How To Buy Old Resale Properties In Dubai
In this article, we want to draw your attention to the factors that a buyer should consider when choosing between old and new real estate in Dubai. We also share information on what checks need to be done before buying a home in an established area of Dubai.
1. Age and Condition
For real estate, age plays an important role in its condition. As a rule, old properties are unique in architectural styles, designs, and features, which some buyers may like. But it's important to remember that the older the building, the more wear and tear it has, and therefore, the more costs will be needed for maintenance, repair, and reconstruction. New properties are often put into operation with modern amenities, furniture, and technologies, which reduces the need for technical maintenance or repairs. Often, new properties can be sold with a developer's warranty and the possibility of a maintenance contract, which provides some insurance in case something goes wrong.
2. Location
Another important factor is the location of the housing. Old houses are often located in areas with developed infrastructure, such as schools, hospitals, shopping centers, and places for recreation, roads, public transport, and utilities.
New properties are more often located in developing areas, which offer potential for future growth and development. But in these communities, amenities and infrastructure are likely not yet created. Therefore, when choosing between old or new real estate, pay attention to the surrounding amenities and infrastructure to make sure they really suit you. It is also important to consider urban development plans that can affect the future value of the property.
3. Developer Reputation
In Dubai, there are many developers, each with a reputation. The age of the property may not matter much if it was built by a reputable developer. Study the developer, their projects, construction quality, and current properties. Choosing a good developer guarantees that you will acquire reliable and high-quality real estate.
4. Price
Old real estate in need of major renovation, updating, or technical maintenance is often cheaper than new. The cost of carrying out repair work can negate the initial savings from buying old real estate, but it can also give you the opportunity to increase value through modernization. So, decide if you agree with the time and cost of repairing old housing, and calculate how much more beneficial it is than buying new real estate.
5. Future Development of Areas
Dubai is a continuously developing country with innovative projects. Study the future development plans of the areas you are considering. Upcoming infrastructure projects, metro lines, roads, or commercial facilities can significantly affect the value and attractiveness of real estate. Investments in areas with expected growth and development can bring substantial profit in the future.
6. Property Inspection
Thoroughly inspect the property for defects and any deficiencies. Old buildings can have hidden problems, such as leaks, structural damage, and electrical issues. It is important to conduct a full inspection with a qualified engineer or inspector to help negotiate repairs with the seller, as well as to prepare a defect report. Also, pay attention to water supply and sewage systems. Remember that in Dubai, many residential complexes have their own rules and restrictions regarding repairs, use of communal spaces, and other aspects of community life. Make sure you are familiar with these rules and that they suit you.
7. Ownership Documents
Check the ownership documents to ensure there are no unpaid debts or legal problems associated with it. This step guarantees that you will have undisputed ownership of the real estate.
8. Maintenance Records
Study the maintenance records of the property to assess its overall condition. This can provide insight into past repairs, updates, or problems the property has encountered, allowing you to make an informed decision.
