The expert details the procedure to be followed
Older properties are often located in well-established neighborhoods. Photos are for illustrative purposes only. — KT file
What factors should potential buyers consider when deciding whether to buy an old or new home in Dubai? What checks should I do before buying an older property?
Dubai is a vibrant city with a thriving real estate market offering a wide variety of properties to choose from. Whether you’re looking for a place to live or an investment property, there are a few things to keep in mind when choosing a property, new or old.
Age and condition: The age of a property plays a vital role in its condition. Older properties may have unique architecture, design and features that can appeal to some buyers. However, wear and tear over time means they may require more maintenance, repairs and refurbishments, which can be costly. In contrast, new properties often feature 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, giving buyers peace of mind that they’ll be covered should anything go wrong.
Place: The location of the property is another important consideration. Older properties are often located in established neighborhoods with well-established amenities such as schools, hospitals, shopping centers and recreational facilities. These communities may also have well-developed infrastructure, including roads, public transportation, and utility services.
New properties are often located in emerging areas with potential for future growth and development. However, these communities may not yet have established amenities and infrastructure. So when choosing an older or new home, look at the amenities and infrastructure around you to make sure they are right for you.
Developer Reputation: Dubai is home to numerous property developers, each with a different track record and reputation. The age of the property may not be an important consideration if the property was built by a reputable developer. Research the developer’s background, previous projects, build quality and timely delivery of the property. Choosing a reputable developer ensures that you are investing in a solid and well-structured property.
price: Older properties are often less expensive than new, especially if they require major repairs, renovations or maintenance. The cost of completing any required work may negate the initial savings of buying an older property, but it can also provide you with the opportunity to add value through upgrades. So do consider whether you can accept the time and cost of renovating an older property, and research whether this is more beneficial than buying a new property.
Samson Olagunju, Senior Sales Consultant, Betterhomes. – Photos provided
future development: Dubai is known for its continuous development and innovative projects. Research plans for future development near the property you are considering. Upcoming infrastructure projects, such as new subway lines, roads or commercial developments, can have a significant impact on property value and attractiveness. Investing in areas of expected growth and development can yield substantial long-term gains. However, construction work on your doorstep can affect property value and quality of life through things like noise pollution or new properties blocking your view.
When buying an older property in Dubai, make sure to complete the following checks:
Snagging inspection: A snag inspection is crucial when buying an older property. This inspection involves a detailed assessment of the property to identify any deficiencies or problems that need to be addressed. Hiring a professional inspector to thoroughly inspect the property and create a breakdown report can help negotiate repairs with the seller.
Title deed: Verify the property’s title deed to ensure there are no outstanding debts or legal issues associated with them. This step ensures that you have clear and undisputed title to the property.
Maintenance records: Review a property’s maintenance records to assess its overall condition. This can provide insight into past repairs, renovations or issues facing the property, allowing you to make an informed decision.
The author is a Senior Sales Consultant for Betterhomes.