Thinking of buying a resale property? Well, it has many benefits. Getting a residence while saving money and avoiding construction time is an appealing prospect. However, there are also plenty of risks associated with it. These include renovation costs and legal requirements.
If you are thinking about buying a resale property, here are some of the things to consider.
Things to Consider Before Buying a Resale Property
Buying a resale property requires knowledge about a handful of things. You may need help with dealing with legal troubles or what things to factor in when budgeting costs. Not to mention, there is also a proper infrastructure that includes basic amenities like local shops and businesses already well-established in the area.
Here are all the things that you should know before buying a resale property.
Get a Lawyer
One of the most crucial things to keep note of before buying a resale property is to get a lawyer who will deal with the property documentation. This will end up saving a lot of time and protect the buyer from falling into legal trouble. Besides, buyers or investors must keep in mind all the legal procedures to buy property in Dubai.
Condition of Property
The most important thing the buyer should take note of is the state of the property. Generally, it’s better to avoid any extremely old property. This building can possess structural risks. In this case, the costs may end up higher. That said, investors can look for new developments and off-plan projects with a higher potential in the future.
Property type also contributes to the factors that impact real estate investment. For that reason, a buyer must assess all conditions, property types, location, and market status before buying a resale property.
Budgeting Your Expenses
It’s important to budget the costs early before buying a resale property. This includes:
- Purchasing price of the property itself
- Lawyer fees
- Agent fees
- Renovation and repair costs
- Registration fees
Planning your budget holds utmost importance. For instance, buyers or investors can get a property valuation in Dubai beforehand to find the actual price of the resale property.
Conduct Market Research
Market research is essential before you buy a resale property. Analyse and consider all your options by scouring through the market looking for market trends, preferred neighbourhoods and property values. Doing appropriate research would help buyers in making the best possible decision.
Moreover, you can plan according to the market research. For example, Data Guru by Property Finder can help with community insights and price trends.
Scan For Renovation
When buying a property, look for different repairs and maintenance tasks. It is imperative to conduct a snagging survey of the property to check areas that need potential maintenance. If a property requires renovation, it adds to the overall cost. Plus, you can follow property management tips in Dubai to keep your home well-maintained after buying.
Get Original Documents
When buying a resale property, buyers should always accept original documents. If the seller provides copies, the original documents can be sent to the lender or mortgagor. Moreover, an existing mortgage on the property can be due.
For that reason, you must ask for original property documents and title deeds to avoid any inconveniences later. Besides, you must transfer the title to your own name instantly after buying a resale property.
Basic Amenities
It is also essential to look for a property that includes basic amenities nearby. For instance, gyms, swimming pools, malls, and supermarkets within the community can be a few of the factors to consider. The neighborhood should also offer basic facilities such as nurseries, schools, hospitals, and clinics.
FAQs
There are plenty of benefits to buying resale property. For one, resale properties are located in areas with established neighbourhoods and communities with proper infrastructure. If you plan to purchase a resale home, those can also include beautifully built gardens that may take years to grow.
The biggest benefit of purchasing a resale property is that it’s budget-friendly, and the buyer can further negotiate prices with the seller.
Those who are planning to shift from other emirates can check out a step-by-step guide on moving to Dubai.
There are plenty of risks when you buy a resale property, which is why it is generally recommended to take a thorough tour of the property to get a proper idea of the required renovation. Potential risks are:
– Very high maintenance costs
– Legal troubles
– Fewer amenities
– Poor infrastructure
That’s all there is to know about buying resale property. If you are looking to buy a property for sale in the UAE, ensure that you thoroughly check and ask the neighbours about the community.
For more information on real estate investing and renting, keep reading Property Finder blogs.
