A real estate expert makes 8 key areas to consider before purchasing
5 main reasons that encourage investors to buy "off plan property"
The buyer must specify the agreed price of the property and the method of payment for the required payments.
From the source
Ahmed Al-Dawla: “The low price and flexible payment plans are among the main reasons for buying (off plan property).”
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Real estate consultant Ahmed Al-Dawla identified eight tips that a real estate investor should take into account when purchasing an “off-plan property” in the UAE, as it is one of the preferred options, given its low price compared to ready-to-use properties, and the facilities provided in the purchase process.
“The off-plan buying process is a good option for many buyers, and they usually look for what yields abundant profits for them,” said the state, who heads the real estate company On Plan. .
He pointed out that there are five main reasons that encourage real estate investors to buy "off-plan property", most notably its low price, flexible payment plans compared to ready-made real estate, which is a positive aspect, in addition to the property's value that may rise in the future upon completion of the project, which helps Make huge profits.
He added that among the most encouraging things to buy a property on the scheme, is to achieve a high rental return, in addition to the availability of strict laws to protect the rights of real estate buyers and investors, and the availability of several options for real estate projects that are still under study and implementation.
Counseling before purchasing
It is advisable for those wishing to acquire a property on the plan to consult a company specialized in real estate consultancy, licensed by the regulatory authorities, about the specifications of the property that have been agreed upon.
The reputable real estate developer
The buyer of the property under the scheme should search for the real estate developer with a good reputation, and in Dubai it is very easy to know the CV of any real estate developer, as the investor has many means and multiple tools, through which he can verify the developer's reputation and record in construction, delivery and prices.
The quality of the real estate developer must also be ascertained, and his previous record, which shows the extent of his commitment to completing the projects on time, as well as his possession of an escrow account. The Dubai Land Department has a special register, called the “Real Estate Developers Registry”, in which the names of the licensed developers are recorded. Any developer may practice the activity unless it is registered in that registry and licensed by the competent authorities.
Return on investment
Return on investment is one of the most important considerations that an investor must keep in mind when buying a property on the map, as it changes from place to place.
For example, the emirate of Dubai is one of the cities with the most return on real estate investment, compared to many global cities, as the return in Dubai ranges between 7 and 9%.
The project Location
It is important to buy a property in a privileged location, and to have all the services that the residents of the area need, including schools, hospitals and shops, and its proximity to a suitable road network that connects it well with the rest of the city, and the floor in which the unit is located and the view must be taken into consideration.
The quality of the property
The quality of the property is of great importance when buying off the plan, as is the quality of the complex or the location in which the property is located, and the availability of important services, and attention must be paid to the decoration of the property and the materials used in its construction, it is possible that the quality of the actual property differs from it in the brochures or pictures And, these problems can be avoided by referring to the previous achievements of the developer.
Completion rate
The ability of the real estate developer to deliver the property, according to the specified timelines before starting the construction process, is an important determinant when choosing a real estate developer and buying a residential unit from it, so the narrower the time period between the advertiser by him and the date of delivery, the greater the developer’s reliability.
Payment plans
The buyer must specify the price of the property agreed upon, and the method of payment for the required payments, as real estate developers offer many payment methods that may sometimes extend to 10 years, but it should be noted here that real estate developers include the interest cost in the sale price, and thus we find that whenever The length of the payment period, the higher the level of the cost borne by the buyer, which requires mentioning the date of completion of the project expected in the agreement for the sale and purchase of real estate on the scheme, and the compensation incurred by the developer in the event of any delay.
After sales service
After-sales service is an essential part of good management of real estate assets, and it contributes to gaining the confidence of the customer, by removing many burdens from him, including those related to procedural matters, such as: clearing the documents of the property, after the completion of the purchase process, from the transfer of ownership, to others. that.
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