Top 10 tips for buying off-plan property in Dubai
Buying an off-plan or any type of property can and often is a daunting process. However, with the right preparation and guidance, it can very easily be just the opposite. Check out our top 10 tips for buying off-plan property and ensure you buy prepared.
- Know your Budget. Take a close look at your financial position and speak to your financial advisor. Budgeting correctly will ensure you don’t bit off more than you can chew.
- Know your reasons for buying. Before you even start looking you should know what your reason for buying an off plan property is. Buying a future home you will live in is very different to buying an investment property and the two will need to be evaluated differently.
- Do your research. Buying a property is for some the biggest purchase they will ever have to make. It’s therefore, a decision that should not be made lightly but rather a decision that should be made after sufficient research and thought.
- Get Professional Help. Doing your own research is great and very important however enlisting the help of a professional will give you a fresh set of eyes and a professional point of view. In the Dubai real estate game this could save you ten’s of thousands.
- Know who you are buying from. Buying an off-plan property is not like buying a ready property which you can see and feel. When buying off-plan property you are essentially buying from a brochure and the word of the developer. It is for this reason imperative that the right research is done into who you are exactly buying from. Ensure the developer meets all the legal requirements and has a good track record. Looking into their past projects is always a good idea as past performance is usually a good indication of the future.
- Know the area. Whether you are buying for investment or to live in you need to be familiar with the area you are buying in. Things to take into consideration are; proximity to city/sea or other points of interest, road access and public transport links, future plans for the area/community, area reputation and demographic and etc.
- Know what you are buying. Once you have selected your area and project its time to select your unit. Before doing so take into consideration orientation, position and views that will be on offer. This will ensure that sea view doesn’t turn into a carpark view.
- Understand what you are signing. Signing a purchase contract is serious business so before doing so you need to make sure you know exactly what it is you are signing. Seek professional advice and ensure you are fully aware of your obligations.
- Have an exit and a contingency plan . As much as we would like them to things don’t always turned out as planned. It’s therefore important to be prepared in case circumstances change and you need to liquidate. Have a plan B even tho you may never use it.
- Enjoy the process. Yes, it can be stressful and nerve wrecking but buying a property should be and is a great achievement. Don’t lose sight of this and the fact that when done right, the property purchase you make will reap rewards for years to follow.
Now that you are familiar with some great tips for buying off-plan property check out some of the latest projects to be released across Dubai.