The difference between Offplan and Ready Properties in Dubai.
So generally l get questioned a lot by so many people about buying offplan or ready properties, and what basically would be the pros and cons of either decisions.
What is an Offplan Property?
It is a property that is still under construction.This means even if the property is well on its way to being finished, it’s still technically an offplan property.
Pros of buying an Offplan Property.
#. An off plan is cheaper than a ready property
#. You lock the price now and pay later,which gives you time to pay and at the same time the property will be appreciating value
#. You get the opportunity to choose the exact unit and design you want
#. Developers give flexible payment plans
#. On the handover the property will be new, which is every tenant’s dream to rent such an apartment, and for the investor you will enjoy maximum rental return as a tenant pays to rent the property
Cons of buying an Offplan Property.
#. You will get profits when the property is ready
#. Different outcome from what was presented to you, or off plan delays, though RERA has established rules to ensure that risks are mitigated and transactions are safe and transparent for the investor or buyer of an offplan property in Dubai
#. Chances of getting a mortgage loan on an offplan property are slim
Lets Look at Ready Property;
this type of a property is the one which you get the keys as soon as you pay the purchase price.
Pros of Ready Properties
#. You get the benefit immediately by moving in and renting out
#. Provides option for UAE residency visa immediately
#. The property is exactly what you picked no surprises
#. Full control of the property from the time purchase
Cons of Ready Properties
#. More expensive than an offplan property
#. Limited choice, you can only choose what’s available on the market.
#. Inflexible payment plan
#. From day 1 there is payment of service charges.
If you are interested to invest in Dubai real estate kindly contact me, l will be more than willing to help.
