Read this article to know whether renting out a furnished place is beneficial or not?
Statistics never lie! Current property ratios determine that property rentals are raking more business than property sales in UAE. People from corners have flooded in for different business opportunities and most of them go for renting a property. Anna Johns, a property consultant at a local real estate says,
“I start my day at work with a client looking for renting a luxury apartment and often end up with it, without meeting any property buyer in the row. I usually approach potential buyers myself”.
When it comes to property rentals, there are two options – furnished or unfurnished. Let’s check below whether is it beneficial to rent furnished properties or not.
In my opinion, it is not worth renting a furnished place and paying extra for things that are never going to be yours ever. Remember, nothing comes free! There’s always an excess baggage. Everything has a base cost intact to it. If you are thinking that renting out a furnished property would cost you nothing, say sweet dreams! Furnished villas and apartments are often decorated with high-end tough furniture and guaranteed utilities. For this, they are always charged higher than an empty space. Furnished places are purposely kept latest so that the place is hired immediately without any drop, whether it be on long term or on short term. Property owners make sure things remain working and their investment keeps on rolling money. Even If anything happens to any fixed asset or appliances during a contract, the person who has hired the place has to fix the shortfalls and remember, fixing any appliance is expensive than buying a new one.
Who prefer furnished spaces?
Newly married or bachelors often go for furnished apartments or studios to keep from spending any further on furniture collection, utilities, appliances or different accessories. Apart from this, furnished apartments are often hired inclusive of extra charges like maintenance, utilities or parking charges. So it is believed, hiring furnished properties are profitable. If you are a style savvy, probably you will love the place in the first instance, as most furnished apartments are kept up-to-date and contemporary for higher rates and higher rental probability. But apart from these, have you ever thought about, who had used it earlier and how? If you are hygiene conscious, you will definitely go crazy thinking whether the previous tenant had any skin or contagious diseases. Was he involved in any sexual activities? Have they been living with termites? These questions are nerve racking! I would definitely go for a bare space rather than sleeping on a used bed.
Furnished properties are higher in rent for a reason. You not only pay for the premises you are living in but for the appliances or for the things you are using it. Meaning, you are paying an extra amount every month without bricking your own castle. In the end, you have to move out empty handed.
When is it feasible to go for furnished apartments or villas?
If you think, you have no time to decorate any space, go for it! Another great reason for renting a furnished space is it works best with short-term contracts. Say for instance, you are arranging a wedding reception and you have list of guests to land at yours. Accommodating all is a task; therefore, it is best to rent a luxury villa for a week or two so that comfort could be rejoiced. Or else, long-term renting contract will cost in folds.
If you are planning to move to UAE in the near future, you must try to buy a property as complete foreign ownerships are now given to all whether it be local or expat. If you are not financially stable to afford any purchase, rent a property in Dubai – unfurnished is a better choice!
Howadya Alame a well-known professional content writer and realtor has written this content to provide information regarding rent a property in Dubai.