What factors should potential buyers consider when deciding between older and newer properties in Dubai? What checks should be done before buying an older property?
Dubai is a vibrant city with a booming real estate market, offering a wide range of properties to choose from. Whether you are looking for a home to live in or an investment property, there are several things to keep in mind when deciding between old and new properties.
Age and Condition: The age of the property plays a vital role in its condition. Older properties may have unique architectural styles, designs, and features that can be appealing to some buyers. But, wear and tear over time means that they can require more maintenance, repairs, and renovations, which can be costly. In contrast, new properties often come with modern fixtures, fittings and technology, which should reduce the need for any short-term maintenance or repairs. New properties can also come with developer warranties and maintenance contracts, providing buyers with the peace of mind that they are covered should anything go wrong.
Location: the location of a property is another crucial consideration. Older properties are often situated in established neighbourhoods with well-established amenities, such as schools, hospitals, shopping centres, and recreational facilities. These neighbourhoods may also have a well-developed infrastructure, including roads, public transportation, and utility services.
New properties are often in up-and-coming areas that offer the potential for future growth and development. But, these communities might not have established amenities and infrastructure in place yet. So, when deciding between older or new properties, look at the surrounding amenities and infrastructure to ensure they are suitable for you.
Developer reputation: Dubai has numerous real estate developers, each with a different track record and reputation. The age of the property may not be a big consideration if it was built by a reputable developer. Research the developer’s background, previous projects, quality of construction, and timely delivery of properties. Opting for a reputable developer ensures that you are investing in a reliable and well-constructed property.
Price: Older properties are often less expensive than newer properties, particularly if they are in need of significant repairs, renovations or maintenance. The cost of completing any required work may negate the initial savings from buying an older property, but it can also provide you with the opportunity to add value by making upgrades. So, make sure you consider whether you are okay with the time and cost of renovating an older property and research whether this could be advantageous over buying a new property.
Future developments: Dubai is known for its continuous development and innovative projects. Research future development plans in the vicinity of the property you are considering. Upcoming infrastructure projects, such as new metro lines, roads, or commercial developments, can significantly impact property values and attractiveness. Investing in areas with anticipated growth and development can yield substantial long-term gains. But, construction work on your doorstep could impact property values and quality of living through things like noise pollution or new properties obscuring your view.
When buying an older property in Dubai, ensure you complete the following checks:
Snagging Inspection: A snagging inspection is crucial when purchasing an older property. This inspection involves a detailed assessment of the property to identify any defects or issues that need to be addressed. Engage a professional inspector to thoroughly examine the property and create a snagging report, which can help negotiate repairs with the seller.
Title deeds: Verify the property’s title deeds to ensure there are no outstanding debts or legal issues associated with it. This step ensures that you will have clear and undisputed ownership of the property.
Maintenance records: Review the property’s maintenance records to assess its overall condition. This can provide insights into past repairs, renovations, or issues faced by the property, allowing you to make an informed decision.
The writer is senior sales consultant at Betterhomes.