Buying a house is a life goal for most people, one which they spend years planning to achieve and saving up for. So, naturally, it’s important to know what kind of property to invest in, as it is an expensive investment. Here are some tips that could help you decide between which kind of property to go for and make an informed decision between buying a villa or a condo in Dubai.
Unsurprisingly, villas are far more expensive than apartments or condos. Even high-end, luxurious apartments will often be cheaper than the average independent home. This is an important point to keep in mind, as your decision will primarily be fiscally-driven. Apart from the initial buying cost, other costs such as maintenance fees will also be considerably higher for a villa than for an apartment, as the costs will have to be managed by the owner (or renter), while the maintenance for an apartment is usually carried out by an owners’ association management for a much cheaper quarterly fee. Therefore it is extremely important to not just consider the initial buying cost of a property, but the constant upkeep costs you have to incur once you have made the purchase.
Different residential communities in Dubai provide various amenities for home-owners which directly impact the cost of maintenance. Hence perform your due diligence researching various communities before making the final decision.
Location is always one of the most important things to look at when buying property, as it impacts everything from daily commute to market value. You’ll generally find apartment buildings close to city centers or area hubs such as malls, hospitals, schools and offices, but they can also be found on the outskirts. On the other hand, villas tend to be more secluded and further away from city centers, and you will rarely find on in the heart of the city.
However, there are self-contained communities built specifically for villas in Dubai, such as the Arabian Ranches, Reem Community, The Springs, that contain hospitals, schools and departmental stores. So you should give some thought to whether an urban or suburban lifestyle appeals to you more.
3. Resale value
If the house you’re buying isn’t going to be your permanent abode, this may be an important factor to consider. Depending on factors like location, build quality etc, apartments tend to be easier to sell, as they are also cheaper, easier to maintain, and, given the modern shift towards smaller family sizes, just enough for a nuclear family. However, apartments tend to decline in value with age as the building’s amenities degrade over time, whereas villas will always go up in value, or at the very least stay constant.
Villas will afford you the opportunity to truly convert your lodgings to suit your lifestyle. You will have the freedom to make modifications to your house, such as expansions or reconstructions. Apartments may prove to be more constricting in this regard, as you will require permissions from the building management.
For more information about buying and renting properties in the UAE, visit https://www.zoomproperty.com/