When it comes to buying property, the phrase – prevention is better than cure becomes a living, fleshly, and real property advice. It is better not to buy hastily and risk losing hard-earned investments because a loss can affect the mind more seriously than you think. Take the following for example:
- You may lose real capital money which truncates business – It is one thing to lose your money in an unavoidable manner such as when life happens or something unprecedented affects your business. But when you invest rashly, your hard-earned capital money is being flushed down the drainage, which could be painful. But that’s not even where the problems end. Each capital you lose to a wrong investment is capital less than what you have for the next investment. So, as you are losing money, you are also losing business because there will be lesser money to put into other ventures.
- You may feel discouraged and sad – Professionals would always advise people to detach emotions from business and work with figures alone. As easy as this sound, it is not so in practice. Yes, the best thing to do is to invest practically, not emotionally, because while emotions can fail you, figures never fail. Nonetheless, many people quit at the altar of multiple failures such that they lose their drive for making such investments. You should choose wisely because that may be at stake, especially where you have saved up for months or even years just to launch the business.
- It may raise fear in venturing further and kill the flare – Did you know that wrongful investments in real estate may even affect the flare to venture into other kinds of businesses? The downsides are too numerous to count, so it is best to work informed and invest wisely.
Table of Contents
Identifying the Best as regards Real Estate – off-Plan properties in context
So how can you identify the best flats in residential complexes in UAE? The first step is to know what to look for before you choose, the second step is to know how to solidify your interest, and the third step is to utilize your property in the best and most profitable manner. Now, these three angles will be discussed extensively below:
Know What to Look for Before You Choose
According to Emirates.Estate the first major step towards choosing the right off-plan property is knowing what to look for. If you know the salient features that make a property good, they will serve as a tell-tale signal which will determine your next move. In that case, what should you look out for?
A Durable project
You must ask the essential questions in the rawest forms without compromising. Say your concerns as it is and see how the plan encapsulates them. You can ask about the project developer, the depth of the walls, the length of the foundation, and any question that helps you ascertain how sturdy the project would be. You can also consult development experts who have experience in building such properties.
A viable Plan
It is not enough to have a wild goose chase of a plan. You must check the off-plan for its practicability. It may be the first of its kind in the UAE and it may be elaborate but is it practicable? Is the timeline realistic? Are there measures on the ground for backup such as insurance and similar covers? Etc.
Execution Model
Next, you need to check the execution plan and its various stages and how detailed the plan is for each stage. This will help you maintain accountability measures so that you can know what stage a property ought to be at and at what time.
Funding and capital
Without funding, the project will likely never take off, or it will have stunted growth at some point. So, you should enquire about the various sources of funds the project has and see if they can indeed sustain it to the end, or at least, to a reasonable extent. Where the complex has only 50% funding on the ground or less, you may be venturing into a risk, because any default/delay in payment from purchasers may delay the project, and it may crumble in the long. So, it must be a project that you are certain can survive with or without payment of installments.
Suitability for Need
Finally, of course, you have to consider if the property/unit/apartment you are about to buy meets your needs or your personal/business plans.
Know how to solidify your interest
The next step is to solidify your interest. After reading the above, it is assumed that you have considered the terms of the contract, the off-plan modus operandi, and all of the critical but must ask questions. Once you are satisfied that it is a good project that will not fizzle out before you know it. You need to move to solidify your interest. How do you do that?
- Be clear on the contractual terms and insist that it should be evidenced in writing.
- Keep every deposit and payment information in your archive, such as invoices and receipts of payments, etc.
- Have your agreements witnessed by someone else as a backup.
- Be certain on what unit type you are buying and which floor, or areas, this is to avoid ambiguity and prevent a situation where you are placed on a floor and area that do not please you.
Learn how to utilize your property in the most profitable manner
The third and final state is to brainstorm on how to make the best use of your newly acquired property. Do not jettison payment – ensure you pay as at when due, and if you are having any legitimate roadblocks, inform the developers to have some form of concession or adjustment otherwise you may end up losing the property.
