Do's and don'ts of buying an off-plan property in Dubai
Dubai is a haven for real estate investors. It is considered one of the world’s prime property hotspots. With the increasing property prices, a few investors might find the prices a little too high for their liking. This is where buying an off-plan property makes sense. For the uninitiated, off-plan property is a property that is still in its development phase.
Let’s look at some of the do’s and don’ts of buying an off-plan property in Dubai.
Do’s while buying off-plan property:
1. Know about the location:
The location of the off-plan property matters as it will impact your lifestyle. The property's location is pivotal for a good ROI if you plan to rent it out. When you are buying a property, always study the area in detail. Make sure it is connected well. Discuss the location with the realtor to know the ROI scope based on the build-up quality, build-up area, location, etc.
2. Discuss the payment plan:
Before you finalize the deal, make sure you talk about the payment plans with the developer. Review the payment terms. Find out what will happen if you fail to pay any installments on time. Do ask about the exit plan from the developer. You can also check with the developer for a project-based plan where you pay your installments based on the project’s progression.
3. Thoroughly read the contract:
Contracts are sacred. If a word or two goes wrong, you could be liable to pay a lot of money or face unexpected losses. Read the contract document from top to bottom, as much as possible, when buying an off-plan property in Dubai. Make sure that nothing in the contract would put you in a legal spot. There should be nothing that will make it difficult for you to modify the property or block you while selling it.
Don’ts while buying off-plan property:
1. Not checking the legitimacy of the project:
Because of their initial excitement, many investors end up signing on the dotted line without poring through the necessary details. You need to check the legitimacy of the project. How can you do this? Visit the RERA portal. Make payments only on the escrow account of the property. It ensures that your payment is safe.
2. Not hiring a real estate agent:
Even though many people would advise you to deal directly with the developers when buying off-plan properties, you are in the wrong here. Working with a real estate agent can be helpful for you. Experienced agents will have a lot of properties to show you, and they will work with your best interests in mind. They have vast knowledge and anticipate price shifts and upcoming trends, making your off-plan property buying decision a profitable affair.
3. Not scrutinizing the project:
Find out every single detail about your selected residential project for your off-plan property. If you want a high ROI, choose apartments that are surrounded by a group of other buildings. It will come with a set of amenities. Check out the amenities that they offer in the project.
Ensure that the area is attractive, saleable, and will attract renters. Invest in a project that has a show property, it will give you a picture of the finishing and other details.
Buying off-plan property is a big deal. It has several benefits- low-cost purchases, savings on repair costs, and potential capital gains. To ensure you get the most out of your investment, you must be careful about every detail. You cannot slack on reading the contract properly or discussing the terms in advance. Since buying property involves a lot of money, you are better off seeking professional help.
Kickstart your off-plan property buying with SkyView Real Estate. Get in touch with us to see the kind of options we have on offer, for your specific needs.
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