Interested in buying an off-plan property but unsure of the process?
This simple buying guide will tell you everything you need to know.
This simple buying guide will tell you everything you need to know.
Buying off-plan gives you the opportunity to maximum your return on investment by choosing the best unit at the lowest price for the project. As an investor, you may even be able to sell at a considerable profit prior to the project completion.
Work out your investment goals, including your budget, desired location, developer, and property size. Remember, a good real estate company, who specialises in off-plan property investment, will work to your requirements to help you build the future you want.
Working with an experienced real estate agency that has long-standing relationships with developers will give you access to the best variety of properties in Dubai.
A reputable off-plan agent will be registered with all off-plan projects and developers in the market to offer you the right investment opportunities for your goals. With an agent working for you, representing you, and making sure everything is in order with the contracts, you can rest assured that your off-plan buying process will run as smoothly and efficiently as possible.
Buying off-plan means that you won’t be able to physically view properties. But when you work with a reputable real estate company, your agent will match your requirements to available projects and will provide you with all the information and payment plans to help you make the most informed purchase decisions. Some developers also set up ‘mock properties’ to show the materials being used, layouts, sizes, facilities and amenities. If possible, your agent will take you for a site visit.
Once you have chosen your perfect property, your estate agent will arrange a meeting at the developer’s sales office.
During this meeting, you will choose exactly which unit you would like, and reserve it by signing a contract with the developer to buy the property. This contract is called a Sales Purchase Agreement (SPA), and you will need to take a copy of your passport and make an initial deposit (usually in the range of 10 – 20%).
Also required within 30 days will be a 4% DLD title registration fee and AED 1,000 oqood fee.
You will be required to keep up with the payments as agreed in the contract’s payment plan until the property is handed over to you.
Your estate agent will make sure you completely understand your payment plan and will answer any questions you have.
Upon handover, you will be asked to inspect the property for any snag issues that need to be addressed. Once finished, you will need to make a final payment to receive your access cards and keys.
Your real estate agent will help you with this part of the process to make sure everything runs smoothly and that you can move in as soon as possible.
