The Advantages of Buying Property Directly from a Developer
When venturing into the real estate market, one of the crucial decisions one has to make is who to buy the property from. While there are plenty of options, you need to make the smartest choice to not only safeguard your investment but also boost it for future profitability.
Speaking of smart choices, one source that we can’t recommend enough is property developers. Buying properties directly from the developers comes with its own set of merits that make it a heavily sought-after choice by millions of investors.
If you are debating as to whether this is advantageous or not, we hope listing the benefits of buying a property directly from a developer will answer your question.
Why Should You Buy a Property Directly from the Developer?
Before we start digging deep into our topic, you must know that when it comes to a direct purchase from a property developer, you have the option to select from ready-to-move-in properties or off-plan projects. The latter implies those properties that are under construction. This key feature will come in handy in understanding the benefits of buying a property directly from a developer even better.
Monetary Incentives
Price is undoubtedly the biggest factor that motivates any investment decision. The more you can save without compromising on the quality of your purchase, the better is the deal for you. Developers often offer lucrative discounts, incentives, and schemes that help you exponentially in cost savings. You save a fortune with the help of the flexible payment plans, promotional offers, and various waivers they provide.
When you buy a property from the secondary market, you end up paying numerous hidden charges as well because of the involvement of multiple intermediaries. For ready-to-move-in properties, you have to pay 2% of the property price to the agency as their fees. You can avoid all these when you are purchasing a property directly from a developer.
Fresh Inventory and Modern Amenities
Buying properties directly from a property developer ensures you have access to fresh inventory, which is pivotal for guaranteeing a sturdy foundation for your property. This is especially true for off-plan properties. Since developers are at the core of innovation in real estate, you can rest assured that they incorporate the latest architectural designs and technology into the project you are interested in.
You can oversee from a first-hand perspective that your property is aligned with modern trends and has access to cutting-edge technologies. A highly developed real estate market such as Dubai calls for such an action and you should make the most out of the opportunities available to you. This also brings us to our next point.
Customization Options
Buying off-plan properties directly from the developer multiplies your options for customization. Yes, you may not readily move into the property immediately after purchasing it, but you know that when the construction is completed, your property will be defined by your aesthetics. You can have the final say in the layouts, finishes, and other allied design elements of the unit that will help in bringing your individual style to it.
This is a great chance to make your property stand out among the rest. You will also have the option to include or exclude amenities as per your needs and preferences, and as much as it is possible. So, even when you are purchasing an apartment unit in a residential building, your property will have an exclusive look than its peers, giving your living space an individualistic appeal.
Transparent Transactions and Legal Compliances
Having a direct line of communication is vital in ensuring you have clarity about the minute details of the property you are purchasing. When you are dealing with a developer, you can have detailed information about the specifications, timelines, floor plans, and designs of the concerned project. This makes for a more transparent transaction between you and the seller, which is the developer, in this case.
Additionally, developers are more bound to adhere to the legal compliances set by the government. This means that they are obligated to comply with regulatory standards and maintain official approvals, which in turn, help in protecting your project with a legal framework. Therefore, you can mitigate unforeseen risks that are often associated with legal disputes.
Reliable After-sales Support
A property is a long-term investment and the more you can extend the warranty periods and after-sales services, the better it is for you in the long run. When you are buying a property directly from a developer, you get the benefit of after-sales support. This can include anything from maintenance issues to resolving constructional defects. You also get the timely completion of promised amenities as the developers are legally bound to fulfill their obligations.
This is in stark contrast to properties purchased in the secondary market. Once the sales process is completed, you are solely responsible for taking care of any post-purchase issue that you might face. Needless to say, no matter how strictly you scrutinize your property before purchasing it, some aspects will only get highlighted once you start living in it. So, as you can understand, it is not a situation you want to deal with.
Value Appreciation
Another underrated aspect of buying a property at an early stage of its development is that it has the potential to yield substantial appreciation over time. With the progress of the projects and the development of infrastructure in and around it, very often it is seen that the value of the property you purchase increases over time.
As a result, you are more likely to get a higher Return on Investments (ROI) irrespective of whether you want to put it on rent or sell it altogether upon its completion. Even if you decide to reside in it, you will be paying much less than those who will purchase the same unit after it has become a ready-to-move-in property.
Better Negotiation Prospects
The process of buying properties from a developer is smoother and quicker. You get more opportunities to negotiate with them directly on the price of the property. When buying properties from the secondary market, your chances of conducting successful negotiations on the price diminish.
Among the many annoying aspects of buying a property in the secondary market from an individual owner is that you have to deal with a bunch of middlemen and intermediaries. You not only have to deal with the financial burden in the form of commissions that these middlemen bring, but you also have to suffer from the hassle of the lengthy process of settling down with each party involved.
Easy Home Loan Sanctions
Securing a home loan is a stressful process. This is crucial because this is the financial lifeline you depend on for buying your property. Oftentimes, getting a mortgage sanction can take weeks or months. However, when you are purchasing a property directly from a property developer, your chances of obtaining a mortgage increase exponentially.
This is because most reputed property developers have well-established relationships with banks. This makes securing a loan with favorable terms and conditions easier. So, in the process, you take care of one of the biggest burdens of property investments.
BNW Developments: A Trusted Developer in the UAE
BNW Developments is a bona fide property developer that has emerged as a power player in the real estate market of Dubai and Ras Al Khaimah. With its specialization in crafting architectural marvels, it transforms visionary concepts into luxury realities. Its bespoke approach ensures that its projects are not just residences but are living and breathing sanctuaries of opulence and sophistication.
Dedicated to meeting the taste of its clients, it never leaves out an opportunity to elevate the urban lifestyle through its stunning skyscrapers and seaview apartments. One of its most anticipated projects - Aqua Arc at Al Marjan Island in Ras Al Khaimah - has been deemed a dream residential paradise.
Explore its luxury apartments equipped with modern amenities that facilitate the ultimate urban lifestyle in a picturesque location. With its flexible payment plan packaging and proximity to stunning landmarks of the city, it is grabbing the attention of people from far and across the world.
Speaking of investors around the world, Aqua Arc, with a starting price of AED 2.24 million also makes foreign investors eligible for the UAE Golden Visa that offers long-term residence to its holders. So, it’s the best of both worlds.
To Conclude
Buying property directly from a developer is a feasible decision as it gives you more control over negotiations and customizations. Since you don’t have to deal with unnecessary intermediaries, you end up with a hassle-free, safe, and quick property-buying process. Just make sure that the developer you are buying the property from is a reputed one and that you research thoroughly before getting into an agreement.