Like in other sectors, scammers do exist in the real estate industry. Even though some of the scams are difficult to identify, they can be detrimental. It is therefore advisable to keep an eagle eye and be cautious to avoid falling into the scammer’s trap.
Are you planning to invest in Dubai? Since location is one of the biggest factors to consider, you should choose the variety of apartments for sale in Dubai Marina. This is a very popular neighbourhood with some of the best new projects in Dubai.
Here are tips to avoid getting scammed
Conduct your own research
We are currently living in an era where information is readily available. Take advantage of this and conduct your research thoroughly. If you want to get more information about the developer or the seller, you can simply Google. In fact, you can find sites where people describe their experiences with certain companies.
Check for certification
It is extremely important to accurately determine if you are dealing with qualified professionals. Before agreeing to work with any person or company you should make sure they are properly certified. Remember that scammers will avoid showing their qualifications.
Work with professionals
Seek professional advice to avoid getting scammed. Hire the right agent from reputable Dubai real estate agencies. If you want to know about legal issues like freehold leases, get help from a qualified attorney. Also, if you want to learn about loans and mortgage, you should consult a reputable financial institution.
If you want to become a successful real estate investor, you should never act on emotions when making important decisions. Scammers are always on the watch to prey on investors who are facing difficulties. One of the most common scams in this category is loan modification. This is a situation where fraudulent lenders or agencies claim they can help desperate investors out of dire situations. The fraudsters then ask for a fee in advance to make things done. This should be a huge warning sign since it is illegal for real estate companies to ask money in advance.
In real estate, you should always have a mentality that nothing is official until it is signed. Do not rely on verbal promises because spoken words are not legally binding. This will save you from most common real estate investment scams.