According To Experts, It Provides Individuals More Freedom to Choose Their Own Designs and Materials
More people are choosing to buy plots and construct their own custom homes rather than buying premade houses from developers as real estate prices reach new highs. For individuals who want to customize their homes, it is a highly practical alternative, according to Jeff Raju Kuruvilla, sales manager at Positive Properties.
Although not as quickly as those for prefabricated homes, site prices have increased in response to a strong real estate market. Because it provides them a lot more freedom to select their own designs and materials, more people are deciding to build their own homes.
The Abu Dhabi Islamic Bank (ADIB) earlier today announced the introduction of it is first-ever plot financing program. Which will allow customers to buy land as an investment or to build a home.
Lewis Allsopp, the CEO of the real estate firm Allsopp & Allsopp, applauded the decision. According to him, the people of Dubai are increasingly putting their own personal touches on both new and old residences through renovations. The chance to purchase a piece of land utilizing financing allows customers to create the dream home from the ground up.
Jeff claims that building a home is more affordable than purchasing one. He remarked, “A customer of mine is currently constructing his own 10,000 square foot mansion in Nad Al Sheba.”He would have had to spend roughly twice as much to purchase the identical home from a developer as he has done now.”
Investors who wish to buy land with the intention of selling it at a higher price. Contractors who buy land with the intention of building a home on it. In addition, end-users who buy land with the intention of constructing a home for their own use.
Individuals who want to purchase land and construct custom homes must adhere to the developer’s rules. Before starting building, they must also obtain the developer’s and the land department’s approval of the architectural plans and blueprints.
Mansoor Ali, a landowner, and contractor, just purchased a parcel in Al Furjan. It was intended to be developed and then sold as a townhouse, he added. “However, the real estate market wasn’t performing well at the time, so I chose to wait it out. I have started working on the project again in the hopes of turning a profit now that the market is doing well.
Mansoor asserts that purchasing a plot of land and constructing a home has a number of advantages over purchasing a prefabricated home. The most obvious justification, according to him, is that you receive a home that is tailored to your requirements and family. Additionally, I possess a prefabricated home in that I have made significant structural alterations. To me, making such modifications would be far more difficult than starting from scratch. You need to obtain approvals and other things for every small detail. Therefore, I would definitely advise buying a plot if the buyer is somebody who has a specific vision for his home.
Mansoor cautions would-be homeowners, meanwhile, that home construction is a labor of love. To have their home built the way they desire, he added, the buyer must be prepared for numerous meetings with consultants and contractors. It is a time-consuming but rewarding procedure.
Additionally, Lewis Allsopp issued a warning to would-be plot purchasers. If the finances are available, this is a terrific choice and would offer diversification to the real estate market in Dubai, he said. Adding that the finance would not cover the cost of the build, making the concept highly expensive.
- JVC, Al Furjan, Sobha Hartland, District 1, Nad al Sheba Gardens, and Jebel Ali Hills all have plots for sale
- The most common plots range in size from 5000 to 10,000 square feet
- Plots typically cost between DH 1.5 Million and DH 2.5 Million
- A house typically costs between DH 350 and 450 per square foot to build
- A 3000 square foot BUA house would cost about Dh1.2 Million to build