How To Buy Off-plan Properties In Dubai?
Property for sale in Dubai is one of the most popular investments for those who want to invest in the real estate industry. Sometimes, buying off-plan properties is a more profitable option. If you are also interested in buying off-plan properties in Dubai, here is a step-by-step guide about how to do it. But firstly, let’s take a look at what exactly off-plan properties are. Read this article to the end…
“What are off-plan properties?”….The answer to this question is right here. Off-plan properties in Dubai are not ready to move-in properties. In fact, these kinds of properties are sold prior to completion, and will be ready to move-in after a certain period of time. However, off-plan properties in Dubai offer much more benefit compared to other kinds of properties. For example, developers offer lower prices for off-plan properties. Besides, they are more profitable. Above all, these properties offer better payment plans making them highly affordable.
Here is full guide about how to buy off-plan properties in Dubai:
Decide what you are looking for
Off-plan properties cannot be physically viewed. So, you should choose other ways to buy your ideal property. You should decide about the property type, price, location, size, developer, community, facilities, and also your preferred payment plan.
Register with a real estate company specialized in off-plan properties
Buying off-plan properties in Dubai is probably the easiest buying process. But, what really matters is working with an experienced agency. This is because an agency has a long-standing relationship with developers in Dubai. Therefore, you will come up with many options to choose from. A good off-plan agent represents all the information you need, and makes sure anything is in order with the contracts, project updates as well as handover process. Your off-plan agent must be registered with all of the projects and developers to offer you the best possible option.
Finding the right property
Your agent will match your requirements and needs to available projects. The agent will help you find the right property by giving you all of the information including payment plans, floor plans, videos, brochures, etc. In addition, some developers offer “Mock Properties” to show the layouts, the materials being used, sizes and also amenities. At the end, your agent will take you at request along for a site visit if possible.
What happens when you choose your ideal property?
Going to the developer’s office is the next step. There, you will choose exactly which unit you are interested in, and sing up a contract with the developer. The contract is “Sales Purchase Agreement”. You will be required to make a down payment that is usually 10-20% of property price. Your passport copy is also needed. As well as these, 4% DLD registration fee and AED 1,000 Oqood fee are required within 30 days.
Making the payments
You will be required to pay the installments as per the payment plan in the contract until the handover date of the project. If you want to re-sell the property during the contract term, it is usually possible. Make sure you completely understand the terms of payment plan.
At the end of the contract, the handover will be done. You will be required to inspect the property for any snag issues to be removed. After completion, a final payment will be paid to get your access card and keys. Your agent will walk you through the process in order for everything to go well, and make sure that you can move-in as soon as possible.