High Estates

Luxury development in Dubai are finding it hard to weather the financial crisis as builders and other firms connected with them are defaulting on their obligations due to financial institutions pulling out credit lines or stopping financing all together. The news is the same all over the globe with major luxury development projects halted due to the strain of the recession that is currently plaguing all of us. Most of the financial institutions who were providing their financial resources stopped doing so altogether due to them being victims (more…)

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Real estate laws vary greatly form state to state. If you are buying real estate you should understand what rights you have in the state you are in. In California you have many rights and are legally covered in many cases to have these rights.

The following list explains the basic rights every buyer has when buying real estate in California.

1. You can and should interview and compare many agents and lenders during the beginning of your process. This will help you to find the best people suited to help you. Avoid jumping right into a deal without first looking around.

2. California has a Residential Purchase Agreement called a RPA-CA. You have the right to use this document to make or accept offers.

3. California has a law that states an agent must tell you about any relationship they have with seller. There is an Agency Disclosure Form you can use for this purpose.

4. You can and should have an attorney look over all paperwork. California is an escrow state, which means there is a third party involved to help for enforce the contract. So understanding it is important.

5. The RPA-CA contract allows you to have the right to reject any offer you’ve made if you are not satisfied with the physical condition of the home or neighborhood.

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Whenever you visit an open house, jot down a few things that you like and dislike about it as soon as you arrive. What is its overall appearance from the outside? Is it close to nearby schools if that is a necessity? How about shopping malls? And how far away would it be from your job? Sometimes these are questions that home buyers fail to take into account early in the buying process.

When inside the home, be sure to check everything and take plenty of notes as you go. A few things to watch for are the condition of the cabinets, the carpet, the walls, the ceilings, and so on. Take good notes on any items if you feel may need repair.

Consider the size of all the rooms in the home, and determine if they will meet the needs of you and your family. If necessary, even take a tape rule with you to be able to measure out individual rooms and see what kind of space is available. Pay particular attention to storage and closet space, as this is an area that is quite often overlooked by new home buyers, but will become very important if you should decide to buy.

It’s also a good practice to spend a few minutes outside the home and listen for noises that could be bothersome. Perhaps there is a train that passes nearby, or freeway noise that seems excessive. Just taking the time to listen can sometimes be very illuminating, and can help you ovoid moving into a home where noises could be constantly irritating.

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Also, as a property owner, you will be required to pay an annual service charge to the developer for maintaining public facilities such as auditorium, swimming pool or park as well as providing civic amenities. The cost would depend on the project that you will get, so it is important to confirm this to the concerned authority before you commit your property for rent.

Fortunately, the Emirate of Dubai does not implement a property tax, which means that the income you generate for renting out your property in Dubai is tax-free. Maybe this is why long-term investors invest in Dubai properties because it simply makes sense.

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If you want to purchase real estate in Dubai for investment purposes, you will find that the properties nearing completion have the greatest potential to bring you rewards. If you sell the property, you can expect a premium on the capital value. If you decided to rent it out, you can get revenues from the monthly rentals.

However, to maintain a good investment deal, you must account for the cost that you have to incur either one-time or in a recurring basis. Like for example, if you entered a property transaction through a consultant, you have to pay for brokerage charges ranging from 2-6%.