Pros and Cons of Renting and Owning properties in Dubai
News 21 Dec 21, 4:0 pm
But still, confusion persists among the homebuyers on whether to own or rent.
Owning a home offers complete freedom to the residents while the freedom is comparatively restricted for those who live on rent. When you are a proud owner of a home, you can make all the changes you wish and make sure that your home looks exactly like the one in your dreams. But it is a far-fetched dream for those who stay on rent as the complete control of the home wrests in the hands of the owner.
Here we are listing out the pros and cons associated with buying and renting a home in Dubai.
Advantages of renting properties in Dubai
Modest prices
Renting a property is much cheaper than owning it. It could be more affordable to those who do not have a huge investment to boot. By renting a property for a modest price, they can live the life of convenience at a prime location in the mesmerizing Dubai city. Additional expenses that homebuyers have to incur such as Rent Fees, DLD Fees and registration prices are comparatively low when the properties are rented.
Temporary Commitment
Tenants mostly enter into short term contacts with their landlords. It is the perfect option for all those who wish to make investments that run only for a short duration of time.
Easy Relocation
It is undoubtedly a better choice for working professionals whose schedule can be extremely unpredictable. By renting a home they can shift easily from one place to the other based on the requirement at hand. As constant relocation is an integral part of their schedule, owning a home is not a practical choice for them.
Disadvantages of renting properties in Dubai
Inconsistent rental rates
The rent prices in certain sought-after areas of Dubai could prove to be too high for tenants. In those scenarios, the tenants will have to give up on their ambitions. The rental rates are likely to go up further in the coming years owing to the increase in demand.
Inability to customize
In most of the cases, the tenants will not have the freedom to customize or add new features to their homes. They will have to constantly seek the permission of landlords before making any changes to the homes. This lack of freedom to explore might prove to be suffocating.
Advantages of owning properties in Dubai
Yields great returns
The real estate sector is also a consistently reliable investment choice that consistently offers enormous returns. It can be labelled as a tried and tested option. For residents too it offers an unparalleled sense of ownership which a rented home cannot evoke. So if you want a home exclusively for yourself and your family then this has to be your go-to option.
Opportunities galore
When you own a plush property in the midst of the town, you are presenting yourself with multiple opportunities to avail greater returns. There are multiple choices before the owners. They can either sell it or offer it for lease.
Disadvantages of owning properties in Dubai
A costly affair
Owning a home in Dubai is undoubtedly a costly affair. The homebuyer will also be forced to incur additional expenses such as maintenance fees, mortgage fees and insurance fees. While the tenants are exempted from such hassles.
Unstable Market
The unpredictability of the market conditions can have a severe impact on the prospects of homebuyers who plan to lease or sell their owned property. Also, if the project fails to match the ex[pectations of the owners, it could put them in a spot of bother.