How can you select an off plan property in Dubai?
How can you select an off-plan property in Dubai?
Buying a new property can indeed be a daunting experience especially if you opt for an off-plan property to purchase. Most of the people hear from various friends and relatives that the returns on the investments made on off-plan property are quite high, which is probably true as well. However, you would need to be engaged in a certain strategy so that you can minimize the risk and perhaps maximize the profit. So, here is the guide that you can follow while buying a new property.
You would have to do good research on the various properties that you are interested in buying. Look out for certain aspects such as completion date, payment plans, location, property type, etc. and then filter out accordingly. Once you have shortlisted, do an in-depth analysis of these properties before selecting the best one.
In general, people pay about 45% of their salary for the property, and it is certainly not a wise decision as the contracts don’t last for a long period, and hence a lot of things can change during this period. So, it is advised that you have some money saved in your account before you start to plan on buying a property.
This is certainly one of the important aspects that you should consider while you are buying an off-plan property and in general, people don’t think about long-term while choosing a location.
A good location should ideally have all the amenities nearby your property such as supermarket, school, colleges, mall, etc. In general, it is advised that you invest the developing locality rather than in a developed locality so that it offers more returns on the investment made.
4 Go through the payment plan
The payment plan is very important as it helps you to know whether your financial expectations are in line with the payment plan. In general, a payment plan is divided into three stages:-
- Payment on booking
- Payment during the construction
- Payment after completion
5 Read the offer carefully before you sign
A common thing that you may notice is that the offer might not be 100% transparent to what buyer may have thought. There might be a few points that the buyer may not understand it, and hence a lot of problems can occur due to this. Hence, it is recommended that you look out for a good agent who would assist you in buying.
6 Keep a plan B
The economy of Dubai is growing big time and certainly investing in property is quite safe. But, on the other side of the coin is that it can change anytime, and hence you used keep few things in mind such as what if the property is handed over to you late or how you would be able to re-invest the money once it is returned to you.