Junaid Iqbal Memon Shares Common Mistakes When Buying a House in Dubai


A Guide to Avoid Unnecessary High-Risk Deals

Junaid is a seasoned property developer. With several properties and businesses in Dubai and London, he first started as a businessman looking for investment opportunities to expand his portfolio.Below he shares some of the most common mistakes that home buyers should avoid committing when buying a home in Dubai.

Making the decision to buy a house is a huge one. It is a huge leap not only personally but financially too especially if one were to consider the fact that it will involve a huge amount of money. Even investors in real estate who are looking for opportunities to buy a second home will need to be cautious as well as there are always going to be risks involved.

Probably one of the most common mistakes that many people commit when buying a property in Dubai is choosing the wrong neighborhood. It is a fact that communities in Dubai are designed to provide their residents with all the necessary amenities that they might require. Still, there are areas that may offer affordable areas that could offer more affordable housing that would easily fit one’s set budget. Buyers need to strike the right balance by considering how near their chosen property is to their workplace, health care, and educational institutions among other if they are to choose the best for them and their family.

Not knowing the difference between a leasehold and a freehold is also another mistake that many a buyer in Dubai commits. Leasehold properties are those that are made available only for lease by local landlords. The leasehold is usually for 10 to 99 years. This means that these are properties that could not be bought outright. Meanwhile, freehold properties are those that are defined by the government and available in certain areas where anybody can purchase real estate.

Skipping the home inspection is also another common mistake. This is especially true if what you are getting is a resale. Always consult the services of a professional home inspector so you can check the property for faulty plumbing, electricity, and other fixtures. Housing development companies that are worth their salt should not have a problem carrying out this task for you.

Many buyers also make the mistake of not waiting for the mortgage approval from their bank as well. Most are guilty of jumping the gun when buying a property even before they have secured a loan approval from their bank.

If you want to make the purchase as swift and fast as possible, you can always secure the services of specialized brokers. They will be able to help work through the entire documentation process in order for you to swiftly secure the mortgage.Learn more about what you must do first before buying a property in Dubai by reading about Junaid Iqbal Memon online. You can also follow Junaid Iqbal Memon on Facebook

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  1. I couldnt agree more that skipping home inspection is also another common mistake (Guilty here!) It's indeed very tempting to think that as a homeowner we go into escrow, but I realized, not so fast because before closing on the sale, homeowner need to know what kind of shape the house is in. You don't want to get stuck with a money pit or with the headache of performing a lot of unexpected repairs.I think keeping feelings in check until you have a full picture of the house's physical condition and the soundness of potential investment will help avoid making a serious financial mistake.Btw, love your post!

  2. Agree!! Going through a pre-approval process with a reputable lender should be done very early in the process as it can be a huge waste of time looking at homes that you can’t afford. It’s also difficult emotionally to ‘dial down’ on price.

  3. Hi Junaid,

    Thank you for the helpful article!

    Indeed, buying a house is a stressful and nerve-racking time, regardless of whether you’re a first-timer or a veteran buyer. Unexpected problems can and will pop up – these can include hidden damage found during a home inspection, a low appraisal, and higher than expected closing costs. It’s an unpredictable process, but the more you know about the process, the easier it is to avoid serious mistakes.