Investment in land is always smart. A piece of land will always have its value appreciated over time. Buying overseas is altogether a different story. We may or not may not aware of the local market, legal hurdles, and risks involved. When it comes to one of the most exclusive hot spots like Dubai, we need to have an excellent approach to buying real estate. Some of the tips that we discuss today could help you find one of the best real estate companies in Dubai.
Tips that you need to know
· Hire a local guy
This is much needed and the first thing we would need to focus on. We can buy any property as long as it is legally compliant and ensure that we understand the local market. We would require both an attorney and a local real estate company.
· Measurements and Meaning
Every country has different rules they follow when it comes to measurements. Some countries follow the square feet measurement which would only be the living area whereas some countries include the indoor and outdoor area (for example A balcony, patio, walkway, and more). It is better to understand these details sooner rather than later.
· No promises, you buy what you see
Don’t be tempted at an excellent or even lower than market value offers on foreign properties. This could end up being a scam. We need to see the property and then buy it. Local real estate owners could be an excellent choice while investing overseas.
· Current Conditions
There is a huge difference between basic needs like electricity, water, and roads available now and will be available soon. We need to ensure that the property that we need to invest in should have all the basic amenities before we purchase it. Any indefinite promise of “in the near future” could be the very next day or in the next 10 years.
· Foreign Real Estate Owners?
Now, we all know this is quite tricky since many countries have protocols against this. Usually, a local bank or a trust can buy any property, and then we could own the property via that trust. It all depends on the rules set by the governing body.
· Legal Differences
Based on the type of law implemented by the governing body, we need to well aware of buying, selling, and ownership of a property in a foreign nation. An attorney would be able to help you out but, it is our responsibility to learn as much as possible.
· Tax Complications
It could be in either country, the one we are from or the one we are going to buy land from. A thorough knowledge about this should be sufficient to ensure a smooth transaction.
· Health Protocol to follow
We would need to follow various protocols before entering a country. One of the most common protocols would be, have you had your shots? This might sound crazy, but some of the foreign countries are adamant on this part. Ensure that you are aware and updated with the shots before entering a foreign country.
With these tips, we would be able to at the very least find an excellent real estate company and an attorney. The rest would be up to us to move forward. Happy investing!!