So, you’re thinking of moving to an apartment for rent in Dubai. Let’s take a look at the most important things you’ll need to know before you do so:
1- RERA Registered Brokers Only
It should be clear that you need professional help if you’re not familiar with the emirate. Even if you are, you should know that not working with an agent will only add up more costs than it will save.
However, don’t just go with anyone who has some experience in real estate. Neither should you trust anyone who claims to be a good broker. You need someone who is registered with RERA. This is the Real Estate Regulatory Authority that issues a Broker ID to all registered brokers working with them. If your agent doesn’t have this ID on them, they’re not to be trusted. Don’t get scammed.
2- Budget
You need to decide on a budget that you’re going to be okay with. The trick is to take your monthly income and divide it into three parts that will take care of various expenses. A simple way to do that is to reserve at least 20-30% for savings. Your rent shouldn’t exceed 30% because 20% will be for utility bills and transportation expenses. The rest will be your pocket money for eating out and other miscellaneous expenditures.
3- Space and Comfort
Make sure your rent isn’t too high or too low. You don’t want to save a lot by compromising on a healthy lifestyle. Similarly, you don’t want to waste all your money on a monthly basis and come up empty when situations arise.
You want a space that is in line with all your needs and doesn’t go above or below the standards. If you have a family of four including your spouse, consider at least a 2-bedroom apartment to have sufficient space. If you’re living alone, try not to get in the coziest place you can find just to be able to save up on the rent.
4- Accessibility
Coming over to the locality of the place you’re moving into, it should be easily accessible by main roads and public transportation. Unless you have your own means of transportation, consider the time it takes to get to work and back. Finding cheap rents and commuting daily to work from one corner of the Emirate to the next isn’t a great idea.
Try to think about moving closer to the workplace, but don’t move into your office building.
5- Proximity
The place you’re moving to should have enough facilities and leisure centers like malls, movies, restaurants, etc. Moreover, the ideal apartment needs to be near main city facilities like hospitals, clinics, schools and community parks.
6- Amenities
If you’re going to get an apartment, you’ll be in a building, same as the other hundreds of residents. You’ll be sharing a lot of amenities and facilities with them such as the pool or the gyms. To avoid the hassle and inconvenience, make sure that the neighborhood has other places you can consider.
Having backups and places to go from your home like parks is a great idea.
7- Tenancy Contract
It’s imperative that you make sure you get professional help while drafting up the tenancy contract. Without an expert by your side, chances are the landlord and their agent will draft up a one-sided deal. There are thousands of cases reported everyday of how people were defrauded and tricked into bad deals. Try not to be one of the victims.
Consult certified agents who can help you negotiate the terms of your tenancy.
8- Rental Appreciation Law
Another important thing that you should know, especially if you’re not relocating in the Emirate, is about rental appreciation.
The law clearly states how rental rates appreciate over regular periods of time. Make use of the Rental Cap Law to your advantage. Unless the rental price is 25% lower than the average market price for the property similar to the one in question.
9- Ejari App
Calculate your rents and make use of the Ejari app to register your rental agreements. Not only is the app in place to keep a record of your stay, it also provides crucial help to tenants and landlords. Use the app as much as you can and find out more about the emirate’s laws regarding tenancy and possible resolutions.
10- Maintenance
Another important thing to consider is the maintenance of the apartment that you’re going to be staying in. Most people think that maintenance costs are solely the landlord’s responsibility. Whereas, some landlords think that unless the maintenance costs amount to a specific magnitude, it’s the tenant’s responsibility.
Make sure you get on the same page with your landlord before you finalize the terms of your agreement.
11- Additional Costs
People underestimate the costs of moving into a new place. You need to keep in mind the various taxes and fees you’ll need to pay in order to register as a tenant. Furthermore, it’s not so easy moving to a new apartment without hiring professional movers that can charge a certain amount as well.
You’ll only be able to use online tools like a property finder to see prices pf properties. This won’t include all the costs you’ll accrue in the transaction. So, keep a sum aside for miscellaneous costs that may arise for your move.
