Correct preparation and enough information can make your buying off plan property easier and more convenient. That’s why you have to consider several factors. First off you need to know if you are using it for business purposes or you plan to build a home in Dubai. There are off plan properties that are designed for investors while there are those that are meant for end users.
For you to narrow down your options, you have to choose your preferred location and type of property. You might want an apartment or a villa for an off plan property investment.
Next step is to choose the developer based on track record, reputation, and portfolio. You also have to consider the development project which you plan to buy in. Check its master development. When assessing the development, you have to look into the following factors:
- The development size in terms of number of floors and units;
- The facilities and amenities that have to be included;
- Parking arrangements for visitors and residents and their entry and exit points;
- Its external look appearance and the materials used;
- Proximity to other structures in the location and its possible effects on the property;
- All the planned retail outlets or the provisions for these;
- And of course the master development and figure out how this will affect you project.
When you have decided on the development to buy, the next step is to choose the right unit to buy. There are several considerations for this as well. You have to assess the unit size, the floor height, and the overall layout. You also have to check the unit orientation and its position within the said development and the views from the living room and the bedroom units. You also need to see the furniture, white goods, landscaping, and others.
Before signing the contract, it’s crucial for you to read everything. Be mindful of your own obligations and those of the developer as stipulated in the contract. For you to avoid surprises, you need to know your payment obligations and how you will be able to meet them.
Apart from the unit and the development that you are buying in, it is also important for you to research about the area. This is highly significant for new communities. You have to check on the following factors when planning to buy off plan property:
- Road access and public transport network, community centers and shopping outlets in the area,
- Its proximity to health facilities, schools, and other places of interest,
- Area demographics and demand for housing
- The types of projects planned for the area, its completion, and its possible effects on your property.
Lastly, you have to make sure that the property has an exit strategy and a contingency plan. You need to determine if you will be able to sell it, and if yes when and what are the associated costs.
Learn more about off plan property investment in Dubai. Contact HBS Dubai now.
