The opportunity to invest in off-plan units has made the Dubai property market much more accessible and, of course affordable, to investors. End-users and investors can now purchase otherwise very costly waterfront apartments and villas at comparatively low prices in the primary market. This reason being, they are either under construction or the development hasn’t begun yet. Also, get more about roofing companies detroit.
Aside from the cost, there are various other advantages of buying off the plan. Thus, a growing number of investors have begun to show interest in off-plan properties. This is evident from the recent Dubai property market statistics. Records show that 6,025 off-plan units were sold in the 2nd quarter of 2021. The combined worth of these units was AED 9.17 billion.
With new residential projects launched in the emirate amidst the Expo 2020 Dubai, it is a rewarding time to enter the Dubai real estate market for new investors. If you’re thinking of doing the same, you are at the right place. In this article, we have discussed the complete process to buy off-plan property in Dubai.
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Determine a Budget
To begin with, you must determine how much money you are willing to invest. A successful real estate venture requires careful planning. SO, ensure that each step is meticulously planned and scrutinized. And creating a budget is an important part of the planning process. If you’re thinking about lending money, don’t forget to factor in the interest rate. Before doing you should calculate budget for everything like roofing you can get help from roofing contractors auckland.
Decide on a budget once you’ve considered everything. Make sure you aren’t squandering your entire life money on a single undertaking because if the investment fails, it can deprive you of everything. So save away a bit for rainy days and invest the rest.
Select a Residential Development
Selecting a residential development for your investment is a crucial phase. You’ll come across a number of apparently profitable opportunities. But never take the risk unless you are absolutely certain. The project in which you will be investing your funds must be carefully picked. It should be helmed by a reputable development firm with a good track record.
This is where the services of a real estate agent can be beneficial to you. They’ll assist you in locating a project with the most potential that also fits inside your budget. It’s a good idea to rely on them rather than the information available on the internet because they have considerable market knowledge. Make sure, however, that the agent you choose is skilled and trustworthy.
Select the Property Type
You’ll have to choose a property type at this point. Decide beforehand whether you want to buy an off-the-plan apartment, a duplex, a villa, a townhouse, or a penthouse. Your financial situation and budget will have a significant impact on this decision.
Visit the Developer’s Office and Site
The next step is to visit the developer’s office and speak with their representatives there. It will assist you in gaining a better understanding of the project details as well as the expected return on investment. If you have any questions, feel free to ask them. Other than that, visit the development’s location to learn more about its current status.
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Book Your Unit
It’s time to book your unit. Ensure that you have the necessary booking fees on hand. It varies by developer, but it is normally between 5 and 10% of the house price. The selected unit will be reserved under your name and withdrawn from the availability list once you have signed the booking form and paid the costs.
Pay the First Instalment
Developers ask customers to pay their first instalment, which includes a down payment and government registration fees, after making a reservation. Having said that, it’s important to take into account the payment plan of the project. Usually, off-plan projects come with a convenient payment plan. Take Stella Maris Tower, for example, you only need to pay 5% at the time of buying property, the rest of the amount (95%) is paid in instalments during and after the construction.
Sign SPA
When you sign the SPA (Sales and Purchase Agreement), the property is legally yours.
Oqood Registration
Your investment/purchase will be registered in the government’s records if you register with Oqood. After this process is completed, Dubai Land Development (DLD) will issue the original contract of sale.
The Way Forward
After performing these steps, the property will be allotted to you. To avoid any troubles later on, it’s recommended to pay the instalments on time. Once the handover takes place, you can sell the property, rent it out or stay in it – the choice is solely yours.
