The UAE is a popular investment destination for property buyers, given the scope for good capital appreciation and attractive rental yields. But if an owner eventually plans to sell the property, there are a few cardinal rules to keep in mind.
First impressions count – and can affect a property’s value. Real estate agents and property valuers say many homeowners tend to commit a common mistake of making changes to their home that do not increase its value. In fact, they say that certain alterations could even reduce the value of a property, while poor maintenance can also be damaging to the eventual offer price.
We have compiled a list of factors that could negatively affect the value of your property. Keep them in mind before listing your property on the sales market.
Failing to keep up with maintenance and repairs
Keeping up with general maintenance of your property is integral in ensuring that it doesn't fall into a state of disrepair. This, in turn, could lead to bigger and more expensive issues down the line. A neglected property will also motivate a potential buyer to bid less.
“Should a potential buyer view your property and there are clear signs that it requires costly repairs, then they will be less willing to purchase it at a higher price,” says Brendan Kennelly, senior mortgage consultant at Mortgage Finder.
When you decide to sell, it is essential to fix all faults with the property, such as painting the walls, re-grouting the bathrooms and getting snags fixed so potential buyers don’t see these as a negative, Lewis Allsopp, chief executive of Allsopp & Allsopp, a Dubai-based real estate broker, says. “Get the property deep cleaned and brighten everything up. Appearance is everything,” he adds.
Even investors who own vacant properties are advised to continue maintaining them to preserve value.
Niche changes
While some renovations can add value to your property, such as incorporating a pool, other niche additions could devalue it. Real estate experts recommend that property owners avoid making drastic changes to bedrooms and bathrooms as these are generally viewed as spaces that add value.
“A bedroom tends to be more valuable than a bathroom. So, converting a bedroom into a bathroom would be more likely to reduce the value of your property than increase it,” Mr Kennelly says.
Similarly, removing a bathtub or wardrobe space can be detrimental to a home’s value.
“Some buyers like to have the option of a fully functional bathroom and nearly everyone has storage space at the top of their ‘essential property attributes’ list. Taking this away to extend the space in a room or to extend a bathroom can turn potential buyers away,” Mr Allsopp says.
Converting the garage into an additional living room or games room can also affect a property's value. “A secure, locked-up garage can be considered as a value-forming attribute for most discerning investors today who drive luxury cars,” says Cheryl McAdam, director of residential valuation at consultancy Valustrat.
Approvals for renovations
Once an owner decides to make major alterations to their home, they must get professional help to draw the plans and obtain a no-objection certificate from the developer before commencing work. The additions also need to be legally permissible and compliant with community architecture rules. Illegal structures and encroachments will make it hard to list the property on the market.
“One of the most common omissions homeowners make is to change the internal layout of a unit, such as incorporating a balcony area into a bedroom or living room to increase liveable space without following proper procedures and securing the necessary no-objection certificate from the developer first,” Ms McAdam says.
When it comes to getting a valuation of your property for a potential sale, the valuer will note down any changes that are unusual and check that the relevant NOC was obtained.
“If the changes are not approved, the area may have to be rehabilitated to its original layout, leading to financial loss,” she adds.
Buying near potential construction sites
When buying a property, experts recommend that you look at the surrounding area and check if there are any open spaces that could potentially become construction sites for future developments.
“This can be off-putting for buyers and can cause the value of your property to fall slightly while construction is taking place,” Mr Kennelly says.
Elaborate décor
Wallpaper and brightly coloured walls can be a turn-off for prospective buyers. While it's understandable that homeowners decorate their properties to reflect their personal tastes, property experts say they should return walls to a neutral colour when it’s time to sell the home.
Mr Allsopp warns that in some cases, buyers can be put off by aesthetics and disqualify the property as a potential home. “They can’t see past the décor to imagine the home as their own,” he says.
It is also worth updating the property to ensure that it looks modern. Mr Kennelly says if a property was purchased several years ago, certain aspects will need to be refreshed. “Painting the walls and updating the kitchen or bathroom could help to ensure your property retains its value,” he says.
One of the most common omissions homeowners make is to change the internal layout of a unit without securing the necessary no objection certificate from the developer first
Going overboard for the area
Real estate experts always recommend homeowners to not go overboard with alterations as it can change the home’s comparable value in the community. This could result in the home being a pricey outlier in the area.
Owners must talk to a trusted appraiser and ask for an appraisal without improvements and another with them. If it doesn’t fetch a premium, the renovation is not of good value, experts say.
“Owners tend to over-capitalise with elaborate changes to a property, taking the capital investment to above the value usually commanded by a property in the same community,” Ms McAdam says.
She adds that each community usually has a benchmark price range and once this has been exceeded, it is not easy to re-coup additional capital outlay. “Ensure that modifications are economically viable and within the investment range for the area.”
Not landscaping the garden
Curb appeal is important when selling a property and a garden is the first thing a potential buyer will see, giving them an idea of the general attractiveness of a house.
“An overgrown or non-landscaped garden can devalue a home, especially if others in the community are kept well,” Mr Allsopp says.
Sub-letting, poor tenant upkeep
If renting your property, make sure your tenants take care of it properly. Ms McAdam warns that allowing sub-letting and increasing the unit occupancy of a property can be detrimental to the good standing and condition of a property.
“Wear and tear is normal. However, having particularly careless or destructive tenants can cause additional issues,” Mr Kennelly says.
If a potential buyer views your property with tenants like this and without any necessary repairs being carried out, it could cause the buyer to avoid purchasing the property or making an offer below the asking price, he adds.
“Make sure you arrange regular inspections to check the property’s condition on an ongoing basis so you are able to sort any maintenance and repairs before any issues worsen and cause more lasting damage,” he says.
Experts add that home sellers must arrange for easy and flexible viewing timings for potential buyers. If not, the property could be at risk of remaining on the market for longer.
Not removing clutter
When potential buyers come to view your home, it is essential to clear away clutter to make the property look as clean and spacious as possible.
“Clutter tends to make rooms look smaller and can take attention away from features in the property that are a selling point,” Mr Allsopp says.
Inflating the listing price
Sometimes owners tend to list their property for sale at a higher price to test the market for a few weeks and then reduce the price if a suitable offer does not come through.
“The risk is that the property sits on the market, which means it will take longer to sell,” Mr Allsopp says. “This can give a negative impression to potential buyers and either put them off viewing, or if they do view and are interested, lead them to coming in with lower offers.”
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Company profile
Date started: December 24, 2018
Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer
Based: Dubai Media City
Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)
Sector: ConsumerTech and FinTech
Cashflow: Almost $1 million a year
Funding: Series A funding of $2.5m with Series B plans for May 2020
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Engine: 2.0-litre four-cylinder turbo
Power: 268hp at 5,600rpm
Torque: 380Nm at 4,800rpm
Transmission: CVT auto
Fuel consumption: 9.5L/100km
On sale: now
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Best Player: Cristiano Ronaldo (Juventus)
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Devesh Mamtani from Century Financial believes the cash-hoarding tendency of each generation is influenced by what stage of the employment cycle they are in. He offers the following insights:
Baby boomers (those born before 1964): Owing to market uncertainty and the need to survive amid competition, many in this generation are looking for options to hoard more cash and increase their overall savings/investments towards risk-free assets.
Generation X (born between 1965 and 1980): Gen X is currently in its prime working years. With their personal and family finances taking a hit, Generation X is looking at multiple options, including taking out short-term loan facilities with competitive interest rates instead of dipping into their savings account.
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UAE currency: the story behind the money in your pockets
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7.05pm Maiden (TB) Dh 82,500 (D) 1,200m
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Date started: January, 2014
Founders: Mike Dawson, Varuna Singh, and Benita Rowe
Based: Dubai
Sector: Education technology
Size: Five employees
Investment: $100,000 from the ExpoLive Innovation Grant programme in 2018 and an initial $30,000 pre-seed investment from the Turn8 Accelerator in 2014. Most of the projects are government funded.
Partners/incubators: Turn8 Accelerator; In5 Innovation Centre; Expo Live Innovation Impact Grant Programme; Dubai Future Accelerators; FHI 360; VSO and Consult and Coach for a Cause (C3)
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UAE currency: the story behind the money in your pockets
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Uefa Champions League semi-final, first leg
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Will the pound fall to parity with the dollar?
The idea of pound parity now seems less far-fetched as the risk grows that Britain may split away from the European Union without a deal.
Rupert Harrison, a fund manager at BlackRock, sees the risk of it falling to trade level with the dollar on a no-deal Brexit. The view echoes Morgan Stanley’s recent forecast that the currency can plunge toward $1 (Dh3.67) on such an outcome. That isn’t the majority view yet – a Bloomberg survey this month estimated the pound will slide to $1.10 should the UK exit the bloc without an agreement.
New Prime Minister Boris Johnson has repeatedly said that Britain will leave the EU on the October 31 deadline with or without an agreement, fuelling concern the nation is headed for a disorderly departure and fanning pessimism toward the pound. Sterling has fallen more than 7 per cent in the past three months, the worst performance among major developed-market currencies.
“The pound is at a much lower level now but I still think a no-deal exit would lead to significant volatility and we could be testing parity on a really bad outcome,” said Mr Harrison, who manages more than $10 billion in assets at BlackRock. “We will see this game of chicken continue through August and that’s likely negative for sterling,” he said about the deadlocked Brexit talks.
The pound fell 0.8 per cent to $1.2033 on Friday, its weakest closing level since the 1980s, after a report on the second quarter showed the UK economy shrank for the first time in six years. The data means it is likely the Bank of England will cut interest rates, according to Mizuho Bank.
The BOE said in November that the currency could fall even below $1 in an analysis on possible worst-case Brexit scenarios. Options-based calculations showed around a 6.4 per cent chance of pound-dollar parity in the next one year, markedly higher than 0.2 per cent in early March when prospects of a no-deal outcome were seemingly off the table.
Bloomberg
