Investment in real estate has, for decades been a popular and often lucrative endeavor. The overall trend in property prices, even allowing for market corrections tends to be a rise in base values over time and getting onto the property ladder at the right time can ensure strong gains in what will become your underlying asset. In reality, ‘timing’ the market can be down to more luck than judgement as it is impossible to know when a rise and fall will occur. The element that is under your control is in making sure you don’t buy a lemon, that is to say, making sure your chosen property is in good condition. As this is such an important element, it is surprising how many people don’t take advantage of a professional and comprehensive home inspection or snagging service.
Finding hidden damages or problems in a property is not always as simple as it might seem. MEP issues and surprises hidden inside crawl spaces and suspended ceilings are not easy to identify and often require the use of specialist equipment that an individual is unlikely to have access to or know how to use. Such issues can often lead to the need for costly repairs or remedial works that can seriously impact your pocket.
One such example is mold. Whether you are investing in a property to live in yourself or one to lease out to tenants, mold can be far more than a cosmetic nuisance. Not only are you likely to need to make the property vacant during works to rectify a mold problem (meaning you will have to find alternative accommodation if you are living in the property or have a rental property unlet for the required period), mold can cause some serious medical issues (particularly for children). Although the UAE is not a notoriously litigious place to live, this can open up legal issues in the worst-case scenario over and above the lost rent or alternative accommodation costs on top of the actual repair work itself.
An area of the home that is often hardest to see and which can cause a hefty repair or replacement bill is the roof. Where your intention as an investor is to make money on a property, spending tens of thousands of dirhams to fix a roof is clearly not going to be according to plan. A reputable snagging survey service will make sure the roofing and loft areas have been thoroughly checked out and highlight any current or imminent issues you need to be aware of.
As with any number of potential issues within the property, having a comprehensive report of such conditions will make it far more apparent what works are required. With the roof as an example, it may be that a patch repair is required rather than a full replacement. Having the right information will ensure that the correct work can be assessed, and the cost kept to what is actually required. Information is power and, knowing what needs to be done is more than half the battle in ensuring you are not footing the bill for unnecessary work.
Buying a property can be an emotional event. It is not unusual to fall in love with a particular unit where it can be easy to let emotions lead you astray. Many defects or issues are not obvious to the untrained eye and even harder to spot when a purchaser is very keen to move the purchase forwards. The right snagging inspection team will roll up their sleeves and dig deeper, exploring all possible conditions and spaces within the property.
Purchasing a property is a significant investment and not one to be taken lightly. Let’s call a spade a spade, it is going to involve significant sums of money. Why not give yourself the peace of mind that the property you are going to put your money into is of the condition and quality you should expect. It would seem prudent to ensure you protect your investment with a professional eye so why not contact Majlis and let them show you how they can help you avoid any unpleasant surprises, before they become your problem.
