Complete Guide to Purchasing An Off Plan Property in Dubailand
Purchasing off plan property is one of the most difficult decisions you will ever make. When you put your life savings on the line, you want to be sure you’ve made the right choice. Given Dubai’s ever-increasing real estate supply, many prospective home buyers are frequently left perplexed and frustrated. Here are some guidelines to help you weigh and narrow down your options.
Pick the Right Developer
When it comes to selecting off plan properties, it is critical to look at a developer’s history of deliveries, quality, and services. Select your developer wisely. While some developers have a stellar reputation for their communities and quality, others provide more spacious units at a better value.
Choose the Most Suitable Community
If you go golfing every weekend, it may make sense to spend a little more money to live in a golf course community, where you can benefit from being close to that amenity and most likely enjoy offers and discounts on your hobby. Living Legends, Akoya, and Jumeirah Golf Estates are all excellent choices. If you want to instil in your family the importance of social, economic, and environmental sustainability as a way of life, Sustainable City is an excellent choice.
Property Age
The more maintenance a home requires, the older it is. More upkeep means more expenses. If you are purchasing an off plan property, whether new or old, make sure to hire a qualified property inspection service. Do-it-yourself solutions or having your real estate agent check to see if the faucets are leaking or the paint is uneven can cost you thousands of dollars in the long run. Spend money on a certified property inspector and you’ll save money in the long run.
Location in Dubailand
Nobody likes long commutes or being stuck in traffic for hours on end. Choose a neighbourhood that is convenient for you and your family. Do your research about:
- How long would it take to travel to and from work?
- How congested are the routes?
- Where do your children attend school? Do the school buses go to your new house?
- How simple and quick is it to get to nearby major roads and highways?
Transportation
Knowing the RTA’s planned road map can give you an idea of the area’s future development and alleviate your concerns about traffic congestion. Research about:
- How many current and future access points to this community are there?
- What does the RTA have in store for the future?
- Are there any major highways on the horizon?
Property Price
Sticking to your budget is important, but it’s also important to understand the benefits of slightly stretching your budget. Work within a range to determine whether the extra 100,000 dirhams you’ll pay in mortgage payments over the next 20 years is worth it in the long run for a slew of extra benefits.
Fees and Charges
Remember that buying a home entails more than just the purchase price, so be prepared and plan your budget accordingly.
Typical extra costs include:
- Dubai Land Department Charges of 4%
- Brokerage Fee of 2% Miscellaneous Fees such as Developer NOC, Bank Evaluations, and Conveyance Fees
- Charges for Annual Community or Service
The charges from the builder may vary depending on the community and are usually based on the property’s built-up area or plot size.
Future Value of Investment When it comes to buying a house, we tend to make an emotional decision rather than a strategic one. Even if you don’t intend to sell, always buy to sell. Consider that extenuating circumstances can occur at any time and take precautions to reduce your risks.