The property market is one of the fastest growing and most profitable industries in the world. A country like the UAE, in particular, with its advanced infrastructure, is heaven for people looking to invest in property. Investors and businessmen aside, the UAE’s property market is a huge attraction for individuals too. Buying a new property is a big milestone in an individual’s life and they want to get the best they can as people can end up spending their whole lives in one house.
While new things have a certain charm, buying a new property can be a different ball game as a lot of money is at stake. Like everything else, there are some pros and cons of buying new construction. These can help you decide better whether to go for new construction or not. Let’s dive into the details and learn all about the advantages and disadvantages of buying a new property.
Buying a New Property
When buying a new property people consider factors like price, location, and neighbourhood, to name a few. The price of properties can vary depending on the city, locality and size of the property. A newly built property can be intriguing for many reasons, especially in world-class cities like Dubai and Abu Dhabi.
The advanced infrastructure can be fascinating for many but there are several things to consider when entering the property market. You can follow these tips to invest in UAE’s real estate market and learn more about the property market of the Emirates. Furthermore, let’s go through the advantages and disadvantages of buying a new property to help you decide better.
Pros of Buying a New Property
There’s nothing quite like owning a new entity whether it is property or any other thing. Listed below are the advantages of buying a new property:
EASY BUYING PROCESS
For a new property, there is no chain of previous owners. This makes the documentation process relatively easy. No additional parties are involved in the process and this saves time and effort. You are most likely to get the possession once you have got your finances straight and completed the formalities. Additionally, if you are low on budget, you can learn about home finances in the UAE to aid you with the purchase.
MODERN DESIGNS
When it comes to home construction, people design it according to their preferences and the latest designs. A used home can be years old with an old design while for new constructions, you can bid farewell to this worry. New constructions are built according to modern requirements and you can have a say in the overall design.
LOW MAINTENANCE
A major advantage of buying a new property is the low maintenance cost. New construction has a fresh-built kitchen, bathroom, and living room which won’t have problems like subsidence, leakages or damps, etc. You are less likely to go for a replacement anytime soon. Furthermore, you can keep your new house in top-notch shape by following the home maintenance checklist.
ENERGY-EFFICIENT
New projects are built with proven energy-saving techniques such as better insulation, new door trims and seals, and vinyl windows to name a few. These and other tactics can help keep your house cool to some extent. This way, buying a new construction home can trim down your utility bills. If you have decided to buy a property for sale in Dubai, go through these tips to reduce DEWA bill and live more efficiently.
PACK AND GO
Another major advantage of buying a new property is the ease to move in. There are no major renovations or decorations required on a property and you also don’t have to deal with the previous resident’s leftovers. Additionally, you don’t have to wait for the previous owner or tenant to evacuate the place or wait for the expiry of any rental contracts.
Ideally, you can just pack up your stuff and move to the new place once all the formalities are fulfilled. There are many popular home moving companies all over the UAE to help you with home shifting. Check out the following:
- Home moving companies in Dubai
- Home moving companies in Abu Dhabi
- Home moving companies in Sharjah
- Home moving companies in Umm Al Quwain
Cons of Buying a New Property
While the pros of buying a new property may be intriguing, there are some cons too that you should be aware of. The cons of buying a new property are listed as follows:
HIGHER COST
The new property can be expensive to purchase as compared to used ones. The price of properties also depends on several factors such as location, size and design. For instance, a villa compound for sale in Dubai will be of a higher price as compared to a same-sized villa compound for sale in Sharjah. However, a used property can be purchased for less within the same vicinity.
CONSTRUCTION DELAYS
If you have pre-booked a place in a property under construction or you’re supervising the project, there could be some delays. The completion dates can be moved forward for any reason like bad weather conditions or calamities. You may end up incurring expenses in rent and storage while you wait for the project’s completion. Delays can also affect mortgage offers.
DECISION FATIGUE
When buying a new property, the wide variety of options available for home decoration and designs can become overwhelming. If you are asked to choose the tiling, flooring, lighting fixtures, and paints, all these can cause decision fatigue, leading to a delay.
LIMITED NEGOTIATION
Low or non-negotiable price is among the major cons of buying a new property. The builders or constructors ensure that their project is profitable and this leaves little or no room for negotiation. The builders usually have the final say and every upgrade in the property can increase price. This is where a real estate agent can help you. There are several benefits of hiring a real estate agent in the UAE besides price negotiations.
OFF-GASSING
New properties have a distinct scent emerging from different building materials. These materials emit chemicals called volatile organic compounds (VOCs). VOCs can also emerge from new carpets, flooring, fresh paint and even wood cabinetry. Although these emissions can reduce with time and eventually disappear, long exposures can still cause health issues.
STARTING FROM SCRATCH
Another disadvantage of buying a new property is that you may have to start from scratch for a garden or other landscape. With an old property, you can get mature landscapes and established neighbourhoods. This may not be the case in new constructions. For new societies, in particular, additional services like street lights, sidewalks etc may take time to be completed.
That’s a wrap on the pros and cons of buying new construction. Buying a house is a major step in life and everybody wants to buy nothing but the very best. After all, you’re spending a good sum of your hard-earned money on the house. The advantages and disadvantages of buying a new property can help you decide on the right option for you but it all comes down to your budget and preferences.
You can follow these tips for relocating to a new neighbourhood and enhancing your moving experience. Additionally, if you are looking for old or new properties with exclusive designs and facilities, check out the following:
Stay tuned to UAE’s top property blog for real estate guides and more.
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