Rents in Dubai are peaking again but as per a number of reports and forecasts, they are expected to stabilize soon. However, today many of us are paying through the nose to meet our annual rental obligations. So, in a high-rent scenario, what can tenants do to make the best of their situation?
MoneyCamel team discusses important topics that all tenants living in the UAE should know about, like security deposit refund, alternatives to annual rental payment and rental loans, to help make the financial burden lighter:
Make sure you get your security deposit back
Here are some tips to make sure you don’t have to let go of your deposit:
- If you’re moving into a semi/fully-furnished house, make sure to go through the inventory list with your landlord, before you sign the contract.
- Take pictures of the house before you unpack and settle down, to document the condition of wear & tear and damages if any, that may have occurred before you moved in.
- Report the damages that occur during the duration of your stay, immediately to the landlord, like appliances or white goods breaking down, fixtures & fittings coming undone and other damages for which you are not at fault.
- If you undertake any home improvements, make sure to inform your landlord & keep him/her in the loop and document the changes.
- Above all, it is advisable to keep documentary proof of important conversations with your landlord. It is better to have conversations over email, rather than on the phone.
Propose half-yearly or quarterly rent payment
If your rent is up for an increase this year, you can talk to your landlord about splitting the payment in two or even four cheques. Considering that it is more convenient for the landlord to let you stay rather than let the house sit empty on the market for a month or two, he/she could be open to such a discussion.
Rental Loans for easier payment
If you’re going through a cash-crunch and are finding it difficult to save up enough to meet your next rent payment, you can consider taking a Rental Loan. A few banks in the UAE are offering loans specifically for rental payments like ADCB and UAB. UAB is offering the best deal on its Cash Flow Loan starting at 3.99% p.a. You can pay off this loan in 12 installments, with minimum salary requirement being AED 10,000 p.m. You can also consider taking a conventional personal loan as well.
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