Rents may be coming down at the higher end of the Dubai and Abu Dhabi property markets, but the same cannot be said for more affordable areas where prices are on the rise. This is according to this week’s Money Section, which highlights how some UAE residents are choosing to downsize to smaller homes to save money. With this in mind, Caroline Domanska, a ‘Money Coach’ in Dubai from Money Mindset Coaching, offers five tips on saving space and money when relocating to a smaller pad.
1. Don't bother with a spare bedroom, instead invest in a sofa bed in your lounge for guests. To motivate you, work out what else you will use the money you have saved for.
2. Opt for an apartment over a villa with a garden and turn your balcony space into a small garden instead. Buy lots of indoor plants to compensate for the lack of greenery outdoors. Does the space make you feel first class? Don't worry about what others will say, if downsizing makes you feel abundant, then go for it.
3. You don't need as large a living room as you think. Load your old CDs and DVDs onto an external storage device, swap books for a kindle and use a fold-out dining table. Also look to Ikea for inspiration on how to make the most out of a smaller space.
4. The focus in the UAE is often on the new, but remember that moving into a brand-new building is often more expensive than making do with a complex that has some history to it, so look around to compare prices. Choose an apartment or villa complex without facilities and put some of the money you've saved into a nearby health club membership. Or take advantage of Groupon-type deals for a swim or to use a gym. To have all theses perks – gym, parking, coffee shop, garden, or a pool – is not a necessity, it's just a story we tell ourselves about how life in the UAE is.
5. Purge your home of any items that don't have sentimental value, to make more space in a downsized home. Do you really need the juicer that has not been used since last year, or the second spatula? Lots of bulky items can often be borrowed from neighbours or friends on the rare occasions that you need them.
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