If your tenancy contract is ending soon, you should explore ways to renew it. But, there can be another idea for you to implement.
You can give it a thought whether the current house is right for you. And if you find that there can be better options for you, you can start looking for a new home in Dubai.
So, it will help if you make some good decisions before you decide to renew your tenancy contract.
Before you renew your tenancy contract in Dubai, you should keep in mind:
Assess what you want to do in the future, and figure out whether the current property fits those requirements.
You might have different plans–you can start a family or switch your job or even move back to your home country.
If your future is unpredictable, you can start looking at alternative housing options in Dubai. For example, if you plan to move out of the UAE, you can consider switching to a short-term rental instead of the traditional long-term annual lease. In Dubai, you can easily find apartments on monthly rent with greater flexibility.
The amount of money you have is perhaps the most important factor for considering before you decide to renew your contract.
Remember that the rent can take away a big chunk of your salary, so you should carefully consider your budget before renewing your Dubai tenancy contract.
If you want to ease up on your budget, you can consider moving to an affordable home.
It will help if you keep track of the price trends to better negotiate with your landlord before your rental contract renewal.
But, you should give at least a 90-day notice period to your landlord for changing the terms, including the rental amount, before the expiry of the contract, according to Dubai tenancy contract renewal rules.
Your Lease Terms
You should ensure that you know the changes in your lease terms before renewing your tenancy contract in Dubai. The changes could be anything from introducing parking fees to changes in building rules, such as pets not being allowed. You should ask your landlord if there are such changes before 90 days of contract expiry. It will help you avoid any unpleasant situations in the future.
Also, you need to consider whether you can negotiate any additional amenities in your new lease terms before renewing your rental contract. For example, it can include access to shared facilities such as a gym, pool, additional parking spaces or regular maintenance.
Commonly, you will find landlords increasing rents when they renew contracts. However, if your landlord seems interested in improving the rent, you can avoid the prospect by agreeing to a longer tenancy term.
Maintaining a good relationship with your landlord can always do the trick. In such a case, you can ask for fee reductions and waivers when you renew your contract. In addition, when you maintain good relationships with your landlord, it can solve many problems and save rental costs.
It will help if you look at your lifestyle in your current house before you renew your rental contract.
It might so happen that the house might have appeared as a perfect home when you entered into the rental agreement might not be the most suitable one right now.
Many things might call for changing your house, like struggling to reach your workplace, lack of amenities or noisy surroundings. It will help if you examine such factors before you renew your contract.
There can be the option of moving to a different neighbourhood that suits your lifestyle. For example, if you are a sports enthusiast, you can consider renting near the Dubai Sports City, where you will find are ideal for sports enthusiasts, with gyms, cricket and football grounds in the neighbourhood. And, if you are foody, you can consider renting a house in Downtown Dubai which has many restaurants.
You should ensure that your home should be comfortable for staying in. And if your current home poses some problems, you should change it. If you decide to change your current house, ensure that you get the maximum security deposit refund.
It will also help if you check out other properties in the market before you renew your contract. It might so happen that you might get a better property at the same price without having to pay extra.
You should ensure that the new home you choose is near your place of work or school, has more storage space, and is near shopping malls or restaurants. You can also consider upgrading from an apartment to a villa to enjoy more space and privacy.
You can visit a property portal to check out properties for rent in Dubai to discover new apartments, family villas and townhouses that come within your budget.
But, figure out the amount of extra money you need to pay in moving, furnishing and setting up your new home if you decide not to renew your contract but move to a new home.
You can find a home at your current rent, but these additional costs can make the entire process more expensive.
If possible, you can also move out of Dubai and stay and work in a different emirate to save rental costs. If you buy a property in the UAE, you can regard that as one of the best investment decisions in your life. And with a matured property market in the country, you can quickly find a property to buy in the UAE.
It is a crucial factor before you decide to renew your tenancy contract. Ensure that you understand your legal rights before continuing a tenancy contract in the UAE regarding rent increases, evictions and changing the lease terms.
You should avoid renewing your tenancy agreement in Dubai without any consideration. And this article describes what you should consider beforehand. It is not only the financial aspects that matter. It is also the impacts your daily life you should consider.