Off-Plan property or Ready-purchase property? Know the pros and Cons before you buy a property in Dubai.

Jul - 25
2017

Off-Plan property or Ready-purchase property? Know the pros and Cons before you buy a property in Dubai.

Off-Plan property or Ready-purchase property? Know the pros and Cons before you buy a property in Dubai.

Buy a property in Dubai”, is the decision as easy as it sounds? The tricky part is to decide what type of property should you invest in? Off-plan vs Ready property.

The simplest answer is, “- It varies from person to person –”. Better; understand how they differ. This will help you decide which one suits you best.

Off-plan vs Ready property

Off-plan vs Ready property Off-plan vs Ready property

Off-plan property

Off-plan property means a property which is yet to start its construction or is under construction. You will have the property details on paper. Most developers will have a sample of the property that will indicate the level of quality that you can expect when it is constructed.

The process of buying an off-plan property typically starts with a registration process, where you agree on a date for selecting and booking the unit by paying the initial deposit money to book the property. On completing the construction you will get the key of the selected unit.

It is advised to consider the developer’s reliability with their previous projects before you step-in to booking. Handover schedule is an important point which you have to take care about.

Advantages of an Off-plan property

  • Off plan properties are often more affordable.
  • If you are looking for a capital appreciation, then off-plan investment is a good option for you.
  • Lower upfront cost

Disadvantages of an Off-plan property

  • You will have to wait for the completion of the property before you can start benefiting from your investment.
  • You have to invest into the property from the “just a plan” phase, not by seeing the actual construction.
  • The risk of believing that the builder completes the construction at the promised time.

 

Ready Purchase property

A ready property has already been constructed and is ready to be handed over. On buying a ready property you don’t have to wait to start residing or to benefit from your investment.

Recently, there has been a substantial hike in the resale market. This has made purchasing a possession-ready property a more viable option. Home buyers can find good deals in the market.

Advantages of ready purchase property

  • You can start benefiting from your investment immediately.
  • You will have less risk of waiting for the builder.
  • You get what you see while you invest.

Disadvantages of ready property investment

  • The purchase price would be high.
  • Payment for property will be upfront
  • Lower capital appreciation.

 

Planning to get financial assistance for your investment from a bank? Know the best rates and mortgage products out in U.A.E market? You can compare and get live quote through our live mortgage calculator.

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