Home buyers and investors are always in search for a proper guidance for their final verdict to go for an off plan property. To kick off the strategy to invest in an off plan property, make sure you must read this important guidance before getting involved in it as Nationwide brings important set of factors for you to acknowledge that buying an off plan property or investing on it would be the right thing for you and there is a 0% chance of regret.
Last week, we discussed the best investment guide for ready projects and its advantages over off plan projects. Today, we will discuss the best investment guide for off plan projects to further extent in order to know each and every step involved in the process, so you should be on the safe side with your investments. As you need to know , first hand, about the initial processes and key facts including financial value, payment plan, mortgage cap, preregistrations, document required and so on.
Apartments in Meera Towers by Aldar is be priced at 1400 per sq ft and its expected completion date is 2018. Properties in Soho Square in Saadiyat Island by Bloom are set 1350 per sq ft and will be handed over to the buyers and investors in 2018. The last but not last, The Wave as well as The Kite Residences – where “The apartments in this residential tower are currently available at 1300 and 1350 per sq ft and will be handed over respectively in Q4 2015 and 2016,”says Khalid Suleiman, Sales Director at Nationwide Middle East Properties.
Payment plan is a convenient way to streamline your investments provided by the developer of a property. Every developer in Abu Dhabi has its own payment plans offered and some of them could start from a 10% down payment to book the apartment, as the right example could be mentioned for The Wave tower, on Al Reem Island; which down payment can reach the 25% in normal developments offered in the market, depending on the agreements signed between the Developer and the Banks.
You should take this point into consideration before heading towards the payment to book your apartment that you will be entitled to any standstill period which means once you sign the contract and pay the down payment, you won’t be able to back out and have to purchase the property.
After the complete handover of your property by the developer, you have a full right to inspect your property before moving in and developer is completely liable to fix each and every defect you find while property inspection. Normally one year warranty is given to the home buyer by the developer for the property finishes and it is recommended to do the pre-inspection you settle in your new property.
Once the contract is signed between the home buyer and developer with full settlement and mutual understanding, the property developer has to offer the exact property with finishes as mentioned in the contract with a mutual understanding between both parties. If the buyer didn’t get the exact details mentioned in the contract from the developer, the developer is likely to be subject of a penalty by the home buyer.
Property handover goes the same as property alteration, the date mentioned in the contract by the developer to handover the property to the buyer needs to be met. In case the developer needs some flexibility in the handover of the property, the developer normally offers some reimbursement to the buyer.
There are positive and negative points to be considered while planning to go for off plan projects, and as compared to ready properties, “the best option one could have is to invest in the ready projects unless the price is really inciting to go for such investment”, says Khalid Suleiman. As seen in our previous webisode in addition to today’s webisode, the Ready vs. Off Plans have both advantages as well as disadvantages, and Nationwide’s team of experts are here to take each case on its own and provide you with the best investment solutions and guidance.