How to select a Dubai off plan property?
The first thing to do before investing in any kind of real estate is to research about the property, what kind of Dubai property are you interested in, what kind of budget do you have, what location is it in, and who is the developer. Further questions need to be put into consideration when buying your desired real estate like
- What previous projects has the developer of interest worked on?
- What kind of amenities are required that are needed for the resident (schools, malls, community centers, gyms, etc.)
- How accessible the area is?
- What kind of transport links are present within the development/area?
- What kind of payment plan does the developer provide?
- What are the purchasing options when it comes to buying the property? (Mortgage options/cash buyers)
- Are there any offers the developer are providing for the project of interest?
So after finding a property and researching about the developer, it is now time to gather the necessary documents that are needed for starting your off-process.
What documents will be needed?
The following are the necessary documents needed to start the process for buying off-plan property. Residents need to submit:
- Passport copy
- Emirates ID
- Reservation form – This form depends on the terms and conditions of a certain project
- Booking fee – This booking fee can range from 5 to 15% which is especially needed for a sales and purchase agreement (SPA agreement)
What do I do next?
So you have all the documents needed, what’s the next step? Well it’s best to choose an expert off plan agent. Although it is not required by law to get an agent, but it’s better to invest in an expert who knows all the ins and outs of not just Dubai off plan but also all the steps that is involved when it comes to purchasing any kind of property.
Driven Properties can provide excellent agents and area specialists that can guide and assist the clients on Dubai property, from start to finish. Our experts won’t just provide you with the best deals, but can also provide market advice and even free evaluation of your current property.
What kind of fees do I need to provide?
Clients need to prepare more than just the actual price of the property. There are several additional charges that are also included for the off-plan process. They can include
- Developer fees
- Dubai Land Department (DLD) fees of 4%
- Agency and consultancy fees which is usually only 2%
- Maintenance fees
Most of these fees are variable depending on the developer, agency, and project that a client is interested in. In most cases, developers present unique offers where clients pay 0% on DLD and service charges.
So what’s the last step?
So now you have everything ready, your choice of property, a trusted agent, and all the necessary funds. The only thing left is to review everything. After you make your final decision to buy the Dubai off plan property of your choice, it’s best to carefully go through your contract. Clients normally have their contracts in two forms
- Sales and Purchase Agreement – (SPA Agreement)
- Memorandum of Understanding – (MOU)
Both contract forms are from the Developer or from the agency in the case of secondary sales or secondary market transfers.
All agreements will be made after the terms and conditions of the contract have been met. Clients have to make sure to look out for the completion date of the project. Clients can have paid compensation in the case of delayed delivery of the property or if the development is not completed by handover.
Always remember to do your research, ask an expert, and not to sign anything until everything is clear to you. To find out more about how to invest in Dubai off plan property, be sure to contact Driven Properties.