Dubai real estate? Now that you know the “fair market value” of the home you like, it’s time to determine how much you are willing to pay. Establishing this prior to making a formal offer helps define your personal limits. You should determine how much to offer, how much earnest money you will put down, how much of the closing costs you will ask the seller to pay, when you plan to settle, and what inspections you plan to have conducted. Your agent will offer great advice for structuring your offer. Remember to ask your agent about contingencies and their importance. If you don’t fully understand something, be sure to clarify it.
Deira lies on the northern bank of Dubai Creek, and the winding streets here unveil the melting pot of different nationalities that have come to call Dubai home. On the shore, ancient dhows load and unload with modern banks, hotels, and office buildings as a backdrop. For travelers, Deira is most famous for its traditional souks (markets), which bustle with shoppers at all times of the day. Deira Gold Souk is world-renowned as the largest gold bazaar in the world. The Deira Spice Souk sells every imaginable spice, with stalls overflowing with bags of frankincense, cumin, paprika, saffron, sumac, and thyme, as well as the fragrant oud wood, rose water, and incense. The fish market provides a much less touristy experience. While in the district, culture lovers shouldn’t miss two of Deira’s finely restored architectural gems. Heritage House was built in 1890 as the home of a wealthy Iranian merchant and later became the home of Sheik Ahmed bin Dalmouk (a famous pearl merchant in Dubai). Today, it’s a great chance to see the interior of a traditional family home. The Al-Ahmadiya School, constructed in 1912, is the oldest school in Dubai and is now a museum of public education.
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Waiting for the ‘unicorn’. Unicorns do not exist in real estate, and finding the perfect property is like finding a needle in a haystack. Looking for perfection can narrow your choices too much, and you might pass over solid contenders in the hopes that something better will come along. But this type of thinking can sabotage your search, says James D’Astice, a real estate agent with Compass in Chicago. How this affects you: Looking for perfection might limit your real estate search or lead to you overpaying for a home. It can also take longer to find a home. What to do instead: Keep an open mind about what’s on the market and be willing to put in some sweat equity, DiBugnara says. Some loan programs let you roll the cost of repairs into your mortgage, too, he adds.
When looking at homes, you should seriously consider ignoring paint and landscaping. These are two items that are easy to fix, and they should not impact your decision making when purchasing a house. If the home has a terrific location and the paint/landscaping is poor you shouldn’t rule it out, you have to be able to envision what the house will look like when you move in and make changes. A lot of time buyers will not be able to overlook paint or landscaping and this gives an opportunity for others who know how easy it is to fix. Location is something you can’t change, paint and landscaping is something you can.
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