Be Wary Of Buying A Planned House
In the current market, the demand for property that is off the plan is on the rise. Every day, you see a new project Dubai of some kind springing up at different locations across the country. Some houses are being bought before the digging to build the foundations has begun. This is a common trend at present, with many different people buying properties before the design stage is even complete. The government is also being incredibly helpful, with many attractive perks of buying a place like this in terms of taxes and other fees. People are also a lot more willing right now to buy a property that is still being planned than they were back in the day. They used to be a lot more cautious than they are right now, and used to hold out till the last moment so that they could inspect the completed property before signing anything. This has changed in recent years.
The Biggest Benefits of This Type of Investment
Some of the benefits are unbelievable. When you buy a property for sale off plan you get a huge range of choices as to what you want to see in the completed product. For example, you might want a garden that faces in a different direction, or you might want a larger path leading up to the house. Making a commitment at the early stages of development means that you get the added benefit of picking how you want the interior of the house to look as well. This isn’t something that a lot of people are able to enjoy, because when you buy a home in the traditional way you buy one that has been designed and finished by someone else with different tastes to yours. The cost of remodeling such a place to fit your own unique preferences is going to be quite high. Buying a property that hasn’t been built yet takes away the need for this and makes it a lot cheaper for you to live in the house of your dreams.
What Should You Watch Out For?
When getting a property for sale off plan you tend to be stuck with a mortgage that you took out so that you could finish the purchase off after paying the initial deposit. It is actually a lot easier to get yourself a mortgage when you are buying a place that hasn’t been built yet. While some of the lenders out there might impose certain limitations on you, you get relative freedom the rest of the time.
However, if the value of the place drops while you are building it, you could be losing out on money. After all, the lender is going to charge your mortgage based on the original purchase price and not the depreciated value. This could result in a large loss, which is why you need to be cautious.