Investing in real estate is often termed as one of the most profitable and secure ventures. Due to this popular belief, naïve people think that they can invest their money in any property and will be able to earn high profits in a short time period. However, it is not always the case. Some real estate properties are more like a curse instead of investment, and you should be cautious while making such an investment.
Having a home of their own is the dream of every person, but not everyone is financially stable enough to fulfill it. So, some people take the risk of investing in old apartments, thinking that they will have a home of their own, in addition to having a property under their name. This is an important decision of life that often backfires, so it should not be taken lightly at all.
Give a detailed read to this article to explore and learn why you should never invest in old apartments.
Top 7 Drawbacks of Investing in Old Apartments
The apartment living style has become quite popular in the last decade. Before that, numerous legal and social complications were involved in it. Some of the same issues still persist in the old apartment complexes. Old apartments are the ones that were constructed at least fifteen or twenty years ago. Investing in such apartments is nothing more than letting go of your hard-earned savings.
Here are some of the major drawbacks of investing in old apartments that you need to watch out for.
1. Higher Maintenance Cost
Old apartments often have higher maintenance costs which is the basic drawback of investing in such properties. If you are investing the savings of your life in an old apartment, you might not have enough backup to manage the maintenance. On the other hand, the old construction and structure will keep piling up maintenance issues. Many people prefer to invest in apartments for sale in JVC to put their savings to good use and save themselves from consistent maintenance issues.
2. Lack Trendy Architecture
One of the biggest drawbacks and disappointing points of investing in old apartments is that they lack trendy architecture. You might feel like you are living in the late twentieth century. Your family and children can develop complexes due to living in ancient architecture. So, you should make a decision according to the need and trend of the time, so you do not have to lose much.
3. Poor Energy Efficiency
Another critical drawback of investing in old apartments is that they have poor energy efficiency. The old structures are often congested and dark. They lack proper planning of lighting, ventilation, and temperature adjustment. So, your old apartment will not naturally become cooler in high temperature and warm in cold temperature, but you will have to spend to keep everything under control.
4. Safety Concerns
One of the most common drawbacks of investing in old apartments is that they have higher security concerns. The apartments are often not in gated communities that ensure proper surveillance and monitoring. You might have to make additional investments by changing door and window locks and manage the security of your place on your own.
5. Outdated Features
If you are looking for an apartment that has all the modern fittings, fixtures, and interior, then an old apartment is not at all what you are looking for. The old apartments usually have simple doors, windows, cabinets, and fixtures, which may not offer you the comfort and satisfaction of having a beautiful home. So, do not put your investment mindlessly in old apartments but check everything before finalizing your choice.
6. Least Developed Localities
Old apartments are often in the less developed localities, which lack access to basic amenities. This is another critical drawback of investing in old apartments, which should be enough to motivate you not to waste your investment. The locality might not have basic facilities like school, hospital, grocery store and access to public transport, which will cost you heavily later on. So, think thrice before taking such a decision.
7. Decreased Property Value
The greatest drawback of investing in old apartments is that they have decreased property value. You might see it as an attractive point at first as you will need limited savings to buy a property, but once you are aware of its issues and want to resell it, you will not be able to earn any profit but will bear loss again. So, it is better to invest in the Jumeirah village circle, which has higher property value and will help you earn higher profits.
Prioritize your profitability and make a good choice!
You have all the rights of being selfish while putting your savings to good use. Do not waste your investment by buying an old apartment. Instead, get in touch with a real estate expert to explore and invest in a relatively new apartment at affordable rates.