There have been a lot of contention on whether it would be best to purchase a property or rent one out instead. But each concept has their own advantages and disadvantages, depending on your standing and other factors that needs to be considered/
To give you a better picture on both concepts, here are some overview that you need to read:
Buying Your Own: Pros
The main advantage of buying your own property of your own home is the permanency. Unlike renting, you can have the space for as long as you like, unless you decided to sell it to another party. You don’t have to worry about renewing a lease or paying the rent as it is a one-time, big-time thing.
Another benefit would be the liberty to do what you want in the place, as long as it is legal. You can renovate, redecorate, demolish and rebuild it to your liking. As oppose to renting which gives the tenants limitations is terms of the upkeep. Owners often set ground rules of dos and don’ts which the tenants should abide to, especially when it comes to changing some parts of the property.
Buying Your Own: Cons
In terms of the cons, buying your own property can be costly. Yes, it is a one-time, big-time thing but the property can go as much as thousands of dollars, depending on the location and the condition of the house. You may have to spend your entire savings to get the property or apply for a housing loan just to fill in the remaining balance. If you are not financially-ready, buying a home may not be the best idea.
Another disadvantage is that you have to deal with property taxes that comes with buying a property, and it could be costly.
Renting a Space: Pros
Cost in the main benefit of renting a property. If you opt to rent a studio in Business Bay, the upfront cost would be the security deposit and first deposit, a lot lower than purchasing a property. There might be some additional charges, but it is still significantly lower than buying your own property.
If you are looking into buying your own property in the future but still looking for some cash, renting temporarily would be the ideal set up.
Renting a Space: Cons
Cost can also be a disadvantage when renting a property, as you need to secure your monthly rent, and it can increase based on the inflation situation of the location. Moreover, you have some additional utility cost that you need to pay on a monthly basis, like association dues, etc.
To know more about property renting and buying, visit www.universalprime.ae.