Many people aspire to have their own space in the UAE, transitioning from shared accommodations to renting a place of their own. This shift is often seen as a step towards independence and personal fulfillment, promising a sense of privacy and comfort.
To achieve this goal, most people typically prioritize finding a rental property that meets their needs and preferences as soon as they get an increase in their income. They may view having their own space as a symbol of adulthood and success, eagerly pursuing this milestone.
However, the transition to renting a place of their own can bring unforeseen financial challenges. While having personal space can improve quality of life initially, these individuals may underestimate the financial responsibilities that come with renting independently. They may overlook the true cost of living alone, including rent, utilities, and other expenses.
True Story
Maria (not her real name) quickly rented her own apartment in the UAE after a significant raise but regretted it due to the financial strain, emphasizing the need for careful planning before such decisions. When considering the transition to independent living, it's crucial to prioritize financial planning over the desire for personal space to ensure long-term stability.
Other Considerations Before You Finally Have A Space of Your Own
EXPENSE | AMOUNT |
---|---|
Security Deposit | - 5% of Annual Rent (Unfurnished) |
Housing Fee (Dubai Municipality Fee) | 5% of annual rent paid in 12 parts, added to DEWA bills |
Agency Fee | 5% of annual rent for residential property |
Ejari Registration Fee | 120 AED |
DEWA Security Deposit and Connection Fee | 2,130 AED |
Chiller | Varies |
Maintenance | 1% of Rent Cost (Recommended Budget) |
Below is a sample computation for a 41 sqm Unfurnished Studio Discovery Gardens as of March 4, 2024:
EXPENSE | AMOUNT |
---|---|
Annual Rent | 40,000 AED |
Security Deposit | 2,000 AED |
Housing Fee | 2,000 AED |
Agency Fee | 2,000 AED |
Ejari Registration Fee | 120 AED |
DEWA Security Deposit and Connection Fee | 2,130 AED |
Chiller | Included |
Maintenance (1% of Annual Rent) | 400 AED |
TOTAL | 48,650 AED |
I happily lived in a tent.
Final Thoughts..
Don't rush into renting a one-bedroom apartment just because you can afford it now. Take your time to make the right decision.
Having lived in Dubai for nearly 9 years, I've experienced various living arrangements. Initially, I lived with over 20 people. Over time, I gradually reduced this to sharing with eight, then down to three last year. If I were still single, I'd consider sharing with four to six people due to the rising cost of rent.
While I'm aware of the challenges of sharing space with many people, such as crowding and lack of privacy, there are also benefits to living in a smaller space. It can lead to less clutter and fewer items to manage, giving you more time for important things. Personally, it even helped me overcome my addiction to shoes.
It doesn't make you a 'failure' if you don't own your place. However, if you have a family living with you in Dubai, owning a place might be worth considering.
Approach the decision to rent your own place with careful planning and consideration of the financial implications. By doing so, you can avoid financial pitfalls and achieve long-term stability without sacrificing comfort.
Kuya Jay
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