With the sky high state of rents in Dubai, many residents are leaning towards the more long term solution of purchasing a property in the city. What exactly is the best solution to this conundrum? We have listed a few pros and cons below to help you make a more informed decision.
Renting may be expensive but is buying an apartment safe in this economy?
This seems to be the question on most minds. The truth is that although there is a certain amount of risk associated with purchasing an apartment, the costs are significantly lower. Sometimes even lower than 50% of what you would normally pay to rent the same space. This of course varies on location and other factors like the condition of the property but overall, paying a mortgage on a property is cheaper per month than paying rent.
Getting a mortgage might be cheaper per month but are there any hidden costs?
Owning your own property comes with responsibility. This means you will have to take care of every repair and anything else related to the function and maintenance of your home. Renting on the other hand is relatively hassle free. As long as you pay your rent on time, your landlord is legally obligated to handle maintenance and any other issues relating to the property.
For more information on renting or buying a property please email us at firstname.lastname@example.org or call us on +97144547765