| Pages: 1 |
|
Muesli Bar
Posts 739
|
09/01/2012 19:59:01
As someone else said, it does make sense for some people, and it can work brilliantly, you just need to work out if you are one of those people. The following thoughts might help you get to that decision.
1. are you aware that there is a 1% fee (of the purchase price) from both buyer and seller to register the property with land registration? While you might get away with not paying this during the purchase, when you come to sell or if you want to rent the property out, you will need a copy of the title deeds (meaning you will have had to pay this). It can be quite a significant chunk of money and would not be covered under your mortgage so you would need to ensure you had the funds there in case you needed to make the sale.
2. Service fees, you probably do not pay these as a tenant. Anything between 10k AED and 30k AED depending on size/location etc.
3. Mortgage, - do you have a plan in place if you/DH lose your job, do you have 3-6 months of mortgage payments saved to meet unforseen circumstances?
4. District Cooling Fees - again, possibly paid by your LL at the moment, annually this could be AED 15k
5. There are also various fees involved with arranging the mortgage/getting NOCs etc. Factor in about 15k AED to cover these.
6. How long do you plan to be here and how does this tie in with your expected mortgage - what will happen if your plans change etc.
7. Do you have a sizeable deposit to put down, and have you investigated with different banks what the mortgage deposits required now are?
Can't think of anything else but just wanted to make you aware it is not as simple as swapping monthly rent with monthly mortgage payments. We are (and know a lot of others) happy buyers but equally know a lot of people who it would not suit at all.
.
edited by Muesli Bar on 09/01/2012
|
|
The legend
Posts 10
|
09/01/2012 16:21:16
pollydxb wrote:
Honestly I wouldn't do it! As previous posters have said. Dubai is a very uncertain place to live, you never know what is going to happen in the future. Potential of losing jobs, etc. There is nobody here to help you in financial difficulty, renting is the safest bet around.
IMHO!
I think I will think again...after ur posts
Thx everybody
|
|
dibdab
Posts 473
|
09/01/2012 16:19:20
We considered the same thing this year because it kills me to be forking out so much in rent without the benefit of having anything at the end of it - however I have heard so many horror stories here about people who have bought properties that I just didnt dare take the plunge. And I imagine the process to be a nightmare given how difficult even simple administrative tasks can be.
Having said that, I am sure that for every bad story we hear there are 10 good ones because people tend to shout louder about bad experiences than good.
Another thing that concerns me about buying is the poor build quality here, I would be concerned that my property may not survive until the end of the mortgage. The apartment we rent is just over 2 years old and already has a lot of damp - and I have seen Springs villas in a poor state.
But keep asking around because there are many people who have bought properties here and would be able to give good advice of what to look out for, don't be put off by those of us who haven't gone down that route because we probably don't know enough about it and have only heard the bad stories.
|
|
pollydxb
Posts 1425
|
09/01/2012 16:09:23
Honestly I wouldn't do it! As previous posters have said. Dubai is a very uncertain place to live, you never know what is going to happen in the future. Potential of losing jobs, etc. There is nobody here to help you in financial difficulty, renting is the safest bet around.
IMHO!
|
|
The legend
Posts 10
|
09/01/2012 16:03:30
Muesli Bar wrote:
OP, buying property (anywhere) is a very personal decision. We don't know the status of your finances, how long you plan to be here, whether you would need a mortgage etc.
We can't even help you choose between the Springs and an apartment as we don't know what your personal preferences are/where you work/school etc.
Buying property here is absolutely the right decision for some people, yet for others not at all.
It's really only you and your DH that can make the decision. Good luck!
You see...I'm planning to take a morgtage ...the idea is to pay to the bank instead of paying to rent...and finally the property will be mine ...so do you think this is a reasonable thinking here in dubai???
And I'm planning to stay in dubai for a long time...that's why I want to buy...
Thx 4 ur help 
|
|
Muesli Bar
Posts 739
|
09/01/2012 14:25:43
OP, buying property (anywhere) is a very personal decision. We don't know the status of your finances, how long you plan to be here, whether you would need a mortgage etc.
We can't even help you choose between the Springs and an apartment as we don't know what your personal preferences are/where you work/school etc.
Buying property here is absolutely the right decision for some people, yet for others not at all.
It's really only you and your DH that can make the decision. Good luck!
|
|
The legend
Posts 10
|
09/01/2012 13:53:06
Sorry I didn't mean it in a bad way
So how about springs villas???
You have any idea about it????
|
|
A Rancher
Posts 2629
|
09/01/2012 13:11:24
I don't think it was meant in a bad way, more like " do you guys.." writing as one would speak.
|
|
JUST SAIN
Posts 206
|
09/01/2012 13:09:45
AmyAus82 wrote: "... you people"...? 
Yes, that is you and I and everyone else
|
|
AmyAus82
Posts 3427
|
09/01/2012 13:01:35
"... you people"...?
|
|
Monkey Face
Posts 922
|
09/01/2012 13:00:33
Generally speaking, there are probably very few people who would recommend that you purchase property in Dubai at ANY time. Things are too uncertain here and rules are changing all the time with regards to property owner rights.
|
|
The legend
Posts 10
|
09/01/2012 12:46:48
Ok
We are 3 ...me ,my husband and my little baby only....and planning to have one more baby only
So maybe we need 3 bedrooms
I am already renting now and I am planning to buy so I can pay for the mortage instead of the rent ...finally the property will be mine
But in general do you people advice to buy now in dubai????
So is there anyone live in the springs villas??? Is it a good place to live at????
|
|
Sue62
Posts 7175
|
08/01/2012 22:57:19
Buying a property anywhere is a huge step- moreso here - have you considered renting for a while so you can explore all the options?
|
|
Sanddy_Dogg
Posts 8474
|
08/01/2012 19:10:47
Oh yeah, how many maids do you have?
Good point JS...
|
|
JUST SAIN
Posts 206
|
08/01/2012 19:04:49
maids?
|
|
Sanddy_Dogg
Posts 8474
|
08/01/2012 19:04:01
That's not a lot of information for anyone to base their advice on.
How many people is the property for? What area do you need to be in? do you have kids? Pets?
|
|
JUST SAIN
Posts 206
|
08/01/2012 17:24:08
The only advice I can give you is to do your homework thoroughly and then again.
|
|
The legend
Posts 10
|
08/01/2012 16:50:26
Hello everybody,
I am planning to buy a property in Dubai...
So I am not sure ...what is better to buy...a flat @ business bay or a spring villa???
I was told that the villa is always better...
I want to buy it instead of paying my money on rent...
Any advise???
|
| Pages: 1 |
