Buying a home is a large commitment purchase, one that needs to be thought out and fully processed and investigated before signing on that dotted line and taking a hold of the keys. Are you ready to buy a property now or should you rather wait until the right time, and look at renting a home or apartment until that time arrives?
Let’s take a look at the benefits of buying a home as well as renting one, which will hopefully help put some key factors into perspective for you and aid you in making the right choice for your future!
Renting a Property
There are various benefits to renting a property – money-wise and effort-wise! Take a look at some of these quick-fire facts as to why the renting might be the right choice for you at the moment, especially as we watch the property game increase and decrease as the market continues to rapidly change:
- Lower Setup Fee: Yes, a deposit can definitely burn a hole in one’s pocket, but the initial investment of putting down a deposit to rent a home is much less than that of a deposit that is needed for you to purchase a home. Home purchases also include maintenance, insurance and property taxes.
- Flexibility: For those are not entirely sure of where their future is heading, it is a better idea to look at renting a home on a temporary basis. Buying a home is a long term investment, and you will have to pay that home off for close to 20 years! If you are looking at relocating or moving for any reason then rather rent until that move happens as a home is a purchase for life.
- No Maintenance: If you are not really into DIY projects, renting is probably a better option. When you buy a home, there is the possibility that things will break and need fixing. When you rent a home these issues are handled by the landlord. When you buy, this is your problem to address.
Buying a Property
There is not a more satisfying feeling than buying your very first home! A place that you can call your own and one that has your name on it, for you to use as you like! There are various exciting benefits to owning a home 100%:
- Renovation Opportunities: Don’t like that bathroom? Change it! Your home means your decisions. When you rent, the possibility of even painting a wall can become an issue and could involve a lengthy approval process. When you buy a home it can be your creative canvas and you can do with what you like – an exciting project indeed!
- Security: There is also the possibility that the home that you are renting could be sold by the landlord, or they could even want to move back into the property, therefore leaving you stranded for a place to live. You have a sense of security when you have a home of your own, knowing that only you can sell it if need be, and you can also give yourself ample time to move if the situation arises.
- Great Investment: Yes, property is a big investment, but a great one at that! The property market experiences turmoil just like any other, but in the long run, investing in property is one of the best investments you can make for yourself, your partner and your family in the short and long-term future! Make sure you choose a great real estate company to help you find the right home for you!
For more information on real estate, contact DP.ae