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Buying property in Dubai? Dubai tourist attraction is one of the reason for the real estate boom in Dubai. The Bastakia Quarter (also known as the Al-Fahidi neighborhood) was built in the late 19th century to be the home of wealthy Persian merchants who dealt mainly in pearls and textiles and were lured to Dubai because of the tax-free trading and access to Dubai Creek. Bastakia occupies the eastern portion of Bur Dubai along the creek, and the coral and limestone buildings here, many with walls topped with wind-towers, have been excellently preserved. Wind-towers provided the homes here with an early form of air conditioning — the wind trapped in the towers was funneled down into the houses. Persian merchants likely transplanted this architectural element (common in Iranian coastal houses) from their home country to the Gulf. Lined with distinct Arabian architecture, the narrow lanes are highly evocative of a bygone, and much slower, age in Dubai’s history. Inside the district, you’ll find the Majlis Gallery, with its collection of traditional Arab ceramics and furniture (housed in a wind-tower) and the Al Serkal Cultural Foundation, with a shop, cafe, and rotating art exhibitions (located in one of the historic buildings)

Draining your savings. Spending all or most of their savings on the down payment and closing costs is one of the biggest first-time homebuyer mistakes, says Ed Conarchy, a mortgage planner and investment adviser at Cherry Creek Mortgage in Gurnee, Illinois. “Some people scrape all their money together to make the 20 percent down payment so they don’t have to pay for mortgage insurance, but they are picking the wrong poison because they are left with no savings at all,” Conarchy says. How this affects you: Homebuyers who put 20 percent or more down don’t have to pay for mortgage insurance when getting a conventional mortgage. That’s usually translated into substantial savings on the monthly mortgage payment. But it’s not worth the risk of living on the edge, Conarchy says. What to do instead: Aim to have three to six months of living expenses in an emergency fund. Paying mortgage insurance isn’t ideal, but depleting your emergency or retirement savings to make a large down payment is riskier.

Inspections: Walk through with the tenant, Full inventory of all assets in the property, Working with agents to enhance property’s appearance, Obtain bids for quotes and notify the owners prior to any major expenses regarding their property. Coordinate landscaping and gardening services. Ensure all required maintenance is done in a timely manner. Read additional info on apartment for rent in Dubai monthly.

Dubai real estate advice of the day : This is often the most thrilling part of the process. But, if you’re not careful, it can get out of hand. The best way to proceed is limit the number of homes you look at in a single day. Visiting too many homes back to back will make it difficult to remember one house from another. It’s a good idea to create a checklist of homes to look at, and check them off as you visit them. Not only is this helpful in reminding you of which homes you visited, it allows you to eliminate homes from your search more quickly. Remember, communication is crucial. Explain to your agent why you like or don’t like a particular house. The more you communicate with your agent about your preferences, the better he/she will be able to find exactly what you’re looking for.

Location is by far the most important part of buying real estate. You can change condition, you can change price, you can’t change the location of a house. If there is one thing a buyer should never sacrifice on its location. The location of a house will have the largest impact on its price, and potential future appreciation. One analogy we use to demonstrate how important location is this: If you take the least expensive home in the world, and you put it in downtown New York City, it is worth millions. If you start shopping homes for sale in all different locations you’ll never build a proper frame of reference to understand what constitutes a great deal, a good deal, and a lousy deal. You want to become an expert in a certain area so that when it comes time to make an offer, you can do so with conviction and confidence.

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