Owning a home comes with more than just the purchase price. Here are some often-overlooked expenses every buyer should plan for:
Maintenance and Repairs
Regular upkeep is essential, and unexpected repairs can add up. According to Dubai Land Department data, homeowners typically spend 1-3% of their property’s value annually on maintenance.
Homeowners Association (HOA) Fees
For those buying in communities or developments, HOA fees can be a significant ongoing cost. In popular Dubai neighborhoods, these fees can range from AED 5,000 to AED 20,000 per year, depending on the property.
Property Taxes and Insurance
In Dubai, while property taxes are only there on commercial real estate, buyers must still consider the costs of insurance, especially for high-value homes, which can increase over time based on the property’s value and location.
Being aware of these hidden costs is crucial for making an informed decision. Planning ahead will ensure that homeownership remains a rewarding investment rather than an unexpected financial strain.