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Should you Buy or Rent a Home in Dubai?

Dubai is the business hub of the Middle East and thousands of visitor land in the Emirate for multiple purposes. With time, the environment of the place has become multi-cultured and an idle location to live a peaceful life with your family. Are you stuck with the question of buying or renting a home in Dubai? There are pros & cons attached to your decision and this blog will provide you the right idea to rent or buy a property.

The factors that need to be considered before buying or renting a home in Dubai –

  • Do you have 25% of the desired property amount in cash? You will also need an additional 8% of the property value to pay in form of various fees like registration charges.
  • How long are you planning to stay or do business in the Emirate?
  • Do you know about the service charges per year for the real estate property in Dubai?
  • Are you having business extension plans & the home buying is related to it?
  • Have you consulted with your family about residing in Dubai?

If the answer to all the above-mentioned questions is yes, & planning to live 5-10 years in Dubai, then it is better to purchase a property rather than renting it. Various other factors need to be considered as well, including convenience & things to do with the property. If you are in Dubai for a short period then it is not worth spending a high amount for a property. Reach out to a reputed Property Manager or Real Estate agent to get the right details of properties to rent or lease for a year or two.

You need to look for the right realtor who can guide you with the entire process of locating & buying a property. The local-based real estate agents are more familiar with small property movements & the desired pricing of the property. Have a close discussion with the local real estate professional to get a good idea of the properties available in the region.

When it comes to buying versus renting, there is a lot more to consider than simply comparing the mortgage payment or rent. Buying a new home in Dubai will be an opportunity for individuals to park their funds into the property. The time is convenient to buy a home in Dubai as the rates have steadied down due to the pandemic scenario. If you have been waiting for the right time to buy a home in Dubai, then it is time to fulfill the wish!

Make the right decision in selecting a property in Dubai that fulfills all your unfinished agendas. Buy or rent a home in Dubai now easily with the help of local realtors in the region. If you have long-term plans in the UAE then buying a home or property is the right idea to save money on rent! Make sure you are staying in your own home in Dubai, next time you arrive in the Emirate.

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