Is your lease coming to an end? Before you renew your tenancy contract, consider your position and if this is still the perfect house for you. It is a major decision to stay where you are or to start looking for a new place to live. So, to assist you in making the best decision possible, we’ve compiled a list of considerations to consider before renewing your lease contract in Dubai.
WHAT TO THINK ABOUT BEFORE REnewing Your Dubai Tenancy Contract
Here are some things to keep in mind while renewing your rental contract in Dubai.
YOUR FUTURE DESIRES
Before signing the renewal contract, you should think about your intentions and if the property still meets your needs. If you want to establish a family, change employment, or even return to your native country, you should reassess your living situation.
If the situation appears to be unexpected, you might begin exploring for alternate homes in Dubai’s burgeoning rental market. For example, if you plan to leave the nation shortly, you may choose for a short-term rental rather than the typical long-term yearly lease. You may easily locate flats in Dubai for rent on a monthly basis that provide more freedom.
YOUR SPENDING Strength
The most apparent consideration when renewing a lease arrangement is your ability to pay. However, it is often simple to neglect the budget. The annual rent deducts a significant portion of your salary, thus it’s critical to analyze your budget when renewing your Dubai tenancy contract. If you want to save money in the future months, consider moving to a more cheap property in the same neighborhood.
On the other hand, you should reconsider the rental worth of your existing residence. It is advisable to keep track of pricing trends in order to effectively bargain with your landlord prior to the renewal of your rental contract.
However, keep in mind that under Dubai tenancy contract renewal requirements, you must provide your landlord at least 90 days’ notice before amending the conditions, including the rental price, before the contract expires.
YOUR LEASE CONDITIONS
Make sure you are aware of any modifications to your lease conditions before renewing your tenancy contract in the UAE. This might range from imposing parking fees to changing building restrictions, such as prohibiting dogs. As the 90-day notice period approaches, it’s best to ask your landlord personally. To avoid uncomfortable circumstances later, make sure your new lease conditions meet your needs before renewing your tenancy contract.
Consider whether you may negotiate more amenities in your new lease conditions when your rental contract is up for renewal. This provides access to common facilities including a gym and a pool, as well as extra parking places and monthly maintenance.
Landlords are also known to raise rent throughout the rental agreement renewal procedure. Read our guide on using the RERA Rental Increase Calculator to see whether the requested increase is consistent with RERA calculations. Landlords must follow the RERA Price Index.
Whether your rent is going up, investigate if you can avoid it by agreeing to a longer tenancy term. If you have a good connection with your landlord, inquire about price reductions or exemptions while renewing your leasing term in Dubai. Many potential problems may be avoided if the renter and landlord have a strong connection.
LIFESTYLE IS IMPORTANT
Consider how your stay in your existing property has been so far before renewing your leasing contract in Dubai. What seemed like the ideal house when you signed the lease may not be the best option right now.
While small inconveniences are common, you should considering renewing your rental contract if you have difficulty getting to work, a lack of facilities, or live in a noisy environment.
You can relocate to a different neighborhood that better matches your needs. Flats for rent in Dubai Sports City, for example, are great for sports fans, as gyms, cricket and football grounds are nearby. Apartments for rent in Downtown Dubai, on the other hand, appeal to individuals who prefer being close to fashionable restaurants and attractions.
Your home should be where you feel the most at peace, and if that isn’t the case, it’s something to think about while renewing your lease agreement in Dubai. If you decide to leave your existing residence, do everything possible to obtain the highest security deposit reimbursement.
PERFORM RESEARCH
It’s also a good idea to look at other residences on the market before renewing your rent term. Who knows, you might be able to discover a nicer house at the same price or in a comparable location without paying more.
A shorter commute to work or your child’s school, greater storage space, and even faster access to retail malls or restaurants can all come from relocating. Some inhabitants choose to upgrade from an apartment to a villa in order to have more room and solitude.
ARE YOU Ready TO INVEST?
If you’ve been fantasizing about making the thrilling leap from tenant to property owner in Dubai, you’re in luck. With high ROI and low pricing, investing in Dubai’s real estate market is an excellent way to secure your future.
Simply educate yourself about the benefits and drawbacks of purchasing a house in Dubai to assess whether homeownership is the best option for you.
