You have probably been told from a very young age that as soon as you become an adult and you have saved up some money and you get a good job, that the first thing that you should cross off your list is the purchase of your own home. The thing to remember here is that buying property isn’t for everybody and many people do not wish to go through all of the paperwork and the stress that is involved in getting a mortgage
Some people would much prefer to look for properties to rent in Dubai because it makes more financial sense because it is affordable to them and it is a payment that they can deduct out of their salary when they receive it. For those of you who are not sure whether renting a purchasing is the right option, the following advantages to renting may help you to make the right decision.
- No repair bills – The thing to remember here is that this is not your property and so if there are any maintenance bills or repair bills, then that is up to the landlord to address and not you. If any improvements need to be made it would be the landlord that would be spending the money and hiring the people.
- No down payment required – Getting a mortgage can be incredibly difficult nowadays and banks and other lending institutions are looking for at least a 10% deposit before they will even speak to you about getting a mortgage. This amounts to a significant amount of money when you want to purchase your own property.
Buying a property isn’t for everyone and renting suits people better in certain circumstances. It also gives you greater flexibility as to where you want to reside and if you don’t like renting in a particular place, then you can move on.