Steps To Buy Offplan Property In Dubai

Off-plan properties in Dubai have acquired a lot of interest among individuals looking to invest in a property in Dubai. More than a large number of investors from all over the world have effectively invested in off-plan projects in Dubai, certain people are still weighing the advantages and disadvantages, and some are exploring how to select the right property type for them.

1. Select the Property Type
When purchasing an off-plan property in Dubai, the first thing you need to decide on is what you are searching for in a property. That includes the type (apartments, villas, townhouses, mansions, plots), your budget range, preferred area, size range, developer, and the amenities and features of the property. If you can point out these key factors, it will be much simpler for you as well as your preferred real estate consultant to give you options for your new property investment. However, when you choose to buy an off-plan property in Dubai, you will be unable to see the real property until the actual property development has started, but buying an off-plan property in Dubai will give you extraordinary advantages since you can benefit from the best costs, simple payment plans, and the opportunity.

2. Find the right Real Estate Agent
The most important real estate investment tip when buying off-plan property in Dubai is working with a real estate agent or organization that is an expert in off-plan. You can ask your family or friends who have recently bought an off-plan property in Dubai, check online, or talk to Edge Realty. Edge Realty is one of the best real estate agents in Dubai, we can give you the best choices of off-plan properties in Dubai in every single ideal place, provide you ongoing updates of the properties, handovers, contracts, best prices, payment plans, and other potential opportunities that will help you in getting your off-plan property that has easy and the best value for your money.

3. Understanding the costs
The expenses and other charges will be discussed and disclosed to you exhaustively by your real estate agent, but it wouldn’t hurt if you have an idea and understand the costs to assist you to buy-off-plan property in advance. This includes the booking amount (from 5% - 25%), DLD fees (4% of the complete property estimation), RERA fee to get an Oqood certificate (AED 5,250) that guarantees the off-plan property is registered under the purchaser's name, real estate agency fees (2% of the purchase price plus VAT), service charges, DEWA charges, and bank charges.

4. Book your property with a Down payment
Now that you have all the ideas about the property, fees, service charges, and all other details, it’s time to make the reservation. It’s time to book your property. Once you’ve all agreed to the terms of sale, with the assistance of your real estate agent, you’ll need to sign a contract (Sales Purchase Agreement / SPA) with the developer to buy the property. Don’t forget to give the essential documents, for example, your passport copy, visa page copy (if applicable), and Emirates ID copy (if applicable). Once all your documents are completed, you need to pay the booking amount, registration fee, and other necessary payments.

5. Hand over your property
After you’ve settled everything and finished with your regular or monthly payments, you’ll finally reach the end of the agreement. At this point, when the property is ready for handover, you need to inspect the property in case any issues need to be fixed. Then, after your last installment, your real estate agent will give you your keys, and you can move into your brand new home.