A condo in Abu Dhabi will be a quality asset that can enrich your investment portfolio. As it involves huge investment, you should not commit any mistakes while purchasing the property. There are many options available in the city and you might be quite overwhelmed seeing the various offers. There are a few important factors that you need to keep in mind before you purchase a condo in Abu Dhabi. Below mentioned are a few:
Go through the search platforms available online – Search platforms help the buyer in comparing the price of different properties located at different localities. It ensures that you are paying the right price for the property. Also, you could read through reviews of people who are currently living in the locality to get a better picture of the property.
Pick a professional and known real estate dealer- You should be very careful while you choose the real estate dealer to help you in purchasing a condo in Abu Dhabi. A good real estate dealer can show you the best of Abu Dhabi condos at a good price. Also, they can help you with regard to making the contract of sale and ensure that you follow the rules and regulations while buying the property.
When to buy- It is advisable that you follow the real estate market to check if the market is favoring the buyer or the seller. If the market is in favor of seller it is best to stall your investment until it falls in favor of the buyer. In a buyer’s market, you have a great opportunity to negotiate the deal to your advantage.
The reason for investment- You need to be clear as to the reason for buying the property and also you need to mention the same to the agent. For instance, if you wish to purchase the condo for investment purpose, then the agent can show you those areas which are perfect for investment.
Applying for a mortgage– If you wish to apply for the mortgage you should be residing in the country and should be holding a valid visa for 6 months. The banks will offer loan up to 75% value of buying price. You should deposit 25% of the total value as down payment. In order to apply for the bank loan, you should provide passport copy, valid visa, employment letter, salary certificate, and Emirates ID.
The process of buying- If the seller has got a mortgage on the property, then the bank which is issuing you loan will clear off the mortgage of the seller first. So, the agreement could be made between you and the seller. If at all there is no mortgage, the bank will directly issue the cheque on the name of the seller. The seller, buyer, representative of the bank and the agent will have to meet in the municipality office to complete the sale proceeds and to transfer the property. The new owner will receive the title deed.