Real estate agents play a critical role in helping homebuyers and investors find the ideal property. They provide insight into market trends, advise which developer’s projects offer the greatest value, as well as help buyers understand how buying an off-plan property works and protect their rights during the transaction process.
Off-the-plan sales refers to properties sold prior to construction commencing. Buyers usually pay a deposit equating to 10%-20% of the total purchase price and then finance it through a mortgage loan secured against the land where their home will be built. Additional fees such as DLD registration fees, admin charges, customization costs, legal fees and escrow fees should also be taken into consideration when purchasing off-plan properties.
Off-the-plan sales offer buyers many advantages. Not only can they customize their property to meet their specific needs and preferences, but there may also be potential for capital appreciation once construction is complete and it becomes highly sought after.
Buyers should be mindful that there may be unexpected factors which delay the completion date. Therefore, homebuyers and investors need to conduct thorough research on the developer, looking at their track record in delivering projects on time as well as ensure they keep buyers updated of any progress or delays.