• Write down all of the poor spending practices that you need and want to change.
• Write down how you plan to bring about the changes in each area.
• Construct a cash-flow sheet showing income and outgo.
• Set up and implement a spending plan or budget.
• Begin collecting and making notes on your cash purchase receipts.
• Begin saving a dirham a day.
• Look for alternative and substitutes to spending
• Wait for the sales. Comparison shopping can save more than 50 per cent.
• Take advantage of factory seconds, rebuilt, and used items where practical.
• Start doing things for yourself that others were paid to do previously.
• Separate shopping trips (when comparing prices, etc.) from spending trips when you actually are going to make purchases. Avoid carrying much cash on the shopping trips.

1. DON’T TRY TO WASH IT AWAY -
   Acne isn’t caused by dirt. In fact people with oily skin have cleaner skin than average because they wash it more often. But it’s a fact that washing too much can make acne worse because it makes the skin dry and sore. So, wash no more than twice a day, using mild soap and water. If you have patches of dry skin, don’t worry about putting moisturizer on. It won’t make your acne worse. If you’re still concerned, use an oil free moisturizer.
2. DON’T NUKE ‘EM -
   There are lots of over the counter creams, gels, lotions and potions. Most contain a powerful bleaching agent called benzoyl peroxide. You’ll find the strength written on the label. You might be tempted to go straight for the highest sort, working on the ‘let’s nuke ‘em principle. The likely result is that you’ll irritate your skin like mad. It may also go all dry and scaly on you. But if you still are willing to bleach then use the mild one.
3. MAKE A DATE – THE TWO MONTH RULE -
   If you have been using over the counter remedies for two months and there is no real improvement in your spots, this is the moment to go and make an appointment with your doc.
4. YOUR DOCTOR – THE TWO MONTH RULE -
   The thing you are most likely to be given by the doctor is a prescription for antibiotics. These will either be topical (which means something you put on your skin) or tablets you have to take every day. Whatever treatment your doctor or pharmacist recommends, follow the instructions carefully and keep using for at least two months. There should be a noticeable improvement by this time. If not, go back to discuss other possible treatments Antibiotics are perfectly safe to take. You should take them for at least two months and then go back to your doc. If they seem to be working, he will probably tell you to keep taking them and give you some more. If they aren’t doing their stuff, don’t despair – he has loads of other spot busters in his black bag.
5. YOU ARE NOT AN ALIEN – BUT JUST BE PATIENT -
   Hundreds of thousands of teenagers seek help for acne. You are not alone. You are not an alien. And if people really care about you, they don’t even notice your acne, however bad you think they are. But you will need to be patient. Most treatments take time to work. At least two months. And some treatments, like antibiotics will work well but may have to be taken for months, or even years.
6. THE MONTHLY CURSE OR EXAMS -
   Acne does tend to get worse just before a period. It’s because there is a surge in hormone levels at this time. But boys don’t get away lightly either. Being hot and sweaty (particularly after sports like football) makes acne worse. And for everyone, stress – particularly at exam times – is a cue for a mega breakout. This is normal – and of course, even more reason for feeling stressed. Go chill. They’ll get better – promise.
7. WATCH WHAT YOU PUT ON YOUR SKIN AND HAIR -
   Some beauty products are big no-nos. These include pomades and defrizzing agents for hair that tend to cause an outcrop of blackheads along the hairline and some of the heavier cosmetics. And be wary of suntan oils. Not all will make you break out, but some may. Try a friend’s first before you buy. By the way, the sun might dry up acne and a tan might hide them, but your skin is still vulnerable in the sun and needs protection.
8. CARRY ON KISSING -
   You can’t catch acne during kissing – go for it!
9. CARRY ON EATING CHOCOLATE -
   It’s a myth that eating chocolate and fried foods causes acne. However, eating a good diet improves your general well-being and this is reflected in your skin.

- Common Questions asked about acne problem -

• Does wearing make up cause acne?
  It is not necessary that wearing make up causes acne. Acne is caused because of hormonal imbalance mostly during puberty. But you have to take special care while you apply make up and thereafter if you have acne. Make sure you wash any make up tools, including sponges and brushes as often as possible as these become a breeding ground for bugs which can cause your spots to pop up. Stop wearing make up if you have too many spots and you can resume after you have treated them. Don’t forget to clean the make up after you come home and and make sure you cleanse your face properly each night.
• Do skin toner and moisturizer cure acne?
  One thing that you need to know is acne is not caused by dirt, so no amount of cleaning and toning is going to get rid of them. So for treating acne you must consult your doctor and eat lots of healthy food and drink lots of water. That is the natural way to keep you face spot free.
• Is it ok to do facial?
  It can be a real treat to have the facial done, as they can be very relaxing and make you feel properly pampered. However, you should be aware that they should not be used to help ‘treat’ spots, as this can be quite dangerous if the beauty therapist is not trained. Sometimes a beauty therapist will also squeeze out any spots and blackheads that if it’s not done properly, may cause a bigger problem than before.
• What is the best way to cover up spots?
  Foundation is okay to use and may give you more confidence if you’ve got a hot date, but remember to look for oil-free one. Whatever you use to put on your skin, wash your hands or sponge before applying foundation

What is a Salik tag?
A Salik tag is a sticker with an electronic chip readable
by scanners installed at the toll gates using Radio Frequency Identification technology. It works in all weather conditions and speeds, and provides accurate and reliable identification of your vehicle.

Where can I buy a Salik tag?
You can buy a Salik tag and open a Salik account at all branches of Dubai Islamic Bank and Emirates Bank in addition to Epco, Enoc and Emarat petrol stations in Dubai.

How does Salik work?
Motorists will not have to stop to pay the toll. They will have to purchase pre-paid cards and the fix machine-readable-stickers on the vehicle’s front windshield. Toll charges will be deducted from their cards every time they pass under the electronic gates fitted with scanners.

Where are the toll gates located and how much is the toll fee?
Motorists crossing Al Garhoud Bridge or entering Shaikh Zayed Road from Fourth Interchange will be charged Dh4 per entry.

What is your Salik account?
Your Salik tag helps the system to identify you and is associated with your personal Salik account. Your Salik account is created when you buy a Salik tag. You must provide information about yourself and your vehicle to open your prepaid account and properly pay your tolls. Simply having a tag on your windshield is not enough and may result in a fine if your tag is not registered to your account.

How do I open a Salik account?
To open a Salik account you should provide a completed application when you purchase your tag. These applications are available at retail outlets or can be downloaded from the Salik website. Your account number will be sent to you via SMS when your application is processed. You will need to provide a copy of your car registration at the time of submitting an application.

Do I need to fill out an application form?
Yes, when first opening your account you will be required to provide information including your personal details as well as a copy of your car registration.

What happens if I do not have a Salik tag but use toll gates? Ideally, you should get and install a tag prior to travelling through the Salik zones or take an alternate route to avoid fines. You will be fined Dh100 for not having a Salik tag. But there is no need to panic, as you can still have your fine waived if you open a Salik account and affix a Salik tag within two days of committing the violation.

What happens if I don’t have enough credit in my account?
You will receive an SMS as a reminder and you should top up your account. There are various methods to top up the account, including the web, participating banks or petrol stations.

Can I drive through the toll zone immediately after buying a tag?
Yes, if your tag is purchased and installed properly and an application is submitted or in process, the proper toll will be assessed and no violation will occur.

Will I have a separate account for every tag?
No, each account can have multiple tags. However, each account will have one account owner and one associated mobile number for communicating account information.

What if I damage or lose my tag?
If your Salik tag gets damaged or lost, the vehicle owner must pay for a new tag to replace it.

Someone else was driving my car at the time of violation. Do I have to pay?
Yes, the owner of the vehicle is responsible for any toll violation, regardless of who was driving at the time the violation occurred.

How do I manage my Salik account?
You may access your account online at www.salik.ae or call the Salik customer service centre at 800 SALIK (72545). You can use ATMs at selected banks to top up your account or get a balance enquiry. Top ups can also be done online with a credit or debit card. Your account balance can be requested via SMS.

Are there any off or peak hours?
No, there are no off or peak hours. Salik will be operational round the clock.

What if I sell my vehicle?
Call 800 SALIK (7545) to deactivate your Salik tag from the vehicle you plan to sell. Remove the tag from the windshield when you sell your vehicle. If you buy a new vehicle, contact the Salik customer service centre to purchase a new tag or buy one at a retail location.

Who is exempt from toll charges?
Public transport buses, school buses, ambulances, police and army vehicles will be exempt from the toll.

What if I have more than one vehicle?
You can open an account in your name and buy tags under that account. You can buy tags for all your vehicles, but they will be charged to one account. You can add as many tags as you want to your account.

Is there a maximum amount that can be charged in a day?
Yes, there will be a maximum charge of Dh24 for each car for unlimited crossings per day.

What happens if I get a fine for not having enough credit in my account?
If you have a Salik tag on the windshield and pass through the toll gate without having enough credit, you will be fined Dh50. But the fine will be waived if you replenish your account within two days.

What If I am driving to Dubai from other emirates or other countries and do not have a Salik tag?
You will see signs warning you about toll gates on the roads leading to toll zones. It is advisable to stop at the nearest petrol station and buy a Salik tag and register to open an account. But if you do not have time, you can just use the road and your fine will be waived if you register for Salik within two days.

What if my company has many vehicles?
Companies or individuals who have more than one vehicle do not require separate Salik accounts for each vehicle. They can open one account in their name and can get separate tags for all their vehicles working under the same account.

Will passengers in taxis pay the toll?
Yes, taxis are not exempt from the toll and the passenger travelling through the toll controlled area will be charged Dh4 with the taxi fare. However, passengers will have the option to opt for the Salik route or alternative routes.

What happens if you drive a rental car?
Rental car companies will be able to check through the website whether the person who rented a car used a toll gate and they will be charged accordingly.

Can I use sections of the road between the toll gates without being charged the Dh4?
Yes. You will be charged only if you pass through a toll gate. If you use part of the road, entering and exiting without going through the toll gates, you will not be charged.

How long can I use the credit in my Salik account?
There is no limit. You can use money credited to your Salik account until you run out of credit. There is no time limit.

Call centre and website
The RTA has launched a bilingual website, www.salik.ae and a trilingual Salik Call Centre to answer public queries about Dubai’s forthcoming toll system. The 800-SALIK (72545) call centre will provide all necessary information related to the new system in Arabic, English and Urdu, as part of the RTA’s efforts to spread awareness about the new service.

GN REPORT
]]> http://whydubai.wordpress.com/2007/06/30/21/feed/ 0 Simon&Samuel salik-tag.jpg salik-sensor.jpg salik-sensor.jpg http://whydubai.wordpress.com/2007/06/30/read-instructions-before-fixing-salik-tag/ http://whydubai.wordpress.com/2007/06/30/read-instructions-before-fixing-salik-tag/#comments Sat, 30 Jun 2007 14:51:28 +0000 whydubai http://whydubai.wordpress.com/2007/06/30/read-instructions-before-fixing-salik-tag/ ]]>  

Dubai: The Roads and Transport Authority (RTA) has produced a list of vehicles that require a special installation for Salik tags which will be operational on Sunday, July 1.

The RTA also advised motorists to go through the details attached with the Salik welcome kit and read the instructions to install the tag on the car windshield, or they can go to the website www.salik.ae or call 800-72545.

Salah Mohammad Al Marzouqi, Deputy Director of the Traffic Department and Intelligent Traffic Systems’ Manager, said motorcycles are not exempt from the toll fees.

Motorcyclists should apply the tags to the motorcycle’s front windshield if there is one. If not, they should subscribe in the same way as other motorists.

Cameras on the toll gates will scan the bike’s registration number and deduct the fees accordingly.

GN REPORT
]]> http://whydubai.wordpress.com/2007/06/30/read-instructions-before-fixing-salik-tag/feed/ 0 Simon&Samuel salik.jpg http://whydubai.wordpress.com/2007/06/28/killer-water-bottle-warning-water-s-cancer-threat/ http://whydubai.wordpress.com/2007/06/28/killer-water-bottle-warning-water-s-cancer-threat/#comments Thu, 28 Jun 2007 13:59:53 +0000 whydubai http://whydubai.wordpress.com/2007/06/28/killer-water-bottle-warning-water-s-cancer-threat/ ]]> Re-using your water bottle can cause cancer, according to a frightening e-mail circulating in Dubai.

Washing your bottle will trigger the break down of the plastic, releasing dangerous cancer-causing chemicals into the water, the e-mail claims.

The risk is confirmed by Doctor Graeme Smylie, Medical Director of Dubai London Clinic.

“I have been aware of this particular risk for several years,” he said.

I used to reuse water bottles myself and for my children but have since stopped. Dr Sonia Otsman, Oncologist, Al Noor Hospital

“The e-mail highlights an inherent problem with mineral water bottles and that is the deterioration of the plastic casing over time.”

Dr Sonia Otsman, oncologist at Al Noor Hospital, Abu Dhabi also confirms the reports.

“In my opinion the e-mail is correct,” she said. “I used to reuse water bottles myself and for my children but have since stopped.”

But Abdul Sattar Ebrahim, Marketing Manager for Oasis Water Company, disputes the accuracy of the e-mail.

“We have not come across any proven cases of poisoning due to chemicals coming out of PET bottles. The only reason we would not recommend reusing PET bottles is related more to hygiene than chemical safety,” he said.

While the risk of getting water-bottle cancer is frightening, Dr Smylie insists the chances are slim: “An individual is exposed to carcinogens all the time in the modern world and mostly the cells of the body are efficient at repairing any damage done.”

Masafi’s Quality Assurance Manager, Rey Avila, says the solution is to recycle, not reuse.

“Our stand at Masafi is clear – do not reuse a PET plastic bottle. We recommend disposing of your used bottle in an environmentally-friendly manner like a recycling centre,” he said.

Dangerous PET

• The plastic (called polyethylene terephthalate or PET) used in these bottles contains a potentially carcinogenic element (something called diethylhydroxylamine or DEHA).
• Repeated washing and rinsing can cause the plastic to break down and the carcinogens (cancer-causing chemical agents) can leak into the water.
• It is better to invest in a bottle meant for multiple use.
• The bottles should not be kept for more than a week.
• Keep bottles out of the heat.

GN xpress

1 Starting off from the Deira and Hor Al Anz area, this route will take you through Shindagha tunnel, passing through Al Mina and ending up in Al Diyafah. At this point, you can either take Al Wasl Road or Jumeirah Beach road. This route will take you straight to Dubai Marina avoiding the Salik toll gate, or you can take Al Diyafah Road to get onto Shaikh Zayed Road.

2  Coming from Sharjah on the Dubai-Sharjah highway, this route will take you to   Maktoum Bridge by way of Al Ittihad, direct to Shaikh Zayed Road. Alternatively, you could take the floating bridge which will connect you through Oud Metha and rejoin Shaikh Zayed Road. You can then take a right straight to Madinat Jumeirah on the fourth interchange. (The floating bridge will be complete in July.)

3 Coming from Sharjah by way of Al Qusais, you take the Dubai Airport Tunnel and go straight through Festival City and over Business Bay Bridge. This will take you to Zabeel Road and connects you to Shaikh Zayed Road at the first interchange. You can take a right at the fourth interchange to Madinat Jumeirah or alternatively, you can take the third interchange and get onto Al Wasl Road.

4 The third alternative route coming from Sharjah is by Emirates Road, all the way through until you get to the Arabian Ranches, after which you take the next right straight to Al Barsha. Just behind the Mall of the Emirates, you can turn left to Al Mafraq Road, that links up to Shaikh Zayed Road, allowing you to avoid both Salik toll gates.

5 From the areas of Mirdiff and Al Rashidiya, one can take a short ride on Emirates road and turn right to Ras Al Khor road and join Shaikh Zayed Road via the third or fourth interchange. You can either take Shaikh Zayed Road or go across to Al Wasl Road or onto Jumeirah Beach Road.

GN Xpress 

1) What is a Salik tag?
A Salik tag is a sticker with an electronic chip readable by scanners installed at the toll gates using Radio Frequency Identification technology. It works in all weather conditions and speeds, and provides accurate and reliable identification of your vehicle.

2) Where can I buy a Salik tag?
You can buy a Salik tag and open a Salik account at all branches of Dubai Islamic Bank and Emirates Bank in addition to Epco, Enoc and Emarat petrol stations in Dubai.

3) How does Salik work?
Motorists will not have to stop to pay the toll. They will have to purchase pre-paid cards and the fix machine-readable-stickers on the vehicle’s front windshield. Toll charges will be deducted from their cards every time they pass under the electronic gates fitted with scanners.

4) What is your Salik account?
Your Salik tag helps the system to identify you and is associated with your personal Salik account. Your Salik account is created when you buy a Salik tag. You must provide information about yourself and your vehicle to open your prepaid account and properly pay your tolls. Simply having a tag on your windshield is not enough and may result in a fine if your tag is not registered to your account.

5) How do I open a Salik account?
To open a Salik account you should provide a completed application when you purchase your tag. These applications are available at retail outlets or can be downloaded from the Salik website. Your account number will be sent to you via SMS when your application is processed. You will need to provide a copy of your car registration at the time of submitting an application.

6) Do I need to fill out an application form?
Yes, when first opening your account you will be required to provide information including your personal details as well as a copy of your car registration.

7) What happens if I do not have a Salik tag but use toll gates?
Ideally, you should get and install a tag prior to travelling through the Salik zones or take an alternate route to avoid fines. You will be fined Dh100 for not having a Salik tag. But there is no need to panic, as you can still have your fine waived if you open a Salik account and affix a Salik tag within two days of committing the violation.

8 ) What happens if I don’t have enough credit in my account?
You will receive an SMS as a reminder and you should top up your account. There are various methods to top up the account, including the web, participating banks or petrol stations.

9) Can I drive through the toll zone immediately after buying a tag?
Yes, if your tag is purchased and installed properly and an application is submitted or in process, the proper toll will be assessed and no violation will occur.

10) Will I have a separate account for every tag?
No, each account can have multiple tags. However, each account will have one account owner and one associated mobile number for communicating account information.

11) What if I damage or lose my tag?
If your Salik tag gets damaged or lost, the vehicle owner must pay for a new tag to replace it.

12) Someone else was driving my car at the time of violation. Do I have to pay?

Yes, the owner of the vehicle is responsible for any toll violation, regardless of who was driving at the time the violation occurred.

13) How do I manage my Salik account?
You may access your account online at www.salik.ae or call the Salik customer service centre at 800 SALIK (72545). You can use ATMs at selected banks to top up your account or get a balance enquiry. Top ups can also be done online with a credit or debit card. Your account balance can be requested via SMS.

14) Are there any off or peak hours?
No, there are no off or peak hours. Salik will be operational round the clock.

16) Who is exempt from toll charges?
Public transport buses, school buses, ambulances, police and army vehicles will be exempt from the toll.

17) What if I have more than one vehicle?
You can open an account in your name and buy tags under that account. You can buy tags for all your vehicles, but they will be charged to one account. You can add as many tags as you want to your account.

18 ) Is there a maximum amount that can be charged in a day?
Yes, there will be a maximum charge of Dh24 for each car for unlimited crossings per day.

19) What happens if I get a fine for not having enough credit in my account?
If you have a Salik tag on the windshield and pass through the toll gate without having enough credit, you will be fined Dh50. But the fine will be waived if you replenish your account within two days.

20) What If I am driving to Dubai from other emirates or other countries and do not have a Salik tag?
You will see signs warning you about toll gates on the roads leading to toll zones. It is advisable to stop at the nearest petrol station and buy a Salik tag and register to open an account. But if you do not have time, you can just use the road and your fine will be waived if you register for Salik within two days.

21) What if my company has many vehicles?
Companies or individuals who have more than one vehicle do not require separate Salik accounts for each vehicle. They can open one account in their name and can get separate tags for all their vehicles working under the same account.

22) Will passengers in taxis pay the toll?
Yes, taxis are not exempt from the toll and the passenger travelling through the toll controlled area will be charged Dh4 with the taxi fare. However, passengers will have the option to opt for the Salik route or alternative routes.

23) What happens if you drive a rental car?
Rental car companies will be able to check through the website whether the person who rented a car used a toll gate and they will be charged accordingly.

24) Can I use sections of the road between the toll gates without being charged the Dh4?
Yes. You will be charged only if you pass through a toll gate. If you use part of the road, entering and exiting without going through the toll gates, you will not be charged.

25) How long can I use the credit in my Salik account?
There is no limit. You can use money credited to your Salik account until you run out of credit. There is no time limit.

Traffic tariff

Type of service/ Fees

All types of vehicles -Dh4

Card and subscription fee – Dh50

Card replacement fee – Dh50

Card cancellation fee – Dh10

Transfer of card – Dh50

List of fines

Failure to display the card on vehicle – Dh100

Repeat of same offence – Dh200

Third time same offence – Dh400

Insufficient credit in the card – Dh50

Manipulation or cheating in cards – Dh10,000

Delay in paying fines – Dh10*

Use of tariff gates by unauthorised vehicles – Dh100

An additional fine for non-payment – Dh10*

*per month

Source: http://www.gulfnews.com/nation/Traff…/10132900.html

I don’t know where No.15 went!!

When comparing the square footage of homes always try to keep comps as similar in square footage as possible. Figuring out the price of a home on a square footage basis is an excellent way to compare apples with apples. It becomes more complicated when one home has been renovated and another needs work. Don’t compare a newly built home’s price per square foot with an older home’s price per square foot.

There’s Square Footage and There’s Square Footage

A square foot is defined as a two-dimensional square measuring one foot on each side. If you are looking at a home that seems a little smaller than the stated square footage, it might not be your eyes. Real estate brokers tend to measure square footage by inside room dimensions. Developers like to measure the exterior of the building. This can add considerable square footage to the home.

You also need to find out exactly what has been factored into the equation. Does the total measurement include basement space? Garage space? Deck space? Space on staircases? There’s no standard way to measure square footage. Sellers will include every nook and cranny and buyers won’t.

Do not solely compare the size of the land the property sits on and the price of the property. Lots sell for different prices than homes and the cost varies greatly from neighborhood to neighborhood. For example, if the house is in terrible shape, or is considered a “tear-down,” a developer may only want to pay for the price of the lot, since tearing down and hauling away the existing structure is an added expense.

Side-by-Side Comparison
In some areas of the country, agents do not want to be liable for representing a total square footage of the property. Total square footage is not indicated on the listing sheet, but room dimensions are shown. The room count may not include bathrooms, hallways, closets, and other spaces. You might have to compare every room side by side and guesstimate total size.

In this instance, estimate the total square footage by multiplying the dimensions of each room. For example, if the bedroom is 10 feet by 12 feet, then the area, or square footage, is 120 square feet. Add up all of the room dimensions for a total square foot measurement. You may still have to estimate hallways and other spaces, but it gives you a good estimate.

After determining the size of the home you desire, the equation is simple. Just divide the listing price by the number of square feet and you will get the price per square foot. For example, a 1,000-square-foot condo priced at $300,000 costs $300 per square foot.

It’s always to your advantage to buy a home with a reasonable cost per square foot. A home with a square footage cost lower than other homes in the neighborhood might be a great deal. On the other hand, the home may have a lot of other things wrong with it that need renovation, and unless you had remodeling in the budget, it might not be worth it to you

Overseas investors have been permitted to purchase property in Dubai from nominated residential developments since 2002. A number of real estate projects are already available and others are on track.

UAE Dirham

Linked to the USD, living costs are reasonably high for the region but compared to Western Europe. The infrastructure is superb with excellent amenities.

Economic Climate

Dubai has experienced remarkable economic growth in the past two decades. Investment by foreign companies has been encouraged by a free trade zone philosophy and the creation of flexible industry specific operational centres such as the Internet and Media Cities. Dubai”s GDP on average increases by 7-8% a year.

Taxes

There are no income or property related taxes although there are fees for residence visa renewal of US $1,360 every 3 years which does not permit the holder to work. The property ownership legislation is still underway.

Popular Areas to Buy into

The projects in vogue are The Springs, The Greens, Dubai Marina project, Emirates Hills, Meadows and Arabian Ranches. Two man made islands, the Palm will become the ultimate luxury address.

Price ranges

Apartment sales exceeded 1,500 in 2002. Dubai property costs approximately US $1,000 per square metre as compared with London, UK at US $5,000 per square metre. Price ranges vary on a project to project basis.

Overseas Investors

Overseas Investors may purchase property freehold on specific developments as well as on a 99 year leasehold basis.

Service Fee

There are no taxes. The contract is signed followed by a down payment of 10%, and usually two further payments of 10% to an agreed timetable.

Mortgages

Mortgages are becoming more freely available on a 10 to 15 year basis and interest rates are linked to those in the US. Currents quotes are 6.5%. Current local mortgage providers are Amlak, Dubai Islamic Bank, Rak Bank, Mashreq Bank, HSBC and Tamweel.

TIPS FOR BUYING IN DUBAI

KNOW YOUR MARKET

The property market like any other market is driven and underpinned by the realties of supply and demand. The residential property market in Dubai is not exempt from these realities and ”indeed”, why Dubai is so successful in all sorts of different areas, is that it fully understands and exploits the supply/ demand dynamic.

Applying this equation in the context of Dubai”s real estate scenario is a must. As long as the number of residential developments, which sell property to expatriates, is kept reasonably low (so as not to outstrip demand), the market will tend to put upward pressure on property prices, thereby promoting capital growth.

RISK VS REWARD

In essence, it is the case that the greater the risk in a venture, usually the greater the reward. The UK property market is well established and the expatriate purchasers are familiar with the property laws and procedures. Dubai”s property market is still young and for an expatriate, buying property in Dubai is all new and unfamiliar. It is indeed a remarkable new initiative in the Emirate”s legal and commercial development area. Compared to the UK, buying property in Dubai may reasonably be described by some as a medium risk. According to many, the rewards that ownership in Dubai promises to bring far outweigh the real risks involved. This requires a personal balancing and evaluation process, and a prospective purchaser”s own risk profile plays a large part in that process.

IMPORTANT CONSIDERATIONS

Before deciding to buy property in Dubai, deliberate on the following imperative points:

1. Can u afford it? More importantly are you prepared for the property to go down in value as well as up? Property is just like any other investment and can fluctuate according to overall market. How long you are going to hold the property will determine whether you can be sure it will make money or not.

2. Can u afford it if the interest payments change? Lenders can alter the interest rate or the term potentially and this could have an impact on your monthly payments. Although interest rates are at a 40-year low internationally, be aware that they can arise. Check if you can pay off the loan early and if there are any penalties in doing so. Can you change lenders at a later stage? What currency do you require?

3. Can you afford the transaction costs? Typically local lenders are charging 1% of the loan amount as a processing fee, not to mention the insurance element and booking costs too. Have you budgeted for legal, protection and any other conveyance type cost? Shop around and you may find more competitive fees.

4. What is the ongoing maintenance cost of your property and the communal areas-are they due to rise? If so by what amount? Who controls the rise in the maintenance fees-the developer or the residents? How much is your car parking/marina berth.

5. Do you need to purchase through an offshore company or Trust? In the absence of a property law in Dubai, the Sharia Principles apply. In the event of the demise of the husband, the property may bypass the wife as the new legal owner. Also can you sell the property without restrictions? Similarly you may wish to mitigate your death tax exposure by using some form of offshore structure. Buying property in Dubai may not avoid death taxes from your home country unless correctly structured.

6. Have you sought professional help with protecting the property should a serious event occur? Life Cover, Income Protection, Critical Illness Cover, Permanent and Total Disability in their various forms should be reviewed and budgeted for. Shop around too since some companies will pay your processing costs.

7. Does the developer allow you to sell the property when you like to whomever you like? Perhaps you cannot sell until the project is complete which will preclude any profit taking if you are looking to flip your property back into the selling market rapidly.

8. What guarantees does the developer offer with regards to the quality of finish, settlement cracks and utility integrity?

One must seek the professional services of a reputed realtor, take guidance from a lawyer if required and finally secure sound financial advice from an independent source so the various pitfalls to buying property and financings are discussed in full

Bad debt is paying interest on something that has no lasting value, pure and simple. For example, using a credit card to purchase a television and planning to pay it off in four or five months would be bad debt.

In the same way, purchasing a house with a thirty year loan is also bad debt. If you look at a loan chart you will see that it takes years (over fifteen) before you are paying more on the principle than on the interest. So unless you stay in the home for a very long time you will owe almost as much on the loan when you sell the house as when you bought it.

Its for that reason that it is actually smarter to rent until you have a large amount of the homes price saved up, and then get a ten or fifteen year loan. Renting a home or apartment for $600 or $800 a month (rental amounts vary according the area, of course) will allow you to save money a lot faster than having a $1,000 a month mortgage plus all the other expenses that come with owning a house (higher utilities, yard expense, repair bills, property tax, etc.).

What if You Have Bad Credit?

If you have bad credit and want to get a credit card, its a good idea to limit the number of inquiries to your credit report to help keep your score from dipping even further. To do that you need to research the credit cards and decide which cards youll have the best chance of obtaining before you fill out any applications.

Typically, cards for bad credit will carry much higher interest rates than the prime credit cards available on the market – but there are benefits associated with having a credit card despite the higher interest rates. But be careful of how much you put on the card each month and pay the card off when the bill comes.

Debt Reduction

Debt reduction credit card consolidation is offered by money lending firms who bail out the people neck-deep in debts. What makes debt consolidation appealing is that various companies offer a combination of several debt reduction and credit repairing plans which aim to completely obliterate a persons existing debt.

Secured Debt Consolidation Loans

Debt consolidation loans may be classified into secured and unsecured loans. Secured loans are loans such as home equity loans. Secured loans are easier to get than other forms of borrowing because the loan is secured by tangible property.

Home equity loans are collateral loans, in which the loan is secured by a home’s equity. Although secured debt consolidation loans offer many benefits like large loan amount, longer repayment period and above all the low rate of interest, it still has one big disadvantage attached to it. That disadvantage is the collateral that could be taken from you if you fail to repay the loan. For instance, several missed payments could result in foreclosure of your home.

Unsecured Debt Consolidation Loans

There is no fear of the collateral being lost through non-repayment of the unsecured debt consolidation loan. Unsecured credit card debt consolidation requires a borrower to furnish proof of his sound income and financial standing, if any. The interest rates are usually higher than for a secured debt consolidation loan.

What to do if You Find Yourself Deep in Bad Debt

First, stop spending and reduce your monthly bills as much as possible. Do not buy any more items that are not absolutely necessary. Instead of purchasing $150 shoes for yourself or your child, purchase $15 shoes.

Second, start paying off the smallest debt first. Then, as you pay off each credit card or loan, use that money that had been going for that debt to start paying off the next smallest debt.

For example, if you have an $8,000 credit card debt and a $2,000 credit card debt, pay off the $2,000 debt first. Then use the money that had been going toward the $2,000 debt to pay off the $8,000 debt.

Of course, while you are putting every extra cent you have toward that lowest debt, you are paying the minimum amount due on the other debts. If your income is so low that you cannot afford to pay the minimum amounts on the debts, you definitely need some professional help from a trustworthy debt counselor.

Depending on the amount of debt it might take a number of years to pay every outstanding debt. But paying off the smallest debt first and then going to the next biggest works better than trying to pay off the largest debt first, or trying to pay them all off at the same time. So get started. The sooner you start the sooner you get out of debt.