The Great Home-Buying Debate: Cash or Mortgage?

So, you've found your dream home, and now comes the big question: Do you flash the cash or embark on the classic mortgage journey? Let's go ahead and break it down without the jargon so you'll be able to decide which road leads to your new front door faster.

Cash: Quick and Simple

Imagine this: You stroll into the seller's office, a bag of cash in hand, and voila, you're a homeowner. Buying with cash is like the express lane to property ownership. No complex mortgage approvals, no scrutinizing your credit score. It's the VIP pass to real estate happiness.

Perks of Cash:

1. Save Big: No interest or closing costs – just you and your money.
2. Developer's Favorite: Developers adore cash offers, especially in a hot market. Your bid shines without financing uncertainties.
3. Speedy Move-In: Cash transactions sprint to the finish line. No loan approvals mean a quicker move-in.
4. Property type: Cash can buy both ready and off-plan properties.

Considerations with Cash:

1. Financial Ties: Your cash is now in bricks and mortar, limiting financial flexibility.
2. Cash-Out Twist: Have you ever thought about a cash-out refinance post-purchase? It's a curveball for cash buyers.

Mortgage: Playing the Long Game

Now, let's talk about the classic mortgage route. It's like playing chess with your finances – strategic moves and all.

Perks of Mortgage:

1. Double Duty Money: Keep your cash and let a mortgage fund your home. Your money can do double duty in investments.
2. Credit Card for Homes: Mortgages can be your credit card for housing . Use it wisely, and you might earn more than you spend.

Considerations with Mortgages:

1. Interest Intricacies: You pay interest, closing costs, and sometimes more than lender origination fees. It's a financial complexity.
2. Future Flexibility: What if you need that cash for emergencies or a new home? Mortgages can tie you into financial stress. Always keep Emergency funds handy.
3. Eligibility: These criteria will be applied: the minimum salary is 10K AED/month(UAE Nationals) and 15K AED/month (non-UAE Nationals), the buyer's age should not exceed 65-70 years, and the Property should be Ready to move in. There are other factors like Credit score, Debt to Income ratio, and Loan term. (stay tuned; we will discuss this topic in detail later)

Decoding Cash and Mortgages

Paying cash for your dream home? Get ready for a ride through the perks and considerations of this quick, stress-free journey. Say goodbye to interest worries and closing cost chaos. You're the developer's favourite, and the finish line is in sight. But beware of the cash conundrum – your money's now tied up, limiting your financial moves.

Considering the mortgage marathon? It's a game of financial chess, where your money makes strategic moves. Mortgages can be your credit card in the real estate world, boosting your investment power. Yet, watch out for the interest intricacies and the future flexibility dance – your financial steps might be more intricate than you bargained for.

So, Which Path to Home Sweet Home?

Closing Thoughts: Your Home, Your Story

In the ring of cash vs. mortgage, there's no universal champion. It's about your goals, financial landscape, and your appetite for real estate adventures.

So, which path will you tread on your journey to home sweet home? Share your thoughts and embark on your unique real estate odyssey!

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