Added Costs When Buying Your Dubai Property

While the costs of buying a property have increased over the past few years, thanks to high demand and shortage of supply, this is not the full picture. Property buyers need to be aware that when you purchase a freehold property in Dubai, there may be added costs that you are not aware of, or may need to spend, so here are just a few.Solicitors and legal feesWhile this is an added cost, it many just save you a fortune in the long run, and we think this is an important expenditure to make. When buying a home in Dubai, be aware that the laws and restrictions on your property contract will need to be checked and interpreted by a professional, to avoid investors falling into any loopholes. As the property law is also constantly changing, consulting with a solicitor before buying can save you a whole host of problems once you have bought. Just like in every other property market, make sensible decisions when buying your Dubai property.Developer FeesYes, you may have to pay a fraction of the property value to the developer, just as you would when using a real estate agent. As you can buy some properties direct from the developer, or from sellers that bought from the developer and the property is not finished yet. This payment is usually due upon completion of the property, so if you are looking to buy a property that is still under construction, then be sure to find out about added costs.Maintenance costsThis is an expense that really bothers and surprises Dubai property buyers, but they forget that they would have to pay the same kind of charge if they were back home. The maintenance charge covers the expenses of keeping communal areas on a property development in shape, and therefore should be an expense to the homeowner. The problem is that there have been cases where the developer has tried to overcharge residents on the development, even by charging yearly maintenance costs that equal to some accommodation rents. If people are buying to avoid rent, make sure you don’t still have to pay almost as much in maintenance once you buy.For more information on the true costs of buying property in Dubai, and any Dubai real estate and Dubai property [] queries, please contact us.

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