While owning a house is something many Indians strive for, it doesn’t necessarily make it possible for everyone. The homeownership rates are growing in India. In the past, when families had to choose between renting and building their own home, they would mostly opt for the latter. Why? Building property was not as expensive in the past as it is today.
Although a lot of people still prefer buying or building a house, renting has its own amazing benefits. Renting is a far more practical housing solution for a lot of people considering their financial situation. Below are some benefits to renting instead of purchasing a home. Check out—
There are no repair or maintenance charges
One of the many benefits of renting a property is the lack of maintenance costs and repair bills. The landlord takes full responsibility for any maintenance, improvements, or repairs that are done to a rental property. Your landlord is responsible for fixing or replacing any appliances that stop working and addressing issues like leakage from the roof. So, whether it’s a single room or a 2 bhk flat on rent in bangalore, your landlord is the one who takes care of it.
So yes, homeowners are responsible for all home repairs, maintenance, or renovation costs. And the costs can be extremely high depending on the scope of the task and whether there are multiple jobs to handle.
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Access to amenities
A rental can also provide access to amenities that are otherwise expensive. Key Biscayne apartments complexes that are mid-range or high-end have luxuries like swimming pools and fitness rooms. Buying a house with such facilities will cost you dearly. But when you rent a house, you get all of those amenities at no additional cost.
A homeowner would need to spend a huge amount of money on installation and maintenance if they wanted these amenities.
No real estate taxes
Renters don’t need to pay property taxes which is one major advantage of renting over owning. The cost of real estate taxes can be very high. These costs could vary from country to country or even state to state. Property taxes can be expensive in certain areas. They can run into lakhs every year.
While property tax calculations are complicated, they are based upon the estimated property value of the house as well as the land it is built on. With new constructions becoming larger and more expensive, homeowners can find themselves with significant financial obligations due to property taxes.
You don’t need to pay any down payment
The upfront cost is another area in which renters can get a better deal. The security deposit is usually equal to one month of rent. This is usually affordable. And if they don’t damage the rental property, they can theoretically get their deposit back.
You must have a substantial down payment to purchase a home with financing. This is usually in some percentage of the property’s value. Yes, you make a great investment by owning a home, which renters will never be able to do. But then renting is the best option when you don’t have a huge sum of money on hand to make a down payment.
The down payment required for a home is significantly higher than the rental security deposit.
More flexibility in deciding where to live
Renters can move anywhere. While homeowners can only live in areas they can afford, renters can also live in posh places by paying a slightly higher rent than they think they can afford. For renters, it is possible to live even in the costliest of Indian cities, although it may not be feasible for home buyers. While rents are often higher in areas where there are high home values than elsewhere, you might be able to afford it by adjusting your monthly budget.
Note that discrimination in rental and mortgage lending is illegal. You can take steps if you believe you have been discriminated against because of your race, religion, sexual orientation, marital status, etc.
You won’t have to worry about decreasing property valuation
Property values rise and fall. Although this can impact homeowners greatly, it will not affect renters in any significant way. Your home’s worth can affect the amount of property taxes that you have to pay and the amount on your mortgage. Renters might not be as negatively affected by a weak housing market as homeowners.
The bottom line
Homeowners benefit from owning a house over time due to the money they have put into it. Renters too pay, but they don’t have anything tangible to gain against the years of their rental payments. And still, renting may be considered the best option for those who do not want to worry about homeownership and the high associated costs. But then, whether a person buys or rents a house will depend on their finances, lifestyle, and whether they are working or retired. If you are looking for a house to rent, contacting Stanzaliving would be the best bet.
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