Benefits of renting a home

Benefits of renting a home

Benefits of renting a home

In India, the traditional culture of wanting to own our own home still persists at quite a high level. However, in the prevailing economic conditions of inflation and economic downturn, it has become challenging for many to reach that aspiration. The situation is more hardened due drastically risen property prices. Therefore, renting a home seems to be a viable option and following are a few benefits that might motivate you to take a rented accommodation:

No Long-Term Commitment

When you are opting for a rented accommodation, there is a no long-term commitment. On the other hand, purchasing a home requires long term commitment in the sense that one spends a lot of money, which most likely comes from taking a loan that stretches from a period of 10 to 25 years. Renting requires signing a contract that rarely exceeds a period of 11 months and the advance deposit that is made generally ranges in thousands.

Involves less risk

The frequent changes in property prices have a greater impact on home owners rather than those who are living on rent. If the owned property decreases in value, one has an increased chance of losing out financially whereas the changes in rental prices are not all that significant.

Helpful in case of circumstantial changes

A renting accommodation helps in case the circumstances change and there is some unforeseen situation that pops up. For example, one might change a job due to which relocation is a requirement or there is a change in the financial status and one wants to move to a cheaper or more expensive locality.

Less responsibility

While renting, the responsibilities regarding the property are shared between the landlords and tenants. For instance, most of the times, all the expenses to the major constructional damages or issues are borne by the landlords.

Owning a property, for sure, has a lot of advantages and gives a sense of financial security; however, renting should not be seen as any less benefiting. Moreover, renting is an option when one is not ready to invest long term to owning. To explore the options of renting in your area visit http://www.makaan.com/ or http://www.makaan.com/search-property

Last Updated: Mon Feb 04 2013

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