Buying off plan has over the years proven to be a great way to invest in the property market. So why exactly should you by an off plan property? Lets have a look at some of the top reasons why every investor should consider buying off plan next time they decide to buy in Dubai.
Buy Brand New and Get First Pick
When buying off the plan, you get to pick your apartment first as well as buy it brand new. This means you get the chance to pick the very best apartment/s available. If you wait until construction has completed, only the leftovers will be available at best as most projects sell out well before completion.
Less Up Front Costs
Buying off plan unlike buying on the secondary market only requires a 10 to 20% payment up front. The rest of the payments are usually staggered and linked to construction meaning your up front costs are drastically reduced.
When you buy off plan, you lock in your price and buy at todays prices. As general market prices increase your property goes up in value as well. It is not uncommon for prices to go up as much as 20% to 30% during the construction period meaning buyers who bought off plan benefit greatly.
Ability to Customize your Property
Off plan buyers often have a choice in the final design and style of their unit. Whilst some developer are more flexible then other most will provide buyer with a degree of flexibility in terms of layout and certain inclusions.
Sell Before Completion
Most developers will allow you to sell your property before the project has been completed. Assuming prices in the development you have purchased have risen you could reap the benefits almost straight away without having to wait for your property to be handed over.
Peace of Mind and Security
An off-plan property is brand new which means there tends to be less repair and maintenance costs, giving you more peace of mind that things won’t need repair. By law developments come with a developer guarantee which also ensures that if there are any issues these are the responsibility of the developer. The length of these guarantee does vary from so its worth checking what the law states in your city.
No Maintenance Issues
When you buy off plan you but brand new. Assuming you bought from a reputable and quality developer your new property should be in brand new condition. This means everything will be in perfect working order and you will not face any maintenance issues such as plumbing or electric for a very long time.
As you can see there is a vast range of reasons to purchase off plan property. If you are an investor or a first buyer not looking to use the property straight away then we strongly suggest you consider an off plan property as your next.