Buying a home is, without a shadow of a doubt, a common dream of every individual. But, it is important to understand that homeownership is not for everyone. Especially in India where the real estate market is in a constant state of flux, buying a home can be a risky affair for some people. For those who are not ready at the moment to buy a property, they don’t really need to feel disappointed as even renting a home is better than buying and there are some advantages of being a tenant.
Why renting a home is better than buying?
Here are some reasons why renting can be a good option too!
No worries about decreasing property value
Yes, it takes more than a suitcase full of cash to buy a home, and it can be disappointing when you find your property value decreasing with time. Of course, this is not always the case but a sure possibility. The risk of decreasing property value is always there when you are a homeowner. But, being a tenant, you don’t really need to worry about the real estate market fluctuations or any fall in the property value.
No maintenance cost or repair works
Being a homeowner is a 24 hours responsibility and you need to take care of every corner of your home. You need to keep your home well-maintained, clean, and filled with all the modern facilities. And, there are plenty of maintenance and repair costs associated. From leaking taps to burst pipes, broken furniture to cleaning, there’s a lot to mull over when you own a home.
When you rent a property, all you need to to pay a fixed monthly rent.
No down payment needed
It takes years of your savings to make a down payment, and then pay the remaining amount when you decide to buy a property. You don’t need to deal with these hassles when you rent a property. All your savings can be utilized in other important works or for generating new income streams.
Freedom to live anywhere
How easy it is to relocate when you rent a property, all you need is to pay the last month’s rent, pack, and move to a new destination. Especially, for those who need to travel to different places due to work, rental property is the best solution. Owning a home, you may not enjoy this freedom as you won’t want to pay rent despite having your own home.
Lower insurance costs
Another financial advantage of renting a property is tenant insurance is a lot cheaper as compared to home insurance. Every year, you will need to pay a sum of money as a premium to keep your home insurance active when you decide to own a home.
Enjoyment of amenities
There are various modern amenities that you get to enjoy without having the need to pay a single penny in some cases. For instance, if your apartment has a swimming pool and/or gym and there is free access to tenants, you get a good deal! Think about owning a swimming pool or gym and then comes the maintenance cost, it’s a lot more expensive.
So, these are some advantages of renting a home instead of buying one, find a rental property that is suitable as per your needs and enjoy these amazing benefits.