When you decide to move from one place to another whether it is a city or a country, you have to think about your living place, a home.
The decision about the home or the place to call the home is the biggest and somehow the toughest decision of your life. You have to consider many factors before finalizing your decision. These different factors have a great impact on your decision, and your final decision has an impact on all aspects of your life.
Before finalizing the decision about your dream home, the foremost important thing to consider – are you going to have a property on rent or you are going to buy a property and become the owner of the property – depends upon many factors like your financial condition, job security, lifestyle, work situation, age, desired location and your readiness to settle down for a long term or short term.
When we talk about owning or renting a property, it is common to think that buying a property is like a long-term investment while renting a property is just wasting your money monthly. It is not true.
In both circumstances, renting or owning a property like an apartment has its own sets of specifications and unique features to consider. In both cases, you have a list of benefits and drawbacks that may vary from person to person, region to region, and even from property to property. It depends on personal preferences, priorities, needs, and affordability of the individual who has to make a property decision.
“Rental apartment vs apartment for sale, which is better?” is a long debate. If you think that buying a property has more advantages or benefits and your preferences upon buying are more than renting, it can be your personal opinion but it cannot be a universal truth.
No doubt, owning a property has many benefits, but at the same time, it has many drawbacks. It is not compulsory if one condition suits a specific individual or a place, it is suitable for everyone in the world, and its suitability is constant. Similarly, if owning a property has many advantages then renting a property has its own sets of advantages that are not neglectable and suit more to some other individuals for whom buying a property is not a wise decision.
When we have a comparison between luxury apartments for rent in dubai and apartments for sale at a specific location or city like Dubai, it is a hot topic of discussion among potential investors or home buyers because Dubai is a property hub, and there is a high demand for every type of property whether it is rental property or property available for sale. Dubai’s real estate market is strong enough and is considered one of the most progressive markets in the world where the elite business class is interested in moving and investing to enhance their business and enjoy high standards of living.
To weigh the pros and cons of rental apartments vs apartments for sale, let’s have an overview of the comparison between rental apartments and apartments for sale.
Comparison Between Buying Vs Owning An Apartment
After reading this blog section, you will be able to make a decision about which option is best for you.
Maintenance Cost
Every property requires maintenance after a few months or a year. As a tenant, you are free from maintenance responsibility, you do not need to spend your money on maintenance costs. As an owner of the apartment, this responsibility is on your shoulders. It is also mentioned in the tenants’ rules of law in UAE. In owning the property, you have to spend a heavy amount every few months to maintain the condition and stability of your property.
Authority To Upgrade
The owner of the apartment has the authority to upgrade the property. He can reshape, rebuild, and refurnish his apartment according to his will and choice. He can choose different themes and colors and decorate the apartment to his taste. As an owner, he has the authority to remodel the kitchen, change the flooring, and paint the walls at any time but the renter of the apartment is not allowed to perform such activities.
Tax Benefits
The renter of the apartment has more tax benefits as compared to the owner of the property. The tenant is free from the hassle of paying taxes, he just has to pay the one-time security deposit and monthly fixed rent. On the other hand, the owner of the property has to pay many taxes like registration tax, value-added tax, and service tax.
Flexibility
In the case of owning an apartment, you are fixed to one location, you have the rare option to change the property from one place to another place. If you have to face different scenarios like job positions or security issues, your decision to resell the property and find another one at a new location will be a tough task to perform. As a tenant, you have the flexibility to change the neighborhood according to your job and your personal preferences.
In owning an apartment, there is peace of mind that you have a long-term investment and in renting you have the hassle of changing the property if the owner of the property does not follow the rules and regulations.
Down Payments
In renting an apartment, you just have to pay the application fee, security, and monthly rent, there are no heavy down payments for the renters to pay. The scenario of down payments is different in the case of owning an apartment. The owner of the property has to pay 20% of the total amount as a down payment before buying a property.
Wrapping Up
In your decision about shifting to a new place where you should buy or rent a property, there are a few points to consider, if you have clarity about these points then finalizing your decision will be easy for you and will be well-informed and wise decision of your life and these considerations are:
- What is the total time duration of your stay at this place? Whether it is a long-term or short-term plan.
- What is your financial situation? Are you able to afford the different costs of buying property? Or can you arrange the monthly rent for the property?
- What is the current market value of the property at the specific location?
- Do you have a permanent job or a temporary one? What is the nature of your job?
After answering these questions, you will be able to decide which option is best for you; rental apartment or apartment for sale. You can also visit this source for more information : ere homes real estate dubai