Buy Off-Plan Abu Dhabi
There are many things to consider before buying a property, especially in a place like Abu Dhabi. Purchasing an off-plan property is one way to get a discount on the price of the home, but it can come with risks as well. You should weigh the risks against the advantages and make a decision based on your individual situation.
One of the major concerns for buyers of off plan abu dhabi properties is the length of time before they can move into their new home. The process often takes between three and four years from the launch of the project to its completion. This means that it can take an additional 18 to 24 months for tenants to vacate the home. If you are planning to rent the home, this can be a deal breaker. A better alternative is to purchase the home when it is completed. Many developers allow buyers to make payments to the developer over a two or three year period.
Buying an off-plan property in Abu Dhabi also offers flexible payment plans. Rather than paying off a property in full, you may pay off smaller instalments, which is a good deal for first-time buyers. However, this can be more expensive than purchasing a ready-to-move-in home. It is recommended to seek advice from a real estate consultant before making a purchase.
Is it Cheaper to Buy Off-Plan Abu Dhabi?
Unlike with a ready-to-move-in property, an off-plan unit can still be resold when it is under construction. However, the investor must meet certain requirements to do so. In addition, the property may not be as valuable as the original value upon completion. Nonetheless, investors who are able to hold the property to its completion can reap the rewards of increased rental income.
When buying an off-plan property, you should look into the amenities that the developer will provide. Some projects offer amenities such as gyms and swimming pools, but not all do. Similarly, you should look at the community that the property is located in and ensure that it is a well-rounded and established community.
Another benefit of off-plan is the opportunity to buy a customised finish. Depending on the size and location of the property, you might be able to customise the floor plan and fixtures and fittings. Additionally, you may be able to save money by opting for an off-plan property that is closer to the bottom of the market. These are both good reasons to consider off-plan as a viable option.
It’s important to remember that when purchasing an off-plan property in Abu Dhabi, you are committing to paying for the property before it is actually built. For this reason, it’s a good idea to save up for a deposit. Generally, developers will offer between ten percent and thirty percent of the purchase price as a deposit. Also, some service charges can be waived for off-plan purchases.
Finally, when it comes to property in the UAE, you should consider the regulatory environment that is in place. The UAE government has taken steps to encourage foreigners to purchase and hold property in its freehold areas. Furthermore, there are new investment programs being launched that are designed to help buyers find and own their dream home.