When a person evaluates a move or property purchase, they often start with one big number:
- rental cost;
- monthly mortgage payment;
- apartment prices.
But housing is only part of the cost system.
A beautiful preliminary budget can quickly fall apart if the other elements of life are not taken into account.
Housing
The budget includes more than just rent or mortgage.
Depending on the situation, the following may appear:
- deposit;
- commission;
- registration fees;
- utility connections;
- cooling;
- gas;
- Internet;
- service;
- minor repairs;
- furniture;
- technique;
- moving;
- parking;
- content or service charge.
Transaction costs, bank charges and possible property improvement costs are added to the purchase.
School and children
The cost of education cannot be assessed only by tuition fees.
Additionally there are:
- registration fees;
- transport;
- form;
- nutrition;
- devices;
- excursions;
- clubs;
- sport;
- camps;
- help with children;
- medical expenses.
For a family with several children, this block can determine what housing budget remains reasonable.
Transport
Dubai remains a city where the life scenario often depends on the car.
Need to consider:
- purchase or leasing;
- credit;
- insurance;
- registration;
- fuel or charging;
- service;
- parking;
- toll roads;
- Taxi;
- a second car for the family;
- loss of time on the road.
Sometimes, more expensive housing in the right area reduces a family's overall expenses.
Medicine and insurance
Even if you have insurance, you need to understand:
- what is included in the coverage;
- what clinics are available;
- what are the surcharges;
- is there dentistry;
- are children covered;
- what expenses remain outside the policy;
- How convenient is it to get to medical institutions?
Daily life
The budget also depends on habits:
- products;
- delivery;
- restaurants;
- sport;
- cleaning;
- help around the house;
- animal care;
- entertainment;
- travel;
- subscriptions;
- household services.
Two families with the same rent could have a significantly different total cost of living.
Reserve
In Dubai, maintaining a financial reserve is especially important.
Moving, changing jobs, car repairs, a medical situation, or an urgent need to change housing can require a significant amount of money.
Therefore, a sustainable budget should include a reserve, rather than using all your income to maintain your chosen lifestyle.
LiveDXB method
LiveDXB will not calculate the “average cost of living”, which is not true for many people.
Scripts will be used instead:
- one person;
- pair;
- family with one child;
- family with several children;
- rent;
- mortgage;
- one car;
- two cars;
- basic, comfort and advanced spending levels.
The correct question is not:
How much does it cost to live in Dubai?
It sounds more precise:
How much will your life in Dubai cost based on the chosen area, housing and daily scenario?