Tips for buying off the plan property in Dubai
Do you want to invest in off-plan property in Dubai? If yes then there are many things which you need to take into consideration before buying or investing in these properties. Majority of the people prefer to invest in the off-plan properties in order to earn the best profit from the real estate business. There is no doubt that you get numerous advantages of buying these properties which are attracting countless investors. To earn a quick profit, one can easily sell it after its completion.
A lot of people find it difficult to invest in off-plan properties in Dubai but if you know the necessary steps to take, you too will be able to invest in off the plan property in Dubai.
Step 1: Do You Research
Before starting anything it’s good to do your you research with the qualified real estate agent and find out everything you need to know before selecting your off plan property. It’s best to ask yourself some questions when you start this process like,
- What is your budget?
- What type of property are you looking for?
- What is the purpose of buying?
- Are you an end-user or do you want to purchase for an investment purpose?
Once you find the off-plan property that suits all your needs. It’s time to move to the next step.
Step 2: Call an Agent
Once you have a clear idea of what kind of property you want, it’s time to call an agent. A real estate agent will be able to assist, advise and guide you on the off plan process. There are many agents are ready to help you in every step of the way.
Step 3: Documents
To start your off plan process you will only need a valid passport copy and Emirates ID if you are a UAE resident. There are no other documents you need at this time.
Step 4: Finances
Your initial payment compiles is just the down payment as a setup by the developer. Majority of off-plan projects required down payment of 5% to 10% of the total property value.
Your fees also include like booking fee and reservation fee payable by in cheque, bank transfer or credit card. Booking fee is the initial amount you place to reserve the property.
DLD Registration Fee
DLD is a one-time fee registering the property with Dubai Land Department 4% of the purchase price.
Annual Service Fees
To be paid off to the property is complete to maintain the common area and community.
The main benefit of purchasing off the plan property is that you can spread out payments over a long period.
Step 5: Sign the Contract
So now you have everything ready, the off-plan property of your choice, Updated documents, A trusted agent and the necessary funds
Now what’s left is just to review it all and finally sign the contract.
Contract of sale and purchase is prepared by the developer and must be signed by you as the buyer. In order for this contract to be prepared the following conditions must be met,
- Booking Reservation form signed.
- Downpayment as per developers payment plan paid in full.
- DLD registration of property fees paid.
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