Buying Luxury Home Mansions Under Construction in Dubai: Challenges and Mistakes
The purchase of luxury home mansions in Dubai requires detailed planning at all stages. After all, it is this planning that will allow the buyer to anticipate the situations he will face and thus prepare for them. Therefore, the first challenge will be to conduct a rigorous research on the market situation, comparing the prices of available luxury home mansions for sale Dubai with the benefits they offer and also the payment conditions during and after construction.
You need to be extra careful. After all, the buyer is buying a promise that can only be seen on paper and that it will still take some time to be fulfilled. In addition, there is installment during construction and a financing amount after delivery of the keys, conditions that need to be known in detail.
Therefore, in addition to certain criteria that the buyer must pay attention to at the time of the choice — which relate to the location, the type of property and the suitability of the seller -, it is also necessary to pay attention to the conditions of payment, which must be seen meticulously , in order to avoid future headaches.
You must have complete knowledge of all the details of the financing. Giving up this research and, consequently, planning, are the two most serious mistakes the buyer can make while searching luxury home mansions for sale Dubai They can create serious future problems, since the remaining errors may follow. That’s why we’ve prepared this content that will help you identify the challenges and mistakes made in this type of purchase. We’ll also help you with some tips that will certainly help you avoid them.
1. Take installments above payment capacity
Without planning it is quite possible that the buyer ends up buying a property above the conditions that he can afford. This can lead to delays in the payment of installments, which will result in the collection of fines and interest or, in the worst of situations, the total inability to pay. During the construction, the property can be returned to the construction company, with a refund of part of the amount paid. However, the construction company may retain up to 25% of the total received.
Sometimes, the property is given as guarantee of payment. This means that if the buyer does not pay the installments, he will also lose the property. He will not lose all the amount paid, but only receive the portion that is entitled after the sale of the property by the financial institution and the discount of the existing debt.
2. Failure to provide full documentation in time
The release of bank financing for payment of the outstanding balance usually occurs within 30 days after the documentation is received. That’s if all the required documentation is complete and is delivered quickly. The longer the delivery of the documents, the longer it will take to clear the credit. If there is a missing document, there will also be a delay.
There are some benefits to purchase under construction luxury home mansions in Dubai. On the other hand, great care must be taken to prevent these facilities from turning into future headaches.
Therefore, the buyer needs to be surrounded by the maximum amount of information, both on the luxury home mansions for sale Dubai, as well as on the conditions of payment throughout the construction, and on the financing after the delivery of the keys. Finally, put our tips into practice and make sure you get a good deal!