Should I buy an off-plan property or a ready-built one? That will always be an interesting question that really boils down to your preference. Depending on how you look at it, both concepts can have a few pros and a few cons, but what works for someone may not necessarily work for you. So here are a few key differences between the two.
When you obtain a home which has been finalized, you can make any necessary changes from the very beginning. This gives you a substantial amount of freedom to turn that apartment, villa or townhouse into a comfortable house. Instead, with off-plan properties in Dubai, the developer has all of the control until the plan has been concluded and the keys are in your hands.
2: Price and Profit
Due to the fact that there are countless off-plan properties in Dubai, developers not only have to be competitive, but they also rely upon obtaining the appropriate monies which fund the project. Therefore, you’ll find the price that you settle which would be lower than the market value. This puts you in a favorable position to gain on your investment as the value tends to go up once the undertaking has been finished.
But, with a finished house, you’ll find that the prices tend to be inflated and hence, this will result in little room for profit.
The best thing about obtaining a house which has been finalized is that you can see, touch and feel it. Therefore, if you encounter any problems, you can simply opt out of the process. On the flip side, projects which are yet to be finished are the complete opposite. Therefore, you would need to gather as much information as possible from the supplier to get a true idea of what you should be expecting when it has been finalized.
But, does that mean you’ll obtain what you think you paid for? For instance, a particular fixture may no longer be in circulation and hence the developer may need to find a replacement. No matter what the reason is, there is a chance that the finished project might not be like what you saw in the brochure.
4: Payment Plans
Financially, developments which are yet to be finished are more flexible. For instance, Madinat Jumeirah living by Dubai Holding allows the potential buyer to make 9 installments where the majority of the funds are received upon completion. This tends to reduce to burden on the buyer. On the other hand, not only do you need to make a deposit on a readymade property, but you’d also need to make the payment in full.