Buy a property even before it exists to get the best possible deal. Think about it, a property’s value is much lower than when it is complete. What’s more, you can enjoy a fantastic payment plan if you are buying directly from the developer: about 10-20% down payment when you sign a Sales Purchase Agreement. And the rest of the payments can vary as per developer but are usually connected with the construction.
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There’s no viewing involved when you are buying off-plan, so work out your needs carefully – location, developer, property type, size, facilities, and community. Remember, you can choose the best units at the lowest price possible for the project, thereby maximising your profits in the long-term. You’ll also enjoy lower upfront costs and monthly payments.
Your agent will accompany you to the developer’s sales office where you will choose your unit and sign a Sales Purchase Agreement to block it in your name. Here, you will make an initial deposit, which could vary between 10-20%. Within 30 days from then, you will make a 4% payment for the DLD title registration fee and AED 1,000 for the a qood fee.
Not all real estate agencies can offer you the best off-plan choices. So, it’s imperative that you work with one that is connected with all the developers. Your agent will represent you and will ascertain that the contracts are in line with prevailing laws. He will also give you periodic updates and guide you through the handover process.
Ensure you make the required payments as per the payment plan, which should be outlined in the contract. Of course, you have the option of selling the property during the contract period. It’s imperative that you understand all the terms & conditions before signing.
A good agent is one who can find the right properties as per your budget and needs. You should get all the information, from floor plans to payment plans, from brochures to videos etc. as it will help you make the right decision. Some developers may also have “show houses” ready so that you can experience the layouts, sizes, facilities, materials etc.
Make sure you inspect the property for snags at the time of handover. Once the corrections, if any, are made, you will need to make the final payment to receive your keys and access cards. Your agent will be able to guide you through this process to ensure a smooth transition for you
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