Reasons Why Renting Could Be Better Than Buying
Having a home of your own is the dream of everyone but it may not be suitable for everyone. Both renting a home and owning a home have their own advantages. Some people might prefer renting because of their continuously switching jobs. In this blog we will discuss why renting a home is better than owning a home and what are the benefits of a rental home. Let's get started right away!!
Why is renting better than owning?
1- No maintenance Cost-
If you are renting a home then, all the cost of maintenance like roof leakages, water issues or appliances not working, everything will be borne by your landlords. However, on the other hand, homeowners have to bear their own maintenance and renovation costs.
2- Access to luxury amenities -
Flats on rent have the benefit of enjoying the amenities like pool, fitness center, game center without paying extra rent for it which homeowners otherwise have to buy which is quite expensive.
3- Down payment vs security deposit -
While renting a place , Tenants usually have to pay a security deposit which is almost equal to the monthly rent and returned to them after leaving the place, provided that the place is not damaged.
On the other hand if you're purchasing a home of your own then, you have to pay a down payment which is almost 20% of the value of the house. Hence you are surely saving a lot of money while renting a house rather than purchasing it.
4- Flexibility -
If you are choosing rental apartments rather than owning a house then, you have the benefit of living wherever you want by renting the place which one can afford. If you are switching jobs it will be quite easy for you to rent the apartment near your workplace and would be more flexible and convenient.
But, the house owners on the other hand are in a disadvantaged position in this case.
5- Changing property value-
The property value keeps on going up or down which is concerning for house owners but not for renting apartments.
6- Insurance policy -
The insurance policy for homeowners is quite expensive as compared to the renter's insurance policy which is quite reasonable and covers almost all the appliances, furniture, etc.
7- Fixed rent amount -
The tenets are required to pay a fixed amount for rent and choose your rental place as per your budget. In the case of landlords the mortgage interest keeps on fluctuating which could be concerning for the home ownership.
However, if the owner increases your rent then too you will be prepared and adjust your budget as it will be informed to you in advance through a notice by the landlord.
Hence, taking 1bhk or 2bhk flats on rent, 3bhk flats on rent surely has a lot of financial advantages over owning a home.
If you are someone who is looking for renting a place at Indore then, flats on rent at super corridor indore are available with amazing amenities and affordable pricing.