Off Plan Vs Ready Properties in Dubai – The Better Choice
The emirate of Dubai has a lot of offers in the real estate sector for those who are seeking. And the best part is that these offers can help people gain substantial returns. This is why those who have surplus money prefer this sector over others for making an investment.
Diversity is another major factor that attracts investors in Dubai. However, many people find themselves at loggerheads when it comes to choosing between off-plan and ready properties. Both these types of properties have their own set of perks, and they come with certain risks as well.
In this post, we have discussed both these options and their features in details so that you can take an informed decision. Read on to know more:
Off Plan Properties
When it comes to off-plan properties, investors and buyers have abundant choices. Be it a villa, townhouse or apartment, they can easily pick the one that suits their budget and fits their needs. This is due to the fact that numerous developments and projects are being launched by top developers. This has made buyers spoilt for choice.
They can now book a unit in the latest projects that come with unparalleled amenities. So, whether they intend to live there, once it is completed, or sell it off on profit, this investment is suitable in either way.
For example, buying one of the lavish Stella Maris apartments can be a wise move as it is the last waterfront development in Dubai Marina and has gotten immensely popular despite still being under construction.
One of the major reasons why people opt for investment in the primary market is that it doesn’t cost them as much as ready properties. This is due to the fact that off-plan projects are still under construction. Also, developers offer incentives and discounts on their projects to attract more buyers. The payment plan is very flexible as the buyer has to pay the total amount in different installments.
Suitable from Investment Point of View
Off-plan properties are considered more suitable from an investment point of view as they are not fully ready yet. Therefore, if you intend to buy one for residential purposes, you will have to wait for a few years before you could call it your home.
On the other hand, if you’ve purchased it for investment purposes, chances are that you will start getting offers from sellers before the project is even completed. You can sell it off at higher rates and earn ROI.
No Waiting Period
There’s no waiting period when it comes to ready properties. You can shift to your new home in a matter of a few days after you have purchased it. This is a major edge that ready properties have over off-plan properties. In the latter, projects can get delayed due to various reasons causing grievance for investors.
Although there’s risk involved in any type of property, off-plan investments are considered rather riskier. Ready properties, on the other hand, have less risk associated with them. The buyer has everything in front of them, right from the property and its amenities. Therefore, there is no uncertainty, as is the case with off-plan properties.
Having said that, if you are buying an off-plan property developed from a reputable developer, the risk diminishes up to a great extent. Similarly, in the case of waterfront development, there is not a higher level of risk since such properties stay in demand, even if there are fluctuations in the property market.
A Source of Passive Income
Another great advantage of buying a ready home is that it can be used as a source of earning passive income. You can rent out the property to tenants and get a handsome amount in your account every month. If it is a villa, the rent can be quite higher.
A Final Word
To sum it up, it all comes down to your requirement. If you are willing to wait for some time, then buying off-plan property may prove to be a better idea. However, in case you are looking for a residential unit to move to immediately, the ready property is the obvious choice.