Should you buy new or old?
Dubai can be recognised for its modern architecture, record breaking facilities and rich array of glamour, but it’s safe to say it’s not known for its old or period property. With the Emirate only being 42 years old, the majority of the property is relatively new but there are some houses and apartments that we could refer to as ‘old’ property. In this fast paced economy it feels like any property over 10 years old is technically old, but what are the pros and cons of investing in these older properties, rather than buying brand new?
New homes usually sell for a higher price per square foot than resale homes, particularly properties which could be considered ‘old’ and are in need of a spruce up. The market shows that the majority of buyers in Dubai are looking for something new and modern, which they can walk in to and not worry about any work needing to be done. This means that those who are wanting to have a ‘project’ may be able to find a bargain. If you are not afraid of getting your hands dirty and restyling and remodelling a home, there are lots of villas and apartments on the market which are in need of a loving touch. With labour costs being considerably cheaper than other cities, remodelling your Dubai property can be a cost effective way of getting your dream home, just the way you want it.
On the other hand, buying new property seems to be the easiest option, especially when most of the Dubai population work long hours and do not want to use their precious free time sourcing tiles and choosing paint colours. Buying a new home means less construction worries, with great, energy efficient aspects. Appliances are all brand new and come with warranties, meaning if anything goes wrong you can get the manufacturer to repair or change them free of charge.
An advantage of buying a brand new property or buying off-plan is the flexible financial plans some property developers offer buyers. They are trying to sell a large amount of apartments or houses at the same time so are much more likely to offer you better interest or benefits when buying from them. Buying a brand new property also means you do not have a chain of buyers and sellers to wait for. The property is new and ready to be sold, so if you like it and want to buy, it’s as simple as that! If buying off plan, you can also sometimes choose which style of kitchen and bathroom suites you prefer, adding your personal touch to your property. Although remodelling an older apartment may seem like a fun and exciting project, it is vital you consider the rest of the building before investing your time and money. If the rest of the building and facilities are not up to scratch you will be spending money on your apartment, but may not see a return when the time comes to sell it as the rest of the building will let you down. Property experts always say that it’s better to buy the worst house on a good street, rather than the best house on a bad street. Bear this in mind when buying an older house or apartment, making sure the building or location will not stop you from making money on your property.
Whatever you decide when buying in Dubai, whether you want the stronger sense of community an older property offers, or the chance to have a blank canvas without dealing with other people’s Décor nightmares by buying new, there is enough property on the market to get you exactly what you want. Just make sure you give your real estate agent a full brief on what you are ad are not looking for and enjoy discovering your next dream home!
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