1. Figure out your preferences
Off-plan properties come with a lot of financial incentives, you are buying at the lowest possible price with attractive payment plans. Investors are free to sell prior to completion and will see a good return. The downside of buying off-plan is that you can’t view the property, and will need to make judgments from renderings and the developer\'s prior projects. You won’t have a complete picture of what the community will be like, or what the view outside your window will be but you can tell a lot from the floor plans and facilities. Coming into this process with a firm list of musts and needs will help agents match you with the best-suited off-plan property. Things to consider; budget, location, type of property, and facilities.
2. Contact an agency experienced in off-plan sales
Not all agencies are registered with all off-plan projects and developers. This is why partnering with an agency with many listings, an agency with many years of experience is important as they will have long-standing partnerships with developers. Selecting an agent and agency strategically will ensure you maximize your options and have a smooth closing process.
4. Meet with the developer
Once you find a project you want to proceed with, a meeting will be arranged at the developers sales office. Here is where you select the unit you wish to purchase and reserve it by signing a contract. This contract is called the Sales Purchase Agreement (SPA) and alongside it, you will be asked to provide a passport copy and an initial deposit, typically 10 – 20%. If you are looking to resell the property before completion, this is something you need to request to be added to the contract.
5. Make the necessary payments
The Dubai Land Department registration fee is needed within 30 days of signing the SPA. This is usually 4% of the purchase price with a 1,000 AED administration fee. You of course will be required to keep up with the payments as agreed upon in the contract until the property is completed and ready for the handover.
6. Handover proceedings
On handover day, following the completion of contract, you can inspect the property for any snags that need to be addressed. At Seven Century, we can complete a snag inspection for you. Once you approve the property and complete the final payment, you will receive your keys. And then you are free to move in, congratulations you are now a homeowner.