A real estate investor can get into real estate ownership in two ways: purchasing an existing property or buying a property under construction.
The off-plan properties are mainly under construction, such as Six Senses Dubai, which is expected to be completed in Q4 2024. However, the developer can also offer you ready-made properties. Three basic entities want to buy off-plan properties in Dubai:
- Home movers
- First-time buyers
The fundamental advantage of purchasing off-plan properties is that they are normally available at a low price. The homeowner can then enjoy capital appreciation once the property is fully constructed. The low entry price is generally captivating to first-time buyers as they have budget restrictions and cannot purchase high-priced properties.
The idea to invest in off plan Dubai properties This is a very appealing option due to the low cost, but it can be risky. Lower prices often attract inexperienced buyers who make the purchase. The buyer could make a major mistake if they don’t seek out expert advice before making a purchase decision. Dubai offers many services. Off Plan Projects available It doesn’t mean all of them can be invested. Aeon & Trisl provides some tips for first-time buyers to remember in order to maximize your off-plan investments.
Why Dubai is a good place to invest?
Dubai is the fastest-growing city in the world. The city is full of beautiful water views, peaceful spots, and skyscrapers. It is home to artificial islands in the form of palm trees and the highest buildings in the world. You should understand what factors make Dubai worth your investment before you start looking at properties.
- The city offers a luxurious lifestyle and a high living standard. Dubai offers more than high-rise buildings, malls, and skyscrapers. It offers all the activities you can imagine, such as skiing, diving and fishing, windsurfing, boating, windsurfing and sailing, as well as desert activities.
- Security: Dubai is a safe city because of its policy to exile criminals.
- Strategic Location: Dubai is just 5-6 hours from the majority of the world’s destinations.
- Earn income without tax: You can spend what you earn in this country, unlike other countries.
- Stable real estate market: Property prices are stable, making this an excellent time for investing.
- Dubai has the infrastructure you would expect from a top-class hub.
7 Effective Tips to Buy Off-plan Properties Dubai without any Hassel:
While off-plan real estate has certainly made it simpler for many to purchase property in Dubai, there is a lot to think about when embarking on this route. If you are not careful and considerate enough, you can get into trouble. To prevent this from happening to you, follow these productive tips:
Know the Property’s Rate:
Many individuals, especially first-time buyers, only pay attention to the property’s payment plan and asking price. They get impressed and do the deal. It is a mistake you must avoid at all costs. Always find out the price per square foot of the off-plan real estate before choosing it. It will give you a better insight into whether the apparently affordable property you purchase is actually cheap.
If you don’t focus on this factor, you may end up purchasing the off-plan property for the same rate as the ready-made property. So be very considerate and ensure you know what you are paying for. For instance, whether you are paying for the total area or the internal area. If the property has a terrace, make sure the square foot price is lower than the internal area square foot price.
Research on the Location:
Location always matters! It will affect your lifestyle if you plan to live in the property after its completion or rent or sell it. In any case, you must have deep research on the location and understand everything about it. Do not just depend on what the developer has told you. Make sure you visit and inspect it physically.
If it is a waterfront or beachfront property such as Six Senses Dubai that promises beautiful views of the island, check with the developer about projects to start in the immediate neighborhood so those “promised views” aren’t blocked or compromised later.
Verify the Authorization of the Project:
It is very crucial. Always make sure you verify and check the project’s legitimacy before finalizing it. Even though only registered developments can be advertised, under the new real estate advertisement act, it is still essential to check it by visiting the RERA portal. Otherwise, don’t pay any other account other than the property escrow account. It ensures that your payment is safe and secure even if the project is on hold.
Enquire the Developer’s Repute:
many people do not pay attention to this aspect, but it is crucial. Find out about their latest projects and how well they handled them. Was the property has all the promised facilities and amenities? Did the handover complete on time? What is the current market price of these developments? Getting the answers to these questions will assist you in making a well-informed decision.
Appoint a Real Estate Broker:
It may surprise you as many recommend buying an off-plan property directly from developers. However, appointing a real estate broker or relying on a real estate agency may prove advantageous for you.
You will eventually need the services of a post-delivery agent if you are renting or selling your property. Therefore, there is no harm in hiring them in advance. However, only professional and experienced brokers who have experience dealing with off-plan properties.
Discuss the Payment Plan:
Before finalizing your off-plan property, discuss the payment schedule in detail. Find out about payment terms & conditions and what happens if you don’t pay your installment timely due to unpredicted circumstances. Also, ask about the exit plan.
Read the Contract Carefully:
Finally, read the contract carefully. Ask for help if you do not understand a specific term. Ensure that there are no hidden clauses and terms that might limit your capability to sell the property before it is completed. Also, find out about service fees and other costs linked with the development mentioned in the agreement.
All in all, purchasing an off-plan property like in Six Senses Dubai can prove to be very advantageous for you. It may prove to be a stratum to enter Dubai’s ever-growing real estate market. So, proceed carefully and follow all the tips above to ensure that you have made a secure investment.