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Sat, Dec 21, 2024 | Jumada al-Aakhirah 20, 1446 | DXB
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Comparing off-plan and resale apartments in Dubai
Image Resource: damacproperties.com
Dubai, a shining example of high-class life, always has a feast of real estate possibilities for buyers from around the world. Whether you are an experienced real estate owner or are just starting out, there are so many choices that it can be hard to know what to do. To ease the process of buying an apartment for sale in Dubai for you a bit, I compared Dubai's off-plan apartments with resale units in this article to help you with your real estate business journey.
- By
- Shagun Sharma
Let’s start with off-plan apartments
Attractive pricing: People are often interested in off-plan houses that are priced well. Typically, they are much less expensive than completed properties. This is mainly due to the fact that they provide cheaper upfront fees and developers are actively seeking supporters at the beginning of the process.
Payment flexibility: Project developers sometimes offer early investors flexible payment schedules as a way to entice them. In order to accommodate purchasers' varying financial situations, developers often provide simple, step-by-step payment plans. This greatly simplifies the one-time payment.
Capital appreciation: As a reward for being patient, off-plan investments are a great option. Putting money into a project when it's still in the planning stages might provide substantial returns after construction is complete. Capitalising on this opportunity window is a fantastic strategy for purchasers.
Customisation of the design: Investing in an unplanned project early on gives you a lot of flexibility. To ensure that the final product is to the customer's satisfaction, they may communicate their preferences directly with the developer.
However, there are some less pleasant aspects. There is some risk when you put funds into something that wasn't planned. Because the outcome is dependent upon the project's timely completion and fulfilment of the agreed quality criteria, it remains hidden behind a cover. There's a good risk the project may have financial difficulties, be postponed, or end up being abandoned.
It's already well known that resale apartments are very nice places to live.
Off-plan developments are characterised by hazy future ambitions, while pre-owned apartments are actual spaces that are prepared for immediate occupancy or rental.
Let's look at the benefits of resale apartments below:
Immediate possession: Finished rental apartments are the ideal choice whether you're a family in a hurry to move in or an investor seeking rapid returns. You won't have to waste time worrying about the building's completion date; when the sale is final, you can either open up your belongings or start renting out your space.
Guaranteed reliability: There will be zero disruptions in service when you settle into a completed unit. Clear and unfiltered, you can see everything. Knowing that you will get precisely what is stated in the contract allows you to make a large investment with confidence.
Existing community: Resale apartments are often seen in prosperous neighbourhoods. Upon moving into one, you immediately have access to a multitude of pre-existing services and amenities. Buying a preowned property is enticing since it allows you to settle into a familiar and comfortable community.
It is an attractive opportunity to move in immediately, but a larger down payment is usually required for a second-hand flat. You can achieve a faster return on investment or use rental funds instead, though at a higher cost.
The real estate market in Dubai provides numerous choices. For different reasons, rental flats and off-plan properties attract diverse groups of investors. There are many factors that will determine if you end up choosing one of these two separate paths including; your risk-taking attitude, financial flexibility, level of patience as well and preference for quick outcomes rather than long-term gains.
When it comes to choosing how much money to spend between these two completely opposite choices, it’s all about personal preference. These include; your financial position, personal goals and objectives as well as how you view your journey in the real estate industry. Always remember that every step you take is towards wealth accumulation- whether going for an off-plan building on paper’s attractiveness or an existing home’s practical appeal. Purchasing property in Dubai means much more than just being financially bound- it is one lavish brick at a time that leads oneself into a self-discovery journey toward success.
Shagun Sharma is an independent business journalist.
Disclaimer: The opinions expressed in the article belong to the writer and do not necessarily reflect those of Khaleej Times.
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