Why buying a home in Dubai is better than renting?
Dubai, a land of dreams, is also the land of opportunities for a number of people who fly to Dubai every year to get settled for their jobs and/or businesses. While moving to Dubai, the most important challenge people are faced with is of finding a shelter that fits their budget. Many people find themselves perplexed as to whether they should rent a house or buy one. Different people have different preferences however, at the end of the day one might think that renting is far better than buying an apartment in Dubai because this way you save yourself the trouble of taking a loan, making mortgage payments and taking care of other such expenses.
Despite the charge of rental property, there are so many advantages associated with buying an apartment in Dubai making it a more logical option. The following article includes a number of reasons why investing in Dubai real estate in the form of buying a home or an apartment are better than renting it.
Building Home Equity
When you rent an apartment, home or villa, no matter for how long you live there and how much you spend on small fixtures, you will never be able to accumulate any share in that apartment. On the contrary, when you purchase a home or apartment on mortgage, the monthly mortgage payments you make take you towards owning that property. For instance, if you buy any of the Downtown Dubai apartments for sale on mortgage, the more payments you make, the larger amount of equity you built in that house. When you rent a house you just pay the rent without building any equity in the property.
Fixed Payments
While choosing the fixed-rate mortgage option for buying an apartment or home, the payment amount is locked in for the life of the loan. The mortgage payment will never go up, regardless of the fluctuating economic conditions throughout the span of the loan. This is not the case with renting though. For example, if you have picked any of the apartments for sale in Downtown Dubai, you can go for a 20-year loan plan and be that you will not have to pay more than a fixed monthly payment for the privilege of living in your own apartment whereas, the rents are constantly rising in most of the areas and that means you will most likely have to pay higher rents if and when your contract is renewed.
Increasing Property Value
When a home or apartment is sold, it fetches a price that is according to its current market value. Because of the prosperous real estate conditions and progressing economy, the value of your property increases over time. It means what you spend to buy a house is less than the amount you can hope to redeem in the future in case you wish to resell it.
Finally, the Property Ownership
Last but not the least important reason why you should buy property instead of rent it is to have the privilege of being the owner of your house. Even though this pride is nothing tangible yet it is a feeling that can trump all other charms of buying property. To have a place to call your own is the dream of many. If you crave the same then you need no other reason to buy property.
Seeing the real estate happenings in Dubai, it can be said that the sector is recovering fact with spiking prices. So in case you want to buy a property, it's best you do it now.
Despite the charge of rental property, there are so many advantages associated with buying an apartment in Dubai making it a more logical option. The following article includes a number of reasons why investing in Dubai real estate in the form of buying a home or an apartment are better than renting it.
Building Home Equity
When you rent an apartment, home or villa, no matter for how long you live there and how much you spend on small fixtures, you will never be able to accumulate any share in that apartment. On the contrary, when you purchase a home or apartment on mortgage, the monthly mortgage payments you make take you towards owning that property. For instance, if you buy any of the Downtown Dubai apartments for sale on mortgage, the more payments you make, the larger amount of equity you built in that house. When you rent a house you just pay the rent without building any equity in the property.
Fixed Payments
While choosing the fixed-rate mortgage option for buying an apartment or home, the payment amount is locked in for the life of the loan. The mortgage payment will never go up, regardless of the fluctuating economic conditions throughout the span of the loan. This is not the case with renting though. For example, if you have picked any of the apartments for sale in Downtown Dubai, you can go for a 20-year loan plan and be that you will not have to pay more than a fixed monthly payment for the privilege of living in your own apartment whereas, the rents are constantly rising in most of the areas and that means you will most likely have to pay higher rents if and when your contract is renewed.
Increasing Property Value
When a home or apartment is sold, it fetches a price that is according to its current market value. Because of the prosperous real estate conditions and progressing economy, the value of your property increases over time. It means what you spend to buy a house is less than the amount you can hope to redeem in the future in case you wish to resell it.
Finally, the Property Ownership
Last but not the least important reason why you should buy property instead of rent it is to have the privilege of being the owner of your house. Even though this pride is nothing tangible yet it is a feeling that can trump all other charms of buying property. To have a place to call your own is the dream of many. If you crave the same then you need no other reason to buy property.
Seeing the real estate happenings in Dubai, it can be said that the sector is recovering fact with spiking prices. So in case you want to buy a property, it's best you do it now.
