This type of property is fundamentally the acquisition of a property before construction has begun or before it has been concluded. Due to the fact that this can be a risky purchase, there are many benefits to give the likely buyer a peace of mind. There are also cons to this sort of purchase but the benefits certainly outweigh the cons.
Buying an off-plan property in Dubai is certainly a popular investment option for those looking to get into the Dubai property market. Therefore, before you jump into this form of purchase, here are some tips that you should know.
Due to the fact that this can indeed be a risky purchase, it is vital to conduct your research. This should also include investigation into the developer and a deep examination into the project. New projects by DAMAC are highly trusted and reliable which gives you a piece of mind that your money is in safe hands. Researching into the project would also give you an idea of whether or not it is worth your investment.
2: Identify Why You Are Purchasing An Off-plan Property Rather Than A Ready Built Property
There are many reasons why we choose to invest in any form of market, but it gives you a good starting point if you have an idea of what you’ll like to obtain from this purchase. When compared to its counterpart, off-plan properties offer better purchase price. You’d also be allowed to select your preferred unit.
New projects by DAMAC also offer many luxury options for the potential buyer, therefore it’s just up to you to identify who you would want to attract once you have made this purchase.
3: Consider The Risks Which May Be Involved
No one likes to dwell on the negatives but this is a factor that should not be overlooked. Knowing the risks which may be involved in such a purchase can help you navigate through them because you would have put necessary preparations in place. For example, if you know that you can experience some delays, be sure that you do not give up your rental space until your booked property is fully constructed.
4: Factor in Additional Costs
While this type of investment saves you a few pretty pennies, you still need to accommodate for the additional costs which come about when making this type of purchase. These additional fees include legal fees, stamp duty fees and so on. While these may be smaller fees in the grand scheme of things, every fee would tally a relatively big cost, therefore you’ll need to confirm that your funds can completely cover everything.