The decision to rent or take your own house is subjective and it should be decided only after carefully considering.
Buying or renting a house is largely a personal decision or a personal desire. There is no doubt about it. But buying a house is not always practical due to a sharp increase in property prices. At the same time, when you live on rent, you get a comparatively affordable rent and get a habitat filled with facilities. There are also many people who like to live in a rented house. He does not want to buy a house. If you want to avoid conditions like highly priced real estate market, long legal process and heavy monthly EMI, then being a tenant can prove to be a better financial deal than being a property owner. If you live in a rented house, then let us know what benefits are available.
Maintenance expenses are low
When you live in a rented house, the first advantage is that you have to pay the expenses of maintenance. For example, as a tenant, you can give some charge for the basic maintenance of that rented house, but you do not have to think anything for big repairs or damage. This responsibility is of the owner of that house. The landlord may have to be spent for repair or maintenance, including home loans.
Freedom to live wherever you want
A major advantage of living in a rented house is that when you can change the house on the location of your choice. It gives you more flexibility than being a home owner. This is ideal for people who often change jobs. The tenant just has to do that one month notice has to be given before vacating the house. There is no need for a long -term commitment to the tenant to hire.
Benefits of tax exemption on rent
You can also take financial benefits of living in a rented house. You can claim house rent allowance i.e. HRA. According to 99acres, tenants in metro cities can claim about 50 percent of their basic salary and up to 40 percent in Tier II or Tier III cities, which provides a special financial benefit. Whereas the landlord has to pay annual property tax to the owners of the house, depending on the location of the property.
Get more facilities
Another financial advantage of staying on rent is that you get facilities which may otherwise be a big expense. Facilities like pool, gym or sports courts are usually available in moderate to high level residential society. In many cases, the owner of the property pays a lump sum maintenance fee, which may also include free membership to reach all these features.
No advance investment
When purchasing a property, the owner has to make heavy down payment before taking a loan. Subsequently, depending on the type of property or lifestyle options, the owner has to spend more on interior decor, furniture etc. Property tax like stamp duty and registration fees is paid directly from the owner’s pocket. Whereas the tenant does not have to invest in advance to fulfill these responsibilities. The only advance cost paid by the tenant is the Security Deposit. She is also returned while vacating the house.
Latest business news
