Myths – widely held but false beliefs or ideas. These are found in all walks of life. Some are made known by unsolicited advice from family or friends. Some are arrived at from personal experiences of people who tend to generalise them into absolute truths. When it comes to the real estate market, especially if you are debating on whether or not to buy property in Dubai, then you should be aware of some of the common myths surrounding the sale of a house.
Location of the property is unimportant: On the contrary, the location is a very important factor. According to a professional, “The placement of your property will decide its value”. Essential amenities close by such as shopping, transport facilities, schools, and entertainment venues are an asset. A property in an attractive location will be easier to sell and will ensure a good ROI (return on investment).
Overpricing will help: An overpriced property will discourage buyers. The property will not be noticed due to the competition, even if special facilities are offered. If the value is reduced, the buyer will be aware of the fluctuation and feel you are desperate to sell. This will result in even lower price negotiations.
Sell the property as it is: This error can cause a decrease in the sale price. The value of the property will be lowered. Most buyers would like to move in immediately. For this, the property should be in good condition. Repairs and renovations need to be completed. Cleanliness and tidiness matter. Landscaping to highlight the assets and create additional space can add to the ambience. A well maintained property will invite a higher price.
Viewing does not matter: It is important that proper arrangements are made for viewing the property. If the property is occupied, tenants should be advised in advance, so that they are prepared. The time of the viewing should be mutually convenient. Transparency by informing the tenants why you want to sell the property will help. The broker can be introduced to them to help them find alternate accommodation. If possible, be present at the viewing, as no one can recommend the property better than the owner.
Do it on your own: The internet can provide many details. However, the assistance of a broker will be invaluable. It will help in obtaining an accurate valuation of the property. Then an acceptable selling price can be determined. The broker will also find a suitable buyer. Details of documentation required will be provided so it can be kept ready. All this will save so much time and effort.
Any broker will do: This is incorrect. The choice of broker is very important. Research needs to be conducted and comparisons made between realtors. Registration with RERA (Real Estate Regulatory Agency) and their selling rate need to be checked. A broker who understands the requirements of the seller and buyer needs to be chosen. Working with multiple brokers should be avoided.
Assessments are not necessary: Wrong again. Valuation of property is essential. It will help in arriving at the right price. Buyers prefer an accurately assessed property. The valuation takes into account any risks or damages that may affect the price. The assessment should be done by a certified RERA and RICS professional.
A high salary is required to buy a home: Not any more. The deposits are lower now and home loans are easier to obtain.
Sell the property in a timeframe: This should be avoided. Once the reason for selling has been determined, financial obligations and documentation need to be met. Settlement fees and NOC charges will need to be paid to transfer the property rights. The guidance of a good broker will assist in keeping all documents ready. Such payments may affect the selling price which the broker can explain.
Conclusion: Even though the Dubai property market is on a high, some sellers and buyers are still wary of conducting transactions. We hope the above clarifications will help in clearing the mind of the many myths involved in selling a house.
References:
https://www.bayut.com/mybayut/myths-about-dubai-realtors-debunked/
https://famproperties.com/blog/six-expatriate-myths-about-dubai
https://www.damacproperties.com/en/blog/5-common-dubai-real-estate-investment-myths-debunked
https://gulfnews.com/lifestyle/home/real-estate-myths-that-snag-buyers
https://www.quora.com/What-are-the-mistakes-to-avoid-when-selling-my-Dubai-property
