Small budget but large apartment Properties for Sale in Dubai , impossible? Not necessarily ! A bit like in a team sport, it is unity that makes strength. And in real estate, the saying goes without saying. To buy bigger, more beautiful, more modern, more and more buyers are tempt to buy with friends. Beyond the quality of the accommodation, they are also attract by the idea of having a great experience with people they love. Like a desire to extend the roommate spirit.
But real estate has its reasons that friendship ignores. There is no question of embarking on such a project without planning everything. Three tips for living the experience to the fullest and avoiding turbulence.
Prefer joint ownership
Like buying a couple that we were talking about here , acquiring a home, Properties for Sale in Dubai with several people first requires agreeing on the acquisition regime. Among friends, not much choice: either the SCI, or joint ownership.
A Société Civile Immobilière (SCI) has everything of a real business. It must be register in the Trade and Companies Register (RCS) and has a lifespan of 99 years. The buyers are group together within the SCI, the statutes of which they themselves will have define. The value of the property is then translate into “shares”, each co-owner being allocate a number of shares in proportion to his investment.
The SCI option is to be prefer for purchases with more than two because its administrative burden makes it a bit complex. Between general meetings, exceptional meetings and having recourse to an expert for accounting management, you risk having a headache very quickly. Especially since to sell your shares, you will need to obtain the agreement of all your associates under penalty of embarking on even more onerous procedures. Undoubtedly a bit too much for a first purchase.
The simplest regime remains joint ownership of Properties for Sale in Dubai. By stipulating the financial effort of each in the notarial deed, each un divide becomes co-owner of the property up to its participation. The advantage is therefore to be able to buy with the person of your choice, whether or not they have a contribution and income similar to yours.
Be careful, however, to settle the issue of succession. In the event of joint ownership, the deceased’s shares normally revert to his heirs (children, parents, brothers or sisters). So think about discussing this subject not very glamorous but essential to avoid finding yourself in an embarrassing situation at the worst moment. The un divide can designate each other in the notarial deed as priority to redeem the shares of the deceased. And presto, voila!
Whether you buy a Properties for Sale in Dubai with friends via an SCI or in joint ownership, do not forget that banks apply a principle of financial solidarity. In the event of default by your co-owner, they will turn to you for the repayment of their loan maturities. Many also prefer that the un divide take out one loan in common rather than two separate ones.
Agree on research
It sounds simple, but it’s the start of any real estate project: prioritize your criteria! What kind of good ? Which neighborhood ? And above all: what budget? Go over all the annoying subjects to make sure that you are looking for the same accommodation together. Agree on the essential criteria for both so as not to create any frustration on arrival.
For visits, select only the goods which tick the boxes of your common list. It’s already sometimes complicate to free up the time to go to the other end of the city to visit a Real estate companies in Dubai, you might as well say that for two (or more) the task will be even more complicate. And in case of a crush, we do not get carry away. Remember to carry out the basic checks (plumbing, electricity, boiler, work vote in AG…). Being together to go over all these points is clearly an advantage!
Define common rules of life
As with a roommate, establish common rules for the peace of the home. Renting you can always move quickly if your roommate leaves his socks lying around too much. When you buy, things are not that simple anymore. How are invoices paid? What if one wants to paint the kitchen red, the other green? Can the property be sublet? Settle all these questions quietly but firmly beforehand and mark your decisions in black and white.
Within the framework of an SCI, you will be able to include these rules in the articles of association of the company. In the event of joint ownership, you can establish an agreement which will serve as a user manual.
Bonus: what if things go wrong?
Sometimes all the goodwill and care in the world is not enough. Rather than being stubborn, it is better to know how to end the adventure. Don’t panic, that’s okay, and the separation can go smoothly. In the best case, everyone wants to sell the home, so the solution is quickly found.
Lack of pot: one wants to leave, the other wants to stay. In SCI as in joint ownership, the co-owner who wants to recover his freedom must find a buyer for his shares. Only, this can be the remaining partner, such as an external person. In joint ownership, if the other cannot buy back the shares, he will have no other choice but to sell his shares as well… and therefore to resell the home.
Buying a Real estate companies in Dubai with friends can be a good solution, but it’s getting ready. No matter how deeply we love each other, such a project puts a strain on our nerves. So we anticipate, we foresee and we organize ourselves.
