What many people don’t realise is that once they purchase a property and it belongs to them, then the responsibilities just don’t end there. Not only do you have to come up with mortgage payments for the next 30 to 35 years, but you also have to perform essential maintenance to make sure that you protect your investment. This is something that you do not have to do when you rent.
This is why people prefer to look for properties to rent in Dubai because it offers them better options and they don’t want the hassles that are commonly associated with owning a property. If you’re a little on the fence about whether to buy or to rent, maybe the following benefits of renting can help you to make a smarter financial decision.
- Lower costs – The thing about rental properties is that they are generally much smaller in size than large private homes that people purchase. This means that they are much easier to cool down when it’s really hot and that means that you have lower electricity bills.
- Cheaper insurance – If you own a property then you would be a fool for not taking out a large comprehensive insurance policy to protect both the property and the contents. If you don’t own the property then you only have to take out renters’ insurance and that is much cheaper.
Another thing to consider is that there is no cost ambiguity and you know exactly how much rent is going to be every single month. When you take out a mortgage, the interest rate may go up and so you’re going to be paying out a lot more money.