Take an interest: before making a real estate purchase, especially if it's your first time, you need to weigh some crucial information. This will assist you in avoiding the financial losses resulting from a failed investment. You can read about a few of these crucial pointers to purchasing a fantastic off-plan property in Dubai below.
What should I think about before purchasing a Dubai off-plan property?
These are the top five things to keep in mind when selecting an off-plan property in Dubai.
1. Learn about the Dubai property purchasing process:
The developer requests certain paperwork from an investor looking to buy an off-plan projects in Dubai. These documents include a copy of the investor's passport, an Emirates ID, and a reservation form that includes the terms and conditions of the deal. In addition, the investor must pay a booking or reservation fee ranging from 5 to 15% of the total amount. In particular, this is to draft the Sales and Purchase Agreement (SPA), which both parties must sign. Make sure the real estate broker is registered with the Dubai Land Department if you plan to purchase off-plan projects from them. Select the one that helps you make purchases and efficiently connects you with developers.
2. Investigate the property you want:
Make sure to research the off-plan projects you want to buy before making a decision. The same level of detailed inspection that purchasers of ready-to-move-in properties receive when they hire surveyors to inspect the property should also be applied to Off-Plan Projects. You should investigate the developer's legacy as well, particularly if they have a history of completing off-plan projects on time and with success. The location is another important consideration. For instance, is it close to restaurants, grocery stores, schools, malls, and other important locations? Are there any public transportation stops? Is it close to where you work, in your opinion? If at all possible, visit there in person to see if anything could be working against you.
3. Compute the extra fees associated with the purchase:
There will be extra expenses in addition to the asking price if you want to buy an Off-plan Property in Dubai. There might be additional costs, such as developer, agent, or legal fees, in addition to the 2% land registration fee charged by the Dubai Land Department (DLD). You should ascertain the complete amount of additional charges, as they can add up to a substantial amount when combined with the expenses of the off-plan project.
4. Get expert advice:
You must seek professional advice before Buying Off-Plan Projects, so pay attention. Even though the law did not specifically address it, consulting a real estate advisor and a legal expert can help you avoid making poor decisions or suffering unnecessary losses.
5. Carefully review and understand your property contract:
When you have collected all relevant information and consulted experts, you must review and comprehend your agreement. Even when buying ready-to-move-in properties or off-plan projects a Memorandum of Understanding (MoU) or Sale and Purchase Agreement between the buyer and the seller is necessary. These legal documents contain the entire set of terms and conditions, along with the obligations of each party. If buying an off-plan property in Dubai , make sure the completion date is included in the agreement. A mention of the compensation for the delay should be included in the expected completion date. Last but not least, before you sign the document, confirm that you fully comprehend its contents.
