Pros and Cons of Investing in Old vs New Properties in Abu Dhabi
Real estate investors in hot markets face a dilemma i.e., to buy new construction or existing properties? Places like Dubai see amazing new developments, meaning primary sales dominate in terms of real estate investment. But secondary market resales offer perks too. So which is the smarter play? To help you get into the right decision-making process between new property investment and old property, we have covered some pros and cons for both in this blog.
Pros and Cons of Investing in Old vs. New Properties in Abu Dhabi
Confused about which way to go when it comes to investing in property? Here are the pros and cons of investing in old vs. new property investment in Abu Dhabi:
Investing in New Properties
- Latest Features: Brand new properties come with the latest features and amenities, which gives you a fresh outlook on the real estate market, and you can also enjoy new trends that are evolving in the real estate market. This can be a great advantage when it comes to investing in property which is new.
- Customization: Some real estate developers offer customers the option to customize their off-plan properties. With this, You can customize your new home to your exact specifications while choosing tile options, colors, and lots more.
- Located in New Growing Areas: New developments are often located in desirable areas with good schools and amenities, which makes investing in property quite a valuable deal. The new developments are planned in a way that offers investors and consumers good connectivity and amenities that they can enjoy.
- Pricing: New construction can be more expensive than existing properties. The older properties might be available with the option to renovate, but the new developments are often priced high due to the growing demand.
- Longer Time Scope of Development: In the case of investing in property that is in the off-plan stage, You may have to wait for the property to be built, which can take several months or even years.
Investing in Old Properties
- Located in Already Settled Localities: The old properties were established years ago and might offer you a great locality with connectivity options and a wide range of retail markets.
- Ready to Move: The best part of the old properties is that you can move into an existing property immediately.
- Resale Value: The resale value is high when it comes to selling old properties due to their location and other added values in terms of demand and supply that are determinant factors in the market.
- Requires Renovation: Existing properties may need repairs or renovations, and that might cost a lot to you.
- Fewer Amenities: The newly constructed properties are equipped with all the latest amenities and modern features, while old construction may lack some of them.
How to Decide the Right Way?
Ultimately, the decision of whether to buy new construction or an existing property depends on your individual needs and preferences, and you should consider investing in property, as per your own notions. If you’re looking for a brand-new home with the latest features and amenities, new construction may be the best option for you. If you’re on a budget or want to move into a home immediately, an existing property may be a better choice. Both options are convenient to different buyers, but the only aspect here is your desired expectation which should be a crucial decision-making aspect when it comes to investing in real estate.