Dubai’s real estate market is currently witnessing a period of stabilising prices following two years of inflated rates.
Hence this may be a good time to invest in the emirate’s property market for those looking for good deals. But with a plethora of projects and developers to choose from, how does one pick the right one?
CEO of Indigo Properties Dev Maitra provides some basic tips to keep in mind when choosing a developer.
1. Visit the developer’s website
Log on to the developer’s website to get an insight of the company. The website should be able to provide you the answers to questions such as who are the owners, what is their history, who are their partners and associates, how long has the company been in existence, what are their completed and ongoing projects etc.
2. Take a tour of their completed projects
Seeing is believing. Therefore make a visit to the completed projects of the developer. The quality of their completed projects will tell you what the company believes in. Find out about the layouts and finishing of their completed projects to know what to expect from their future projects. These visits will reveal a whole lot about the developments like build and finish quality, layout planning, durability and upkeep.
3. Talk to existing owners
A quick chat with an existing property owner will quickly reveal the developer’s pros and cons. Only a current owner can give you an unbiased insight into the developer’s way of working. You could ask questions about rental ease and yields, developer reliability and service standards, satisfaction levels, quality of product, parking issues, snagging, teething problems and many other not-so-visible aspects of property ownership.
4. Gather information from their social media platforms
The internet enables you to get feedback from various sources. A visit to the developer’s social media platforms will provide the latest news, achievements, events and any special promotions that they are running. An online search would give you access to various forums where you can talk about the developer or their projects and get feedback from multiple respondents.
5. Arrange a face to face meeting
A visit to the sales centre of the developer will reveal a lot about their way of working. You can meet a sales representative and clarify all your doubts and queries by questioning him directly. Developers usually hire experienced professionals who would not only be able to answer specific questions related to the development but also guide you on a wide variety of real-estate related topics like laws, finance and insurance. Also visiting the developer’s workplace will tell you how the post-sales service will be.
6. Explore their mortgage facilities
A good developer will always have tie-ups with major banks to provide you with the financial support in purchasing your house. Therefore it is important to note the alliances that a developer has with financial institutions to ease the process.
7. Check pricing and payment plan
Does the price quoted provide the right value for the product? Do they have products to fit every budget? Are they willing to negotiate on their prices? What is rate of return you would get on your investment? Ensure that all these questions are answered. Also check that the payment plan offered by them suits your cash-flow.
8. Additional queries
Few more points worth exploring are whether they have a good facilities management company for their completed projects, if there are owners associations formed for their existing projects and if they have a record of timely delivery of projects. All these will tell you a lot more about the work culture of the developer.