The ultimate dream for many of us is to have a home of their own. However, there are others who still prefer renting because they think it’s a risk-free and more convenient alternative. It’s a fact that renting homes is a more flexible option, but buying one is definitely going to pay you off better in the long run. Ample research has been done on this matter and it reveals that there are some obvious benefits of buying a property over renting it and on top of the list is that it offers your family a more stable environment and peace of mind. So, let’s try to find out exactly why you should prefer buying over renting, especially in a city like Dubai.
Buying Is A Cheaper Option In The Long Run
At first, one might think how that is possible but if you consider things in the long run, you can expect your property’s value to grow as time goes on. In fact, within a few years, you may be able to sell it out at a reasonable profit margin too. From another perspective, when you’re living in a rental property, you are just paying for something that is never going to be yours. So, costs can continue to add up over time and eventually you’d have paid more than what you had to pay in case of buying a property. Sure, you have to take a big leap to accumulate funds enough for owning a home. But once you’re through that step, it’s all yours.
Mortgage Plans Can Help
Now coming to the point of not having enough funds to pan out at once, you can always take advantage of mortgage plans that are there to help. It’s not so far in the distant past that Dubai’s banks have started offering mortgage plans. So, you can have the necessary funds to buy a property whenever you like. What that means is, if your only hindrance in owning property and enjoy its long term advantages is the lack of funds and resources, you don’t have to worry at all.
Inflation Can Be Rather Beneficial For You
Inflation refers to the rise in general prices for services and goods which causes a currency’s buying power to fail. It means that the buying power of 1 Dirham today won’t remain the same in coming years and will rather decrease to a significant extent. Inflation is a natural phenomenon and where it may not be too good for others, property investors can take full advantage of it. It means if you buy a home today with a plan of selling it a few years later, you’ll make a huge profit. In fact, that won’t change even if you’ll sell your property at the same price at which you had bought it. The reason is that inflation must have caused the money’s value to decrease. Remember, however, that it’s never the case that you sell a property at same price after few years – the prices of property are always on the rise.
Spend The Same Amount Every Month And Own Not Rent
If you plan to spend 4000 AED a month for next 5 years to rent a 1-bedroom apartment only, why not choose a similar payment plan and own a property rather than renting it. The catch is you will eventually own a property. Most of the arguments would be like it will require you to pay higher down payments, but even though it’s true in some cases, there are many developers who are providing most attractive payment plans lately with low down payments. So, better go for them.
Peace Of Mind
Owning a home definitely gives you the peace of mind that you always strive for. It allows you to personalize things to your liking, redecorate, remodel, and improve your property just the way you like. And, obviously, you don’t have to worry about paying rent as soon as the next month begins.
So, with these obvious benefits, you should definitely own a property. Avoid all the hassles and get a place that you can call Home.