Should You Buy Or Rent A Home In Dubai?

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If you are planning to move to Dubai in UAE, the question of whether you are going to buy or rent a home there arises. While renting may seem like a good idea in the beginning, if you are looking from a financial standpoint, then looking at apartments to buy in Dubai Marina or elsewhere may be a better choice.

There are lots of things to consider when trying to decide whether renting or buying is better for you. Weighing factors such as what time of life you are in, the status you want to maintain, the lifestyle you want, your income streams, etc. will help you decide the choice. Here’s a look at some of the things that should be considered when you are trying to make a decision.

You Need Good Money to Buy

The Dubai property market for buyers can be pretty expensive especially when you are looking at areas such as the Dubai Marina and other top neighbourhoods. You need good money to make an investment decision and the process will continue increasing for many years to come. Even if you borrow to buy your home, you will basically be paying to live in your own home.

The rental market on the other hand is inexpensive and you don’t need much to get started on it. Finding a home for rent is comparatively inexpensive so you can get one without much ado. If your finances are not where they should be, then renting may be a better option.

A Forever Home

The concept of a forever home entices many people and why shouldn’t it? Buying and living in a home you consider your ‘’forever” can be a life goal. When you rent a home, you know that you won’t be living in it forever because it belongs to someone else. The earlier in life you can buy a forever home, the more love you can put towards it.

Buying a house means that you will be living exactly the way you want and you can create a lifestyle that suits you and your family. There is no question of leaving the place (if you don’t want to) and you can make a space where you are comfortable. For this mindset, buying is certainly the better option.

‘’Parking’’ Your Funds

For some people, it makes sense to look at apartments in Dubai Marina to buy because they need a place to park their funds. They may have surplus money and buying a property off the real estate market means they have a place where they can out in their funds in a proper manner. It is a legitimate and lucrative way to go about it.

Good Investment Decision

There are so many ways to invest money and one of the most crucial ones is in real estate. After the pandemic, the property market has resurfaced and is growing. It is expected to be on a strong growth chart for the next few years in UAE and investing in it can be a great decision. If you have been renting a home for some time, now is the perfect opportunity to buy.

Dubai is one of the fastest-growing cities in the world and your investment will give you the financial scope you need to grow. With property prices expected to go through the roof, buying now may be just the investment decision that is right for you.

Time of Life

Are you planning to stay in Dubai for the next 5 to 10 years? Or will you be staying for just a couple of years? If it is the former, then buying a home may be a better idea. If not, renting is better. When you stay for a longer period, the chances of your investment bearing fruit and giving you good returns are high. So if you have a business in the city or have income streams there which means you will be staying on for a considerable period, then buying real estate is a smart thing to do.

If investing in real estate property is on your mind, Everhomes can be a wonderful choice. They have a wide range of apartments, villas, and townhouses available in the top neighbourhoods of the city. 

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