Buying a property off plan is basically buying from a brochure. It does for this reason carry a little bit more risk. With that said however with the right research and due diligence you can eliminate a lot of that risk and ensure you get what you signed up for.
Here are some of our top tips for buying off plan in Dubai.
Know your Budget
Get yourself into financial order and ensure you know your financial position. Read the payment terms offerd by the developer very carefully and be 100% clear on your obligations.
Do your research and due diligence
Before you put pen to paper its important to understand the median apartment prices growth, vacancy rates, rents, employment statistics and demographics. Get to know the area your are considering and look for anything that could have a positive or negative impact on your future property
Use a reputable developer
Ensure that the project your are considering to buy in will be constructed by a reputable developer. The best way to do this is by checking that the builder has a strong history of completed projects on time and with hight quality finishes.
Check Certification and Liscence
Ensure that the developer has all the correct liscencing. Also ensure the project has all the right development and construction approvals., and that the builder and developer have taken out all relevant levels of insurance.
Quality of Finishes and fixtures
Make sure that finishes and fixtures you are promised is what you actually get. Ensure these are guaranteed in the contract so that way there will be no surprises at the end.
Do not get too emotionally invested
It’s easy to get emotionally attached when buying an off plan property whether its for you to live in or an investment. Be sure to concentrate on the solid facts and figures rather then pure speculation of just the world of the developer. This will go along way in helping you determine whether this property is a good investment or not, rather than letting the pretty pictures sway your decision.