For most people, buying a home has always been a goal, but most assume renting a property is convenient and risk-free. While the rental is more flexible, purchasing a home provides the most long-term potential and quality of life benefits. It could appear more complicated to buy a house when comparing the expenses, but it is crucial to go past the statistics alone when making your next significant move.
Research has also shown that having your own home has significant advantages over renting, significantly when boosting your net value and ensuring your family a stable environment. We shall list some of these benefits in this article.
- It is cheaper to own than to rent
Now it may look a bit unusual, but think about it this way, and in only a few years, you can sell your property for a reasonable profit. If you rent a property rather than purchase one today and the property’s value increases, you will need to pay more in rent.
- Investment in the long term
Dubai is an investment-prosperous city that is regarded as a pioneer in the property. Your own house in Dubai is undoubtedly a way to ensure the future of your family. The longer you possess an estate in Dubai, the higher its worth; it could be a highly safe investment that receives long-term high returns.
- Hypothecary plans
Dubai banks launched the mortgage plan recently, so you may apply for a mortgage if you do not have the instant sum to buy the house. In recent years, mortgages in Dubai increased, showing that more and more people are aware of the benefits of renting a home.
- Stabilizing your budget by paying a fixed mortgage
When renting a house in Dubai, remember that rental walks are the standard and often out of control. On the other hand, if you own a property, you will only pay a fixed mortgage arranged earlier. And you might gain from these rental walks if you wish to rent your property.
- Inflation benefit
Inflation is the rate at which the overall price level for goods and services rises, and the currency’s purchasing power therefore falls. This indicates that Dirham’s purchasing power today will be less and less in a few years. Remember how in days everything was much cheaper?
As the inflation phenomenon may look natural, property investors benefit greatly. This is because if an investor buys an immobilization now and sells it at the same price years later, the price worth of the money is not identical now, bearing in mind that selling the immobilization at the exact cost after a few years is virtually never the case, generally far higher.
- Equal payment amounts
Let’s imagine you are renting your one-bedroom apartment, which is the average price in Dubai, 4,000 AED/month for five years. In certain circumstances, you may spend around the same 4,000 per month as your property plan for the same number of years so that you will finally own the property, and you will not be able to pay for the amount you spend each month, as is the case with rentals.
- Plans for payment
Most complain that initial payments are excessive when purchasing a property; however, in other circumstances, most developers in Dubai offer reasonable payment plans in the last few years. If you look at our ready or off-schedule list areas, you may see some of the enticing payment schemes offered by our developers, with first payments amounting to just 5 percent.
- Peace of mind
With your own house, you can personalize your property in many ways, usually redecorate, refurbish or improve according to your wishes. More ownership of your home could be seen as a savings account, which will be worth more shortly.