Are you confused if you should rent a house or own a house? There are many reasons as well as pros and cons for both the options. Owning a home may be a lifelong dream for many people but it is not suitable for everyone. Renting a home is a perfect option for people who are not yet ready to buy or own a house. Renting is a viable alternative for buying a home. Especially people who wish to remain free of the authorities and duties because we all know that owning a house comes with huge responsibilities and as much as one wishes to own a house, he/she must always consider them.
Why Is Renting Better Than Buying?
In India, it has been observed that people consider owning a house as a higher value and renting as a compromise. Although both options have their own advantages and disadvantages. Owning a house is almost every Indian’s dream, but escalating property prices, the burden of maintenance, etc. has led to many individuals preferring to rent rather than buy. Renting is a simple way to get the space you want without the burden of saving for the down payment. Especially for people who wish to live freely, who travel often and who do not wish to settle in a specific place or city, renting is a perfect option for them to choose. If you are planning to invest in real estate property in Ahmedabad, Connect with Swati Procon. We are coming up with our newest and most luxurious 4 BHK flats in Ahmedabad.
We Have 10 Reasons For Why You Should Go For Renting:
Flexibility is the freedom of living wherever you wish to, any area or location, you’re not bound to a single place as renting requires no long-term commitment from a tenant. Renters are free to live anywhere whereas home owners are restricted to areas they can afford to live. Living in metro cities is not easy for homeowners, though it is easy and convenient for renters to rent a space of their choice. Although rents can also be higher in some areas, renters have more affordable options than buyers.
No down payment:
Renters usually have to pay a security deposit, which is equal to their one month rent and that is usually it. The deposit in almost all cases is returned to them when they move out of the space permanently, provided they haven’t damaged the rented property. When purchasing a home, one has to pay a down payment, generally called the booking price which is around 15% to 20% of the property’s value. The amount needed for down payment is much higher than a security deposit or rent.
Fixed rent amount:
One of the most relieving things about renting is that you have one fixed amount for the place. The amount of the rent is fixed for the span of the lease agreement. Although landlords can raise the budget, the renter can always have a fixed budget. After spending the fixed amount on the rent, the renter has the freedom to invest their money elsewhere without worrying about mortgage, maintenance, or another monetary burden that comes with buying a house.
One of the major benefits of renting rather than buying is that there are no property taxes. Real estate taxes can be a massive burden for homeowners. There are no more amounts to pay other than rent, security deposit (which is a one-time pay) and in some cases, electricity bill, depending on the agreement by the landlord. The renter does not have to worry about property taxes.
The main benefit of renting is definitely not having to pay maintenance costs or repair bills. Since you do not own the property, you do not have to worry about the cost of living in a specific property area. The landlord is liable to take responsibility to pay maintenance, improvement and repair amounts. If the renter faces any problems such as leakage in the ceiling, appliances not working, or any other property-related problems, the landlord has to fix or replace it.
You’re not stuck with any losses:
Properties and homes gain and lose value all the time. Not just the house, the neighborhood too can go up and down in value. The area around the neighborhood or the house can also impact its value. Although how much ever the home value increases or decreases it does not affect your rent amount. Hence, your budget is not affected even if there is loss in the house value.
Easier to shift out:
If you’re not planning to stay in a particular city or area for a longer period, renting a house is an ideal option to go with. Buying comes with a lot of commitments, one has to expect to live there at least for five years or more. Being a renter, if you’re not satisfied with your stay, area, surroundings or changes in job, it is way easier to shift out of the place. There are always some terms and conditions provided by the landlord, however, it is easier because you’re not bound to stay at the rented place permanently.
Alternatives to choose from:
When you’re seeking a rented home, you have many options available in any city or location as owning a house in your preferred or particular location is not as easy to get. Renting nowadays is less complex and easier because of the huge number of young adults who are shifting and relocating because of education or work. Because of that people with house ownership have started providing renting options in order to earn as well.
Living with friends:
Living with friends is nowadays preferred by not only students but every other young professional, in order to share rental properties with minimized cost. Living with friends benefits in saving and minimizing the cost of the rent, bills and other expenses necessary for everyday living. Plus, one gets freedom and a sense of joy as well with their friends.
One of the financial benefits of renting is having access to amenities that would otherwise be a big expense if you’re owning a house. Luxuries of swimming pools, fitness centers, etc. comes with no additional cost or charge to the tenants. The landlord owning the house has to be responsible for the payment of the amenities and not the renter.
For those with a free lifestyle and who don’t wish to get burdened with the responsibility of owning or buying a house, renting is a viable and more convenient option. If you are looking to buy property in Ahmedabad, then visit our newest project. We are able to fulfill all your requirements and desires that you expect from a builder before buying a flat. Buy a flat in Ahmedabad, and live the luxurious lifestyle that is offered by our projects.