Living in the current world asks for getting out of your comfort zone every now and then. This also translates into losing foot from your motherland and working overseas. One of the most promising places among those is Dubai. Dubai is attracting business and entrepreneurs like a magnet with its flourishing dynamics. The first thing you will need after landing in Dubai is an abode to rest in. If you are one of those and planning to visit Dubai soon, we have it sorted for you. Primarily you need to decide whether you want to rent or buy the apartment you are going to live in. Still confused?
How Renting and Buying is Different
Look further to know how Renting is different from Buying. Also, you can look out for Apartments for sale in Jumeirah Village Triangle.
Real Estate 2022
As we all know from the statistics and data published widely online, the Dubai real estate industry has been doing its best in the last 10 years. Along with the changes in government laws and luring offers and rewards on certain buys, it is advised to invest in Dubai.
There are lots of things that one has to keep in mind before settling on one of the two options.
First, we will discuss the pros and cons that come with renting or buying a house.
Instalments And Rents
Instalments are one payment plan that helps you buy a house of your own. There are many types of instalments that you can opt for pre /post-handover or home loan. One has to pay the instalments on time to avoid a penalty. Since it’s the function of an organisation, there is no room left for negotiation.
Instalments also tend to be pricier than the down payment. Rent also works almost the same way. You have to keep aside a certain amount of money for every month. Rent leaves you room for negotiation and gives you some extra time to pay as it is one conversation.
Property taxes are another thing that landlords or homeowners have to mess with. Tenants are free from any kind of extra property taxes.
Maintenance charges are one thing that is subjective. When you buy a house, it’s entirely upon you how to keep your home. But when you are a tenant or landlord, there is a chance of a feud if there is something broken or requires maintenance. Each will want to avoid that extra expanse.
Legal problems also rest on the homeowner or landlord’s doorstep. It is the owner that will be held accountable for any illegal activity suspected.
Less overall cost
As discussed earlier, instalments prove to be pricier. But once you buy a property, it works as an asset to you. The rising prices every day will be a growth and profit for you over the years.
On the other hand, when you are paying rent, it is just rent. There is no outcome of it. It’s just like a one-time investment.
Dense metropolitan or Less Populated
In dense metropolitan areas, you can get a home for a cheaper amount. It works on the basic principle of economics. When the supply is high, the price will be low.
Similar is the case with less populated localities. For such properties, the price will be low and accessible to many.
The fluctuating prices are always a problem when you are living in a rented home. There is no particular rule or reason that enables any landlord to raise the rent. They just do it out of their own will.
On the other hand, if you have bought a new home or signed the deal, there are no raising prices or added instalments.
Mostly around the world, 75 %of the properties have a no pets policy. Not just that, we have also seen bachelor’s finding it difficult to find a resting place. Besides, landlords also don’t like the guests you have over. Restrictions about alcohol go unsaid.
But once you own a house, it’s more of your personal choice to keep pets or not, and the same goes with everything else.
Not every new home, be it a bought one or rented one is perfect according to your taste. Every single person likes it customised according to their vision board and aesthetic.
But you don’t get the liberty to make changes without the landlord’s permission. But you don’t need to wait for anything to do something like that in a home you bought.
Rent To Own
Rent To Own is one of the payment plans seen in the 1st world mostly. It basically enables you to live in the home you are going to buy as a tenant until you complete the price. It is a nice plan to invest in. You get the best of both renting and buying. In the end, you will be the owner of the property.
In a survey, it is seen that 53% of the people prefer buying a new home rather than renting one. And the preference seems quite explainable in the profit and growth.
Later if one is interested, you can give out your home for rent if it’s not useful for you anymore.
Rent can be turned into EMI.
As an extension to the previous argument, if you decide to rent out the property you once bought, there are still instalments left. You can easily convert the rent into instalments. If you want it to be on paper, you can opt for that too.
Period simply means the time you are going to be spending in Dubai. If it’s too short and limited to months, only you can surely consider renting as your first option.
But if you need to be in Dubai for long or thinking of settling down there, you should opt for buying a new home.
Travellers / Expats
If you are just visiting Dubai for vacation purposes, solely you might want to go for renting. But you also go overboard like some celebrities and buy a luxury getaway spot.
Both are renting, and buying comes with their plus points and negatives. It is up to you to look at what fits into your criteria. You might just take a long way and buy a new home in Dubai and cherish it as an investment. Or you can just go for a short journey with a rented home and experience life in Dubai. Maybe you can just fall in love with the city and then consider buying after renting. And, if you are an Indian and you think that can Indian citizen buy property in Dubai. Then, yes, you are welcome to have properties under terms and conditions.