Are you looking to start your own business in Dubai as a real estate agent or a rental manager? There are plenty of openings in many areas around Dubai for entrepreneurs and new investors. Whether you’re looking for off plan property in Dubai such as Meraas Sur La Mer or Port De La Mer apartments, Dubai’s property market is very wide, vast and has a lot to offer for anyone who is interested in it.
As a new investor, there are some things you have to take in consideration so you don’t get overwhelmed. Remember that getting involved in the real estate market isn’t easy, so you should consider some of these tips:
1. YOU HAVE TO START BY PICKING A VERY GOOD LOCATION
First of all, you have to start looking for a good location to buy. A property that has proximity to public transportation, schools, and good zones is a property which rentals are worth more and will always have tenants looking for it. This type of dynamic is what you need.
2. THINK BIG, START SMALL
You can’t start investing in something crazy like an entire building, you have to look for something that fits your budget and that you can get back easily.
Also remember to look for something that doesn’t need big or significant repairs, remember that you’re just getting started.
3. DON’T SPEND TOO MUCH ON UPGRADES
You have to remember that you’re buying a property just for rental purposes, so spending lots of money on upgrades can be a downside if you start getting stuff that will likely need lots of maintenance and repairs in the future.
There’s a minimum standard you have to accomplish when you’re setting up a rental property, so stick up to that and do not overstep. Spending too much on appliances might not be easy on your pocket in the future.
4. BE CAREFUL WHEN YOU CHOOSE YOUR TENANTS
As a new owner, you got to know that dealing with tenants is something that isn’t always easy. Here are some things you should try to ask any new tenants who intend to rent your property:
The tenant’s or tenants’ income should be by the very least three times the rent you are asking for
The tenant or tenants should also have a signed form from their employer
These two tips will help you keep your rental property from vacancies and eviction losses. It is advised to look for amazing apartments for sale in Business Bay if you want a good rental property in Dubai.