If you are planning on becoming a landlord, you obviously have the skills of being personable, collecting and keeping track of rent and outstanding balances, and responding in a timely fashion to maintenance emergencies at residences. You also might be able to juggle several apartments while collecting rent, providing upkeep for your apartment, and making sure tenants recommend you to their friends as a responsive landlord.
You have probably put a lot of thought into getting an apartment for sale in dubai and are now ready to begin your career of leasing apartments. If you live in the United Arab Emirates, perhaps now is the time to get an apartment for sale in Dubai and start your career as a landlord.
If this sounds like you, read on to find three advantages of getting an apartment for sale in Dubai.
The Floorplan is Already Designed
One of the major benefits of buying an apartment instead of buying a house to lease is that the floorplan is already designed. Doorframes, the kitchen areas, and so on will already be sectioned out. This means that you will not have to worry about portioning the room, designing outflows for any appliances, and so on.
The way that floorplan is designed is the way that you are going to lease the apartment that you bought. You can have one, two, or three-bedroom apartments, and the more rooms there are, the more that you can rent it for. The more that you rent it for, the sooner you will recoup the initial cost of the apartment for sale in Dubai. The maximum amount of time that it should take to recoup your earnings will be roughly 2 years.
For example, the one of the least expensive one-bedroom apartments for sale in Dubai will go for AED 520,000. One of the lowest rent prices for a one-bedroom apartment in Dubai will go for AED 21,000 monthly. You will need someone to live at the apartment for over 25 months.
However, a two-bedroom apartment for sale in Dubai will go for AED 795,000, but you can lease it for AED 34,000 per month. This means that it will only take over 23 months to recoup your earnings.
As our last example, a three-bedroom apartment for sale in Dubai will go for AED 1,300,000, while a three-bedroom apartment can be leased for AED 50,000 monthly. This means that it will take 26 months to recoup your earnings.
Currency
By far the most advantageous part of getting an apartment for sale in Dubai and becoming a landlord is if you are expatriate from different countries. The Euro, United States Dollar, and United Kingdom Pound Sterling, for example, perform exceedingly well against the dirham.
This means that the prices we just gave you in dirham for the prices above can be far less expensive. A one-bedroom apartment for sale in Dubai, using the numbers we already gave you, will go for roughly $14,155, 10,848 pounds sterling, and for 11,934 Euros. For a two-bedroom apartment for sale in Dubai, these apartments will go for roughly 182,453 Euros, 165,837 pounds, and $216,3999. Finally, for a three-bedroom apartment for sale in Dubai, these apartments will go for $353,860, 271,180 pounds, and 298,350 Euros.
If you already have this money, you can afford an apartment for sale in Dubai and make money. If you do not have this money, you will at least start off with less debt than you would have if your currency were only in dirham.
Timely Recouping of your Money
Finally, you can also regain your money quickly after buying an apartment for sale in Dubai. If we go back to the costs in dirham, you can charge much more in monthly rent if you have a good location and a luxurious apartment.
For a luxurious apartment, you could charge up to AED 530,000 yearly in rent for a one-bedroom apartment. So, if you bought an apartment for sale at AED 520,000 and upgraded the apartment, you would gain 10,000 in the first year, minus the cost of upgrading everything. For a two-bedroom apartment, you could upgrade everything and charge AED 850,000 per year, making a profit of AED 55,000 minus the cost of upgrading the apartment. Finally, for a three-bedroom apartment, you could charge AED 900,000, meaning you will be down AED 400,000 plus the costs of upgrading, but you would make it up in the second year.
Overall, if you are looking to recoup the cost of an apartment for rent in Dubai, it will be fastest to get a two-bedroom apartment for sale, but a one-bedroom apartment can also be recouped very quickly. A three-bedroom apartment, therefore, requires a long-term commitment to recoup your expenses.
Conclusion
Currency that performs strongly against the dirham, a pre-arranged floorplan, and the ability to recoup your losses very quickly. These are three main benefits to getting an apartment for sale in Dubai. Now that you are armed with the knowledge you need to become a landlord and what sorts of prices you can charge in rent without getting laughed out of town, you can begin to flourish in your career.