If you are looking at purchasing or renting a home you must first and foremost understand the pitfalls. Most people forget that renting involves buying a house for a less cost. If you are looking for a flexible option renting is quick and easy but it can become rather inflexible over time. Here are some drawbacks of renting a villa or house:
LEAVE WITHIN 30 DAYS
Your landlord has the right to ask you to vacate the rent property within 30 days. He or She can kick you out immediately; this can even be due to the fact that they want to sell the home quickly. Housing units or programs which are affordable can increase the land owners monthly rent. Most of the home owners are permanent residents so they cannot be asked to leave. This is not the case when living in a home for rent. If you are paying a mortgage you will be forced to pay it even if the economy goes downhill.
EQUITY IS REDUCED
You might have low or no equity at all. Monthly payments mean that it is not a security payment nor is it a form of savings. Owning a home is an investment to you and your family. You can increase the value of your home by choosing a place which has a high economic boom, then property values will rise. If you renovate your home the price will rise too. If you are renting then keep in mind that any changes you do make can increase your home value.
RULES AND REGULATIONS
These apply to seeking rent property in Dubai. If you purchase a home you can change the appearance the way you like. You can even renovate any part of your home without asking anyone for help. You can renovate a home to make it look valuable. Most apartments or places for rent do not allow this. You won’t even be allowed to have a pet. Some might even ban smoking or nailing items to the wall.
NO OR REDUCED FINANCES
If you forego renting places and opt to buy your own you will be increasing tax credits as well as savings. A person who owns a home will have less of a monthly payment than someone who leases or rents a place. A loan on a home is generally tax deductible. This also includes being excluded from capital gains or other tax benefits. Remember that you must carefully look into your place of residency in order to ensure that you are making the right decision when it comes to renting or leasing as the drawbacks can surpass the benefits.