful surrounding, you can find a variety of properties to live and invest in. Buying a new home in Dubai offers all the key essentials required for building a magnificent lifestyle, from the mesmerizing home architecture to tranquil and vibrant gardens to feel close to nature. These amenities make homes in Dubai an ideal choice for both investors as well as end users.

However, the question remains: What are the factors to consider before buying a home in Dubai?

The answer is, you need not worry. For your guidance, in this blog, we are going to provide a complete guide for buying a new home in Dubai.

Buying a New Home  in Dubai - What Factors to Consider

It is pretty common to feel a bit overwhelmed before making the big decision to buy a home in Dubai. But the good news is the process is quite simple and straightforward to execute if you have already taken care of the following elements:

1. Your Budget

The first and foremost thing you need to consider before buying a home in Dubai is your budget. It is advisable that you make a financial plan beforehand, keeping in mind the approximate amount you will be paying against downpayment, during construction, and on handover. A carefully planned budget is even more important when you are going to invest in an off-plan property because the mortgage options are very limited. The maximum LTV (loan-to-value) ratio offered in the UAE for an off-plan property is 50%, that too after the buyer has paid the first 50% amount or more. It is also important to note that not all banks offer mortgages for off-plan properties and those which do recognize only big projects by established and renowned developers. So your budget should be planned taking all these factors into consideration. 

2. The Area