If you are one of those who wish to invest in property but have no idea how to go about it, then this blog post is for you. It will give you tips to turn your property into a rental property. Read all about it. Expounding the potential of renting out your property this year, renting out your home has become an option for many homeowners who are looking for a way to generate more income from their real estate investments by making them available for short or long-term rentals.
Nothing is impossible in the emirate of Dubai. The long-term political stability ensures that Dubai is taking quick and efficient steps to bounce back from the pandemic setback and is now poised for exponential growth. Attractive incentives for not only locals but foreign investors also keep the market lucrative, resilient, and fresh.
The trend for 2021-22 shows that people are now leaning towards more spacious and greener properties. The pandemic has shown that businesses can operate as successfully with the work-from-home model as well. Hence, the presence of a home office has become a substantial profitable asset.
If you own property in Dubai you must now look to using it to your advantage and generating an impressive return on your investment as Dubai is a renters and buyers market.
If this whole concept stresses you out or if you simply do not have the time or expertise, join hands with an agent who is experienced with proven competency. They will advise you on how to get the best out of your property, market it and even find you, potential renters. Their vast networks will help spread the word far and wide and renters will line up in no time. Agents also help with listings and the post-sale paperwork which is time-consuming and will be a huge task off your shoulders. This will also let you focus on the more productive tasks in relation. Agents can also help screen prospective tenants for you leaving you to attend to the genuinely interested. Just make sure to check if they are registered with the Dubai Land Department and have a valid RERA number.
Finding a home appraiser will help with determining the amount of rent you can charge for your property. Each property has unique attributes that can increase or decrease its value. By putting too high a price, you might turn off many potential renters and the delay will cost you money. Or you can lose a fair chunk of income by agreeing to a lower price.
The first step to attracting a potential renter is to market your property well. Ensure that you are offering the best version of the space. Ensure everything is up-to-date, in pristine condition, and highlight the USPs of the property such as its amenities, facilities, location, etc. A small investment in sprucing up the place or a low-budget upgrade will go a long way. Consider offering a rent-and-utilities inclusive deal which may make your property more attractive to prospective tenants.
It is common to require a permit for turning residential properties into rentals for safety reasons. Typically, an inspector from the local government will inspect the property for any potential health and safety hazards. Permit requirements vary depending on the location, so reach out to the local city hall to find out if you need one.
Whether you are renting out an apartment or a villa in Dubai, CMA can be of great help. Apply for an Ejari certificate. This is one of the most important steps when renting out your property in Dubai.
Follow these tips and you will soon be on your way to sign on the dotted line. Good Luck!