With the lower than average UK sterling the UK real estate market has once again become hugely attractive to foreign buyers. With over 200,000 UK nationals living in the middle east there is a lot of interest from UAE residents in particular who are looking to buy UK property in Dubai.
Buying a property is for a lot of people the biggest investment decision they will ever have to make. The process of doing so can be more than a little daunting for a lot of people at the best of times but is especially true when buying a property in a country where you don’t currently reside. In this article we will cover the steps of buying a property in the UK from Dubai, UAE.
Identify Your Goals and Reasons for Buying a Property
Knowing your reason for buying will to a large degree dictate the type of property you look for. If you are buying in order to live in the property then you will have to look at properties in areas where you actually want to live. On the other hand, if you are buying in order to lease the property then where you buy will be determined by where you can get the best returns for your investment.
Know your UK Investment budget
If you are looking to get a mortgage then you need to speak to a mortgage broker to know if you qualify and exactly how much you can borrow. If you are lucky enough to be a cash buyer then you need to set a budget you are comfortable spending. You also may want to think about if paying cash is the best use of your money. Sometimes using your cash as deposit to buy multiple properties may be the better option.
Start your UK property search
Property websites are a great place to start having a look at what type of properties are out there. Here you can check not only check the type of properties for sale in a particular location but also see prices, trends and much more useful info. Outside or property portals agents can be a tremendously useful resource especially if you are buying from Dubai. There are UK real estate experts who are based in Dubai and their skills and expertise can help guide you in the right direction. A good Dubai based agent should be able to show you all the new build options in UK’s biggest cities including of course London but also Liverpool and Manchester.
Make Shortlist of the Best Options
When buying from abroad most buyers do opt for a new build property or an off plan property as it is sometimes referred to. Buying a new build property in the UK does come with a wide range of advantages including price and range of options. Along side of these one of the main advantages is that there is no physical property inspection that needs to be done. This means buyers are able to make a decision and conclude the purchase without ever leaving Dubai.
Make a Final Decision
Once you have created a shortlist of suitable properties the next step is to make the final decision as to which one you actually want to buy. This can be daunting but it really doesn’t have to be. With the help of a qualified and experienced real estate broker you can evaluate each option individually and identify which is the best one. Once this has been done its time to make if official and sign the required paperwork.