Top 5 Mistakes to Avoid When Buying Luxury Apartments in Dubai
Undoubtedly, Dubai has successfully set a prestigious image for itself. The city is well-known for many factors, including ultramodern structures, tourist attractions, high-tech retail stores, and exciting nightlife. Yet, what makes the city unique enough to become the prime preference of homemakers and investors alike? For this purpose, the luxurious properties and higher living standards tend to captivate the locals.
However, when seeking luxury apartments for sale in Dubai, you must be highly cautious regarding pricing, amenities, and location. Since it’s a hefty investment, making adjustments today will benefit you in the future.
Let’s determine what mistakes you’ve to avoid when making a deal for your dream home in Dubai.
- Being Unclear about your Requirments
Many buyers share the far-fetched dream of living in an extravagant property. Yet, only a few of them can explain their requirements clearly. Before beginning the house hunt, you must align your investment goals. For instance, if you want to turn the apartment into a holiday rental accommodation, you must make amendments with extra bunk beds, chairs, cleaning equipment and so on.
- Lack of Research
Although luxury apartments in Dubai are located in the most affluent parts like Palm Jumeirah, Downtown Dubai, and JBR, not every neighbourhood is the same. All of them differentiate from each other based on the features of the properties. However, look for one that’s near basic life amenities such as supermarkets, retail stores, and restaurants. If your family has tagged along, choose a high-rise close to reputable schools and medical facilities.
- Relying on Virtual tours and Images
Nearly all properties appear dreamy in images since they’re staged. Unfortunately, these images are probably edited by professionals to make them seem impressive. Those who don’t have enough time for a visit usually confirm a deal online, followed by undesired consequences. That’s why it’s wise to shortlist the best one and prepare a visitation schedule for each.
- Extending your Finances
Unlike regular properties, luxury apartments require a hefty budget. Even after the transfer of ownership, you must stay prepared for unexpected expenses that often arise in life. Once you’ve moved in, you’ll have to pay for the maintenance charges and monthly utilities. Furthermore, add a monthly mortgage to the expenditure list if you’ve got a loan for this purchase. Remember that keeping a valuable amount for rainy days is important, especially when living in Dubai.
- Agreeing on the Upfront Cost
When purchasing a luxurious apartment, some buyers follow the saying, the more, the merrier. However, a hefty price tag doesn’t always guarantee the best results. Choosing an apartment with a huge quotation is a mistake you must avoid if you want to make it a wise investment. Even if you’ve thousands of dollars, you must align the furnishings and amenities of the properties and see if it’s complimenting the cost.
Final Verdict
Now that you’ve understood the potential mistakes we often make during a property investment, we suggest you avoid repeating them. The good news is that Dubai has many luxury apartments with something for every taste and budget. You’ll achieve this feat with sufficient research and consultation from real estate experts. After all, baby steps are better than taking bigger leaps and falling off the ditch.
