What is an off-plan home?
Off-plan properties are unbuilt Property that is purchased from a developer or sometimes a first owner. If the buyer buys directly from the developer, they usually pay a 10%-20% down payment and sign SPA (Sales Purchase Agreement). The costs can vary depending on which developer, but they are often linked to construction.
Things to Keep in Mind Before You Invest in Dubai Off-Plan Property: –
To make sure that the off-plan investment process is smooth, here are some things you should keep in mind. You always have to be aware of these types of things, because if you don’t know these things about Dubai off-plan Property, you will face so many big problems in the future. So, for you, we are here to alert you no to invest in Dubai off-plan Property without knowing these things. So, let’s take a look at those important things which you should know before investing: –
It is essential to register a property in the Real Estate Regulatory Agency before you buy a property. This ensures that the Property follows the specific guidelines that will protect the best interests of the homebuyer.
An investor should keep in mind the ROI (return on investment) when purchasing a property. Market conditions can affect the return on investment. Dubai’s emirate is home to the highest ROI ratio globally, at 7 to 9%.
The developer must obtain permits and approvals from Dubai Land Department (DLD) and RERA to sell a property. To avoid future problems, ensure you ask for all relevant documents and permissions before buying off-plan properties.
An escrow account allows the investor to keep their money during the real estate transaction. For all transactions, it is necessary to have the account number and information regarding the agent.
When buying an off-plan property, it is essential to consider the quality of the Property. Such as the location and quality of the Property.
It also involves the accessibility to essential services. You must pay attention to the construction materials and finishing. The quality of the finished product may not match what we hear or see in brochures, images, or sales representatives. You can avoid such hints by looking at other projects by the same developer.
It is essential to determine the estimated handover date and how much of the Property has been completed before buying an off-plan property. When you decide to purchase an off-plan property in Dubai, Dubai Properties Property Managers will provide this information.
Before buying an off-plan home, there are many things you should keep in mind. To help you, we’ve covered a few of them. You can still verify the Property’s location, completion rate, and after-sales service. Secure payment is also important.