How to Choose Between Off-Plan Property Developers
With the Dubai off-plan property market booming in Dubai, many investors are interested in investing in this type of property with the hope that you can maximize on your return on investment. Purchasing a new property is a big decision. If it is your first time purchasing an off-plan property, but you don’t have the right information and want to minimize risks, here is a winning formula on ensuring your purchase is successful.
What about their past projects?
Firstly, you must know whom you are buying from. Purchasing an off-plan property is not the same as purchasing a ready property. An off-plan property is in an incomplete stage, unlike the ready property which can be seen. You must trust the word of the property developer when making this decision. It is one of the significant reasons why you must conduct your own research, and ensure the property developer has a good track record and will meet all legal requirements. It is a good idea to look at past projects as this is a good indicator of how the developer will meet their future projects.
Can they answer these questions?
There are several options when it comes to choosing an off-plan property developer. Just like you wouldn’t buy a vehicle from an unknown car dealer, buying an off-plan property from a property developer that doesn’t have a proven track record will not yield the desired results. Here are some questions you will need answers to when choosing an off-plan property developer. How long have they been in the business? Do they have past projects that have been successful? Do they comply with regulations and the law to protect buyers? If your property developer can answer these questions and be forthcoming about their previous dealings, then you can be certain that they will deal with you with honesty and transparency.
How established is their reputation?
What is the developer’s reputation? An off-plan property developer must have an established reputation. Reputations once established are hard to shake off, so if your property developer is known for a strong and transparent reputation, then it means that you are in good hands. An off-plan property developer must be seen as someone serious and not a flash in the pan. Off-plan property is serious business, you want a property developer who understands the seriousness of the deal at hand. There are developers who want to make a quick sale and will offer a quick fix which in most cases don’t work. You want your property developer to be thoughtful, considerate and someone who will go through the process from start to finish.
Information is Key
These are some factors that you as an investor should look at when considering a developer like Emaar for Dubai off-plan properties. Information is key, and acquiring the right information will help you make a sound decision in the long-term.
Join The Discussion