Buying an apartment or investment property is an essential decision and buyers are often faced with a dilemma as to whether to go for a finished or an off-plan property. The selection is generally based on investment or financial goals. It’s important to understand the advantages of both to make a well-informed decision.
We are mostly aware of the advantages of purchasing a finished property which includes the ability to physically inspect the house before potential investment and move in right after the paperwork is done, but the off-plan properties like Six Senses Dubai have some additional benefits that are considered beforehand should make the decision.
In this guide, we have looked at the pros and cons of purchasing an off-plan property.
Pros of Off-plan properties:
Plenty of options:
As mentioned above, with the increasing number of developments in Dubai, there are numerous options. Internationally recognized real estate development companies have their ongoing projects in Dubai. Therefore, whether you want to purchase an apartment or waterfront property in Six Senses Dubai, you have a wide range of options. From so many choices, select the one that fits your budget and seems right for your investment and venture into the industry.
Comparatively low prices:
One of the main reasons why the real estate market has shifted in favor of off-plan properties is that they offer comparatively low prices. For example, purchasing a property in Dubailand can highly affect your pocket due to its high-interest rates. Also, there are many other communities where real estate prices are skyrocketing. But off-plan properties are also available in Six Senses Dubai at reasonable prices simply because they are still in the development process. So if you are on a budget and willing to wait a while to see returns, go for off-plan real estate.
Personalization of the property:
Several off-plan development projects enable small to huge adaptations, providing you a selection of flooring, kitchen layout, or color to suit your preferences and taste.
Safe and Secure:
Purchasing off-plan properties Dubai is fully safe and secure. The Dubai RERA (Real Estate Regulatory Authority) has introduced a regulatory process that protects the buyer from project abolitions or holds up. Buyer rates are only deposited on regulated accounts and developers can access them only when they meet construction achievements.
Appropriate Payment Plans:
Off-plan developments usually come with suitable payment plans. The buyer usually has to pay a tiny amount first to reserve the land. The balance should be paid in installments beyond the handover date. It makes it simpler for those who don’t have a huge amount of money but can purchase such a property.
Higher Return On Investment:
Another reason for the significant increase in off-plan properties transactions is that they can produce a high Return On Investment (ROI). Certainly, you will have to wait a bit, however, the wait will be worth it, as you have infused the right project.
In some cases, you may receive offers for the apartments you have bought even before it is entirely completed. If the offer is good and comes with significant returns, there is no issue in considering it.
Cons of Off-plan properties:
Variations:
It is no secret that the real estate market varies timely. These fluctuations can affect the expectations of your investment. Hence, it is crucial to time your investment ideally after careful consideration and deliberation.
Research:
Off-plan investing needs a lot of research. Take the time to learn more about the development company, its recent developments, and other important details. Also, do some thorough analysis on the site and its likelihoods. Ensure that the project is 100% safe and secure.
Delays:
No investment is 100 percent safe, and that includes off-plan real estate. The biggest downside to investing in off-plan projects is that you have to wait a significant amount of time before you can hope to generate an ROI. Typically, only after the project is finished. However, as mentioned above, there have been some cases when investors have received offers before the project is completed. It generally happens when the project is huge.
Wrapping it Up:
To wrap it up, now that you know the advantages and disadvantages that come with off-plan properties such as Six Senses Dubai, the ball is in your hands. Consider each factor and make a well-educated decision so you can get the maximum advantage from your investment.
