Emigrating to the UAE is filled with opportunity, with tax-free income, a safe environment and bright sunshine being top reasons to try out a new life, but at the centre of your experience is the place you live. At Mortgage Finder we understand just how much your home matters and want you to have a smooth experience from start to finish – and to do so can often mean planning for that finish.
Planning a temporary relocation
Whether you come to the country on a two-year visa, or with a longer period in mind, there’s a good chance that your time in the UAE is not a permanent one. While there’s nothing to stop you staying into your retirement, part of the charm of the UAE for many expats is that it’s an adventure – an exciting time in a hub of business opportunity and quality lifestyles.
One day you’re likely to leave, and the whole process is made smoother (and a lot less costly) by planning for it from the outset.
Getting a mortgage with an exit strategy
While on paper a mortgage is a loan agreement that passes into decades, with 25 year terms a likely contract, in reality many people find themselves coming out of their mortgage early.
Whether you pick a new home off-plan or from the secondary market, one day you will probably be faced with the choice between keeping the property and renting it out, or selling up entirely. With positive equity in the home, you’ll be making money either way and it’s great to maximise that return – so why waste it paying unforeseen fees?
Early repayment charges are a feature of all mortgages, but the specific terms around those charges can be heavily in your favour if you work out your exit plan at the time of application.
Working with a professional and trusted mortgage advisory service, like Mortgage Finder, means you can choose a mortgage provider with fees that suit you. Rather than being enticed by less important aspects of the deal, we can work with you to minimise the fees and save you thousands when you go to the next stage of your home ownership.
Speaking with your mortgage advisor and real estate agent in the early days to make them aware of your plans means they can help you get on the right track and you won’t find yourself stuck with extreme penalties years later when life changes.
What’s inside the home matters too – an exit strategy for fittings!
It’s understandable that you want to live in luxury (and why shouldn’t you?) but take care when it comes to the inside of your apartment. Getting a beautiful kitchen if you intend to rent out the property a few years later might not be the wisest investment. Sure, it will definitely raise interest in your property and make it easier to let (or to sell) but will it raise it enough and would a simpler set of fittings have been more appropriate?
If you spend extravagantly when it comes to fixtures and fittings then you will have to say goodbye to those luxuries when you leave. Calculate the cost of the interior against the length of time you plan to stay and make sure you’re happy with the results before going ahead. Too many people fall foul of deciding to leave and saying goodbye to bathroom suites and stunning lighting that they are sad to see go with the property.
When it comes to moving on, the location of your home matters too, but don’t let that put you off buying a property in a certain area – after all, if you want to live here then someone else will too!
Research the local amenities and culture for both yourself and any future tenants, know the area and work with your real estate agent closely to make sure you choose the right place for you to make a home.
And as you are planning with your timeframe in mind, you’ll also know what you don’t need. Why bother worrying about secondary schools in the area if your children will have just touched primary education before your exit date? Planning a life in the UAE is often so much more about the now than the far distant future.
With this all said, nothing is ever set in stone. Plan for leaving, but why not also plan to stay? There’s every chance your love affair with the emirates will go from a short term fling to a deep and meaningful relationship. Talk with us about options for staying and remember you can always remortgage a few years in and secure a deal that’ll work with you for the long term.
Why your home matters to Mortgage Finder
We don’t work hard to get the perfect mortgages for our customers just because it’s the day job – we also do it because we love to hear all the delights of someone getting the property they really love and making it a secure and comfortable place to live in. Coming to the UAE can be nervous, even for the most confident and world-wise traveller, and we want the process to be a good one. If we can help with no-obligation advice or to get you a quote for a great mortgage deal then let us know. Fill in our contact form or give us a call today!