Owning a real estate property is a lifelong goal of many investors, especially where there are many houses for sale in Dubai; however, renting has its set of advantages too! For some individuals renting might make more sense given their financial circumstances, personal needs and general requirements.
Here, we have listed a few advantages of renting, instead of acquiring a real estate property.
Do check your tenancy contract before signing and ensure you have clarity on everything therein.
1) Maintenance Charges
One of the most significant advantages of renting a property is low to no maintenance and/or repair charges. In many cases, when you rent a property, the landlord is responsible for all maintenance, home improvement, and repair charges. However, in very rare cases, renters are expected to pay for these charges.
2) Accessing Amenities
A monetary benefit of renting is accessibility to amenities that complement the real estate property, which would, on the contrary, have been immense expenditure. Amenities like an in-ground pool or a fitness centre come with many standard middle-scale to upscale complexes with no supplementary charge to tenants.
3) Real Estate Taxes
One of the most significant benefits of renting is that you do not have to pay property taxes!
4) Down Payment
Another aspect of renting is no down payment! Renters only have to pay a security deposit that will be refunded to them when they move out, provided there is zero rental property damage.
5) Flexibility of Location
Renters can practically live in any location, while homeowners are confined to spaces that they have bought or can afford to acquire. Furthermore, renters have the ability to find a property with an affordable monthly payment scheme than property buyers.
6) Fluctuating Property Value
Property values fluctuate for many reasons, and although the market trend may affect homeowners remarkably, it affects renters considerably lesser, if at all.
Renters have the ability to downsize and adapt to affordable living spaces at the end of their contract. However, that is not the case for homeowners because of the fees involved while buying and selling a property.
8) Fixed Rent
Rent values are fixed for the span of the tenancy contract. Even though landlords can raise the rent with prior notice, renters can budget more efficiently.
For those looking to circumvent the hassles of homeownership, the expenses of maintenance, and property taxes, renting might be a more suitable option for you. Having mentioned this, the choice depends on each individual’s lifestyle, financial situation, and current requirements.
Briefly put, renters move frequently; therefore, needing real estate assistance to get them the best deal. If you are among those looking to rent a property for residential and/or commercial purposes or even to put your apartments for rent in Dubai, you know you can trust JNM Specialists!