Buying your own home is pretty much everyone’s dream but you would be surprised at how difficult it is to get onto the first rung of the property ladder. If you have made a few bad decisions in your younger years and your credit has been damaged as a direct result then you may find it more difficult than many to apply for a mortgage from a bank or other lending institution. Due to the current climate that we all find ourselves in, banks are making it even more difficult to get approved for a mortgage and now you have to come up with a much bigger down payment than you ever did before.
However, there is definitely Dubai real estate out there with your name on it and it is a lot more affordable than many might think. You may have to go through all of the paperwork and the red tape to finally get approval for your first home, but you will find it will be all worth it in the end. Owning your own property as opposed to renting it from someone else has numerous benefits and we will cover just a couple of them here today.
– There is no ambiguity – When you are renting a property, your landlord can pretty much increase the rent will ever he or she wants as long as they give you the required notice period. You will have no say in this matter and so if you come up with the monthly payments then you need to consider moving on to somewhere else. This is no way to live and so getting your own property and taking out a mortgage means that you know as long as you make your monthly payments, the property is yours to live in and to do whatever you wish.
– An investment in your future – The wonderful thing about the property market is that values continue to rise year on year and so any money that you invest in it now can be gotten back much further down the road. It takes about 25 to 35 years to pay off our mortgage in full and by that time you should be pretty close to retirement age. Your property will be worth double or treble what you initially paid for it based on current market trends and so when you put on the market, it will sell quickly and your retirement is almost guaranteed.
These are just two of the reasons why you need to get yourself of the rental property ladder and onto the ownership ladder. It is something that you will never regret and it is always comforting to know that you will always have a roof over your head no matter what happens.