Our top tips on buying an off-plan property in Dubai

In Investment

Dubai Properties

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Remember our last post? how we talked about the two options when buying a
property in Dubai? That is right, the ‘off-plan’ and the ‘pre-constructed property
on the secondary market’. In today’s post, we decided to focus more on the ‘off-
plan’ option and give you our tips and tricks to help make the process smoother
and simpler. Before we begin, let’s remind you quickly of the difference between
the two options. Your first option is the ‘off-plan’, by going with this option, you
choose to buy a property that is not yet built but has been designed on paper. On
the other hand, the ‘pre-constructed property on the secondary market’ is when you decide
to buy a resale property from a private seller.

Each option has its pros and cons, but that is not the issue here. Let’s imagine that you chose to
go with the ‘off-plan’ option. How can you be sure that you have made the right decision? How
can you eliminate scam and spot fake promises? After all, you are buying something that you
can neither see nor feel.

Despite all the security measures that are being taken by the Emirates
government nowadays to protect you, the buyer, buying an off-plan property is
still a pretty risky decision to take, we would say. But don’t worry, we are here to
help you not freak you out. We believe that, with the right guidance, you can turn
this whole thing from a nerve-wracking process into an enjoyable experience. So
what is it that you need to consider to make this happen? You need to ask
yourself the following questions and find the right answers.

What is your investment budget?

Our first tip to you is to evaluate your financial situation and decide on a budget.
You don't want to stress yourself with a property that you can't afford. An
important note to keep in mind is not to compare property prices but compare the
price per Sq.ft. Also, don’t fall into the trap of thinking that the property's price is
all you have to pay, there are different costs that you will have to pay throughout
the process. Keep those costs in mind when evaluating your finances.

Which projects do you have your eyes on?

It is always better to try and buy in a project with show properties available. This
will give you a better understanding of important things like the finishing quality. If
this is not an option, you can always check previous projects by the same
developer. At this stage, you need to have a few projects shortlisted and ready to
be taken to the next step. You should visit the construction site over different
periods of time to get a grasp of what the construction progress is like.

What do you know about the developer?

You need to know who you are buying from. Do your research. Make sure that
the developer meets all the legal requirements and has an excellent track record.
A good way to do so is by examining their past projects; this would give you a
good indication of how doing business with them looks like. There are so many
big names in the market; we don't recommend you buy from developers that
have never delivered projects before, unless you are 100% sure of whom are you
buying from.

Did you study the area?

Whether you are buying the property for an investment or personal use, you have
to study the location of interest really well. You need to examine things like
access to public transportation, schools, shopping mall, supermarkets and the
many other important facilities. You also have to check the demographics,
neighborhoods, and reputation.

What is the long-term plan for the area?

You need to ask the developer about any upcoming projects in your area of
interest. You don’t want to buy the perfect property with the perfect view and then
be surprised by someone blocking your view over the course of the years. Try to
get a guarantee from the developer that no such thing will happen.

What unit are you looking for?

Now that you have selected both your area and project, it is time to select the
unit of your choice. What view are you looking for? Do you want a sea view or a
garden view? Where do you want your unit to be positioned? How many rooms
are you looking for? Also, don't forget to study the livability, sale-ability, and rent-
ability of the property of your choice.
What is the payment plan?
One of the many advantages when it comes to buying off plan is the attractive
and eye-catching payment plans. Make sure that the payment plans suits your
budget and your lifestyle.

What are you agreeing to?

Contracts are documents that outline and states the responsibilities and
commitments of both the buyer and the seller. Please don’t sign any paper
before you understand what you’re agreeing to;

A final advice is to really do your research on everything we just mentioned.
Buying a property is definitely not the decision to be taken lightly. In fact, it is one
of the biggest purchases that you will ever make. We also recommend that you
seek the help of a professional; this will save you lots of hassle and might save
you thousands.

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