Many buyers are torn between ready-to-move-in and off-the-plan options when purchasing a home or an investment property. Although most decisions are made primarily on financial or investment goals, understanding the benefits is essential to make an informed decision.
Buying real estate off-plan refers to making a commitment to purchase a home that has not yet been built. Buying off-plan might be a more cost-effective and flexible option for prospective homeowners and property investors. So, let us walk you through the top six reasons to buy an off-plan house.
Off-plan developments that have just been launched are frequently offered at drastically reduced costs. In comparison to completed development, attractive incentives and flexible payment options make the investment more accessible. Developers provide flexible payment options that need little investment, payments during the building phase, and post-handover payment plans, making it easier to choose a project in the capital.
With the UAE's property market increasing year after year, the value of off-plan houses is likely to rise once they are constructed. Whether you're still paying for the property in installments as part of a payment plan or making a post-handover payment, your property's market worth is likely to go up. If you decide to sell, you should expect to make a lot of money. All you have to take into account the area's popularity since this will impact the market value.
Rental income is an important concern for property investors seeking to buy-to-let. You may expect strong rental yields from your property investment because new projects and stages of current projects are launched on a regular basis.
Purchasing an off-plan property in Dubai is entirely risk-free. Buyers who purchase off-plan houses in the UAE are protected from delays, cancellations, and fraud. Buyers make payments for off-plan properties to approved banks, which are then confirmed by a property consultant. Developers can only access this funding if the project has achieved a pre-determined completion level.
Another perk of buying property off-plan is that you have a fully blank slate to work with when it comes to outfitting. As a result, you can negotiate with the developers about the property's interior design, appearance, and furnishings. Having greater engagement in the building process means you'll have more influence over the appearance of the property and, as a result, you get the design you choose.
Off-plan development payment plans are connected to construction, which means you don't have to pay the whole cost upfront, but rather in smaller installments. Many off-plan developments in Dubai offer a low booking cost of 5 to 10%, and in certain circumstances, the charge is also waived fully or partially, providing the buyer further savings.
Finally, it may seem self-evident, but one of the major advantages of purchasing property off-plan is that you will have a home when it is completed. While others will be forced to pay market value or more for any remaining properties, you may relax knowing that you have a new home built to your specifications.
To discover what rental yield may be reached in a certain development, contact Shoma Property about UAE’s property hotspots via our contact us page, or simply give us a call. We will respond to you as soon as possible.