There is one fundamental requirement for real estate investment success. You must make well-informed decisions, rather than allowing instinct or your heart to rule your thinking.
This is a quick guide to the actions you’ll need to take in order to make the best decisions possible. It’s based on global standards, buyer experience in selling and renting to buying a family home, and my own expertise as a highly successful Dubai real estate consultant.
Step 1: Is to figure out what you want:
Make a financial plan. Whether you’re buying with a mortgage or cash, for personal use or to rent out as an investment, your purchase should be economical.
Step 2: Make a list of your most important items:
Make a list of your most important items – You don’t want to sacrifice on the number of bedrooms, proximity to schools, work, stores, or the countryside. Consider your family’s life cycle and requirements. What kind of house, for example, best suits you, crossing off those essentials? Is it an apartment, a ready-to-move-in home, or an off-the-plan home?
Step 3: Learn more about your chosen location:
Examine a place you’re familiar with or undertake extensive research on the location. What are your goals for this project? What’s your move-in date, and what’s your resale strategy? Find a Knowledge Partner that is well-versed in real estate and the location you’re interested in. A specialist who is familiar with contracts, taxes, and other legal issues to assist you in making informed judgments.
Step 4: Data Collection – Research
After you’ve defined those criteria, go out and do some market research, compiling a list of the finest possibilities for you. To construct a fact sheet for each choice, ask questions, visit the place, evaluate the local market, and gather critical data.
A) The median price per square foot, the number and total value of sales in the area, and the present and future supply of property.
B) Research the price per square foot and total property cost for the latest five sales in the area.
C) Determine whether the offer offers excellent value by comparing the price being quoted to the data. All of this information may be found on the internet. This will assist you in determining the greatest investing opportunities.
We call this CAAD, CAAD stands for Comparison, Analysis, Assessment, and Decision. The next stage is to go through each property in further depth in order to develop a more accurate information sheet before making a final decision.
Step 5: Understand Market Trends – When Should You Buy?
The property market fluctuates and timing your purchase (or sale) can have a significant impact on the amount you pay and the return on your investment. You will pay more if you buy during a market cycle’s boom phase: the best time to buy is when the market is low, when sellers will make better price offers. However, you must always adhere to the CAAD procedure.
Step 6: Concluding the transaction:
Before you sign any contract, double-check that it covers everything from maintenance, repairs, and the exchange of keys. Always consult your Knowledge Partner and have them negotiate the transaction on your behalf. Before you finish, visit a property law and tax expert, for example: they are experts who will take care of everything. Finally, once you’ve found the ‘best deal,’ don’t delay — make the buy or risk losing it.