New to the UAE … Is it better to Buy or Rent?
Moving to a new city can be exciting as well as challenging. The first things most people look at is “where do we live” once they have decided on an area they then often ask “Should we buy or should we rent”
In order to take an informed decision its important to focus and review on a few points;
How long to do you plan on living in the UAE?
With everything that’s involved in buying a property, you have to consider whether you will be here long enough to rationalise owning a home in the UAE verses renting one.
What suits the pocket better?
Evaluate the cost of buying verses renting in the area that you have chosen. One of most important factors to consider for this decision is to research all costs in volved in purchasing and all costs involved in renting. On having all the information needed understanding the finances and what is do able or not will help answer the question.
What is the market like?
Staying up to date with the current market is imperative. When deciding between buying or renting stop and take note of current prices in the areas of choice. If the market seems to be on high it may be a good option to initially rent get a feel of the area and then deicide to invest.
If I buy what are the financial terms I need to be prepared with?
Most people new to the country choose to rent verses buy if they are planning on taking a mortgage. Typically, mortgages are approved only after a certain term of employment has been completed. If renting a property, annual rent is often split in to two to four equal cheques thus providing a temporary relief between payments.