Luxury Apartment in Dubai: Most people think that price is the primary factor that sets luxury apartments apart from regular ones. Although there is often a large difference between the costs of these two properties, there are other elements and features that distinguish each type.
For one, unlike regular flats, luxury apartments are usually located in upscale neighborhoods. Moreover, they are more spacious and have high ceiling heights.
Additionally, luxury apartments have several amenities that give residents a better, more comfortable lifestyle. These include roof-top private pools, covered walkways, Juliet balconies, and standby generators.
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These high-end properties are constructed with top-of-the-line construction materials and first-rate fittings and fixtures.
Investing in the Right Luxury Flat in Dubai
Since luxury apartments for sale in Dubai cost more than regular flats, purchasing the right one is crucial, whether you plan to live in it, make it your second or holiday home, or turn it into a rental. You have to ensure you invest in a property that lives up to its price and name.
Whether it’s your first time to buy a high-end property or not, you can make sure you will invest in the right one by avoiding these mistakes:
Not being clear about your reasons for buying a luxury apartment in Dubai
Many people say that they have always dreamt of owning a luxury property. However, only a few of them can explain fully and clearly why they want or need one.
With the substantial outlay high-end apartments require, you need to have a good idea of why you want to invest in one before beginning your search.
Determine what you want to achieve from your property from the start. Do you want to live in it permanently or call it your second home in Dubai? Or do you want to transform it into an additional income stream?
If you want to turn the apartment into a holiday rental since you are not staying in Dubai permanently, you have to be clear about this from the start as well. Doing so will help you avoid overlooking other essential factors, such as the location and amenities you need to look for in the flat and building or complex.
Failing to study your preferred locations sufficiently
Although luxury properties are located in the most affluent parts of the town, not all of these neighbourhoods are the same. They still have differences that make one apartment superior to the others.
At the very least, the apartment should be near typically frequented places such as supermarkets, convenience stores, restaurants, cafes, pharmacies, and transportation hubs.
If you intend to live here with your loved ones or attract families as your tenants, you have to choose a property that is also near reputable schools, parks, and medical facilities.
If you want the property to be a profitable holiday rental, you have to make sure that it is near popular tourist attractions, malls, and retail stores.
Aside from looking up the locations of the apartment buildings or complexes you are interested in, if you have the time to visit them, go around the neighbourhood to find out what amenities are nearby. Take note of the traffic, noise levels, and other factors that can make living here convenient.
Putting too much stock on photos and marketing materials of properties
Nearly all properties look amazing in photos since they are staged. Moreover, the images are taken and possibly edited and airbrushed by professional photographers. Because of these, they always impress anyone seeing them.
Consequently, other properties may look unimpressive since their photos were not taken at the best time of the day. However, when viewed personally, they are highly appealing and charming.
Due to these reasons, you shouldn’t depend too much on photos when searching for a luxury apartment to buy in Dubai.
Even if you are always busy, take the time to view your shortlisted apartments. Moreover, visit them at different times to see how they look during the day and at night.
Take some photos of the property as well and look at them again before making your final decision.
Conducting an insufficient inspection of the apartment
If there’s one thing you shouldn’t do when viewing a luxury apartment, it is being lax and doing this process half-heartedly.
Shopping by sight alone is a huge mistake to make when buying a high-end property. You want to experience a comfortable and opulent lifestyle in your new home or want your tenants or guests to feel the same way.
You can’t ensure you or others will experience these if you do not inspect the apartment thoroughly.
When viewing an apartment, inspect all the fixtures and fittings. Don’t be afraid to check if the heaters and faucets are working properly. Inspect the cabinets and other storage areas to see if they meet your needs.
If there are any appliances, check if they are working, too. Make sure you are satisfied with the knobs, lighting fixtures, and other features, and if not, start thinking about what you can do to improve them.
Getting swayed by a hefty price tag
Many investors and homebuyers simply choose the most expensive fully furnished apartments for sale in Dubai when investing in a luxury property. However, a steep price tag does not always guarantee it is the best.
Choosing an apartment with the heftiest price tag is a huge mistake that you have to avoid if you want to make a smart investment. Even if you have money to spare, you will do well to look for a property that offers the best amenities that match its cost.
Aside from getting the specs and details about the price from the developer or your real estate agent, study current rates in the market. Make sure you are purchasing a property with a price tag that you agree with.
Overstretching your finances
Finally, buying and continuing to finance a luxury home is no mean feat. Aside from the down payment, you have to consider the other costs that come with owning, which include the maintenance charges and monthly utilities.
Additionally, you have to think about the monthly mortgage, if you are getting one. You may also require a significant outlay to furnish and equip it.
For luxury homes, many sellers won’t consider offers from buyers who fail to demonstrate that they have assets, source of income, and accounting statements indicating that they are capable of handling the financial responsibilities of owning a high-end property. Most of the time, they want to see that they are preapproved for a loan, too.
Although you want to own the best luxury apartment in Dubai, check if you can afford it and that you can cover all the accompanying costs.
The good news is Dubai has plenty of luxury apartments for sale to choose from. With sufficient research and help from the experts, you can find one that is within your budget and will allow you to achieve your purpose with this investment.
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