The real estate market can be highly profitable for investors who understand the nuances of market trends, location dynamics, and investment strategies. While newly constructed properties come with better facilities, they can have higher costs.
Here are the pros and cons of buying a new property to help you make a decision.
Pros of Buying a New Property
There are several benefits to investing in or buying a new property, making it a great way to get your money’s worth. Also, you need to follow the same legal procedures to buy a property in Dubai. Here’s what you can look forward to when buying a new property:
Modern Facilities and Design
All new properties and projects in Dubai come with top facilities and modern designs, incorporating contemporary architecture, energy-efficient systems, and smart home technology. Owners investing in these new properties get to enjoy safety features, beach views, maid services, excellent parking, and a range of other amenities.
That’s why, most high-profile investors aim to go for primary properties instead of off-plan properties to avoid the delays.
For starters, you could look into the new projects by Emaar developers:
- Creek Waters
- Seapoint
- Palace Residencies
Better Safety Features
A new-build property comes with better safety features. In most modern properties, fire safety features include smoke detectors, fire extinguishers, and sprinkler systems. CCTV cameras, intruder alarms and on-hire security are also very common.
Modern electrical wiring and systems are installed according to the latest safety standards, reducing the risk of electrical fires and ensuring safe power distribution throughout the home. Ground fault circuit interrupters (GFCIs) and arc fault circuit interrupters (AFCIs) are commonly included.
While the UAE has a smooth law and order situation, you can look for some gated communities and the safest places to reside in Dubai:
- Arabian Ranches: The average price for the villas sold in the past year has been AED 6.23M
- Dubai Silicon Oasis: The average villa prices stand at AED 4.3M
- Al Furjan: Villa prices average at AED 3.8M
Can Be Customised
Personalising your living space turns it from a property into a home. Most homes can be fitted with smart technology, have better interior design, have personal swimming pools and have exteriors that can be decorated.
However, this aspect is better when you invest in a newly built property in Dubai. New builds often provide options for integrating smart home technology, including security systems, climate control, lighting, and entertainment systems.
This can enhance convenience, security, and efficiency in your new home. Also, you can choose the right home decor ideas to add a personal touch.
Warranty and Reduced Repair Costs
There is no need to change appliances, fix the roof, check for gas leakage, or check on the security systems when the property is brand new. In fact, you don’t even need to worry about which renovation companies to hire or invest in expensive repairs.
Solar Panelling On Modern Homes
With newer properties, solar panelling is one of the most efficient electricity methods. Not only is it cost-efficient, but it helps turn solar energy into direct electricity. With the Dubai Clean Energy Strategy 2050 project, Dubai plans to move towards an eco-friendly lifestyle. One example is Shams Dubai by DEWA, which offers electrical energy from solar power.
Buying a new property in Dubai gives you multiple advantages. For instance, they come with the latest energy-efficient materials and technologies, which can lead to lower energy bills and a smaller carbon footprint. This is not only beneficial for the environment but also for your wallet.
Cons of Buying a New Property
Investing in new-build properties has several disadvantages, especially if you are new to the Dubai real estate scene. Here are a few possible problems that may hinder your success:
Higher Initial Costs
Moving into a new property requires heavy fees. The main reason is that it is brand new. The general location of the property can also drive up the prices.
However, a higher cost normally equals better features, better security and a modern uptake of the property. Moreover, you can get multiple payment plans allowing you to buy a new build property in instalments.
Negotiation is Limited
The price of newly built homes is often less negotiable than that of older homes. Developers usually have set prices, leaving little room for bargaining, making it harder to get a deal.
As a result, the profit margin kept between the builders comes at a heavy price. Agents also charge a commission fee, and the price is usually non-negotiable.
While agents do charge a lot, you’d be better off working with them since they can help streamline the entire process of buying the property.
Space Issues
Many new-build properties, especially in urban areas, are constructed on smaller plots of land than older homes. This can result in less outdoor space and privacy for the homeowners.
So it’s no wonder that most buyers complain of less space. It can become difficult to downsize if you are moving into a newly built property. However, you can use the decor ideas to make small living spaces bigger.
Property Construction Delays
The completion date that is decided beforehand for the property becomes the biggest hurdle the further it is pushed back. Finances also play a major part in construction delays. A financial advisor can help you with money.
Less Character and Mature Landscaping
New builds may lack the charm and character of older homes, which often have unique architectural features and mature landscaping. It can take years for the landscaping around new homes to mature and provide the same level of aesthetic appeal and privacy. However, several landscaping companies in Dubai offer their services to enhance the appeal of your home.
FAQs
People often get confused between off-plan vs ready properties, so here are some common differences between them:
– Off-plan: The property is under construction and can take time to be completed.
– Ready: Construction is done, and you can buy it anytime.
There are several real estate developers. You can find and buy new properties from these developer’s projects:
– Emaar Properties
– Dubai Properties
– Nakheel
– Meydan Group
Ultimately, deciding if buying a new property is right for you depends on your preferences and circumstances. By carefully weighing the pros and cons, you can make an informed decision that fits your long-term housing goals and financial situation.
If you’re prepared for the challenges, investing in a new build can be a rewarding experience that brings the benefits of modern living.
Keep reading Property Finder blogs to learn more about ready properties!
