Investment in real estate is a big deal. Not every person can get so much money to invest in real estate. This is the reason; many people are very much into renting properties over buying them. Nowadays people are living quite fast life, so they need to move to different places. It might not be feasible for them to invest in property everywhere they go. So they sorely look for the flats for rent in electronic city phase 1, which is a good area to live in Bengaluru.
Although investing in real estate is a great thing. But after the pandemic, people are not much in the state to invest in real estate properties. So they rather rent the property rather than invest in buying one. Let’s have a look at the benefits of living in rented flats.
- There is no need for a down payment: If you are going to get your flat on rent, there is no need for the person to submit the down payment. However, the person needs to give security for renting a flat in advance, but the amount of security is far less than the down payment. If you have a limited budget and you instantly want to have access to the living area, renting a flat will be the best option.
- No need to carry a mortgage debt: If you want to invest in real-estate property, most people end up taking a house loan. Every month the person needs to pay EMI for the debt raised, which becomes quite a task for the person. But there is no such problem while renting flats as the person needs to pay rent every month, which is not as high as EMI. Even renting a property will not let the person raise debt.
No need to pay real-estate taxes: It is one of the financial-based benefits of renting a property over buying it. All the owners of the real-estate properties need to pay taxes for their property according to the rules stated by the government. But the people who are taking property on rent are not supposed to pay taxes. It is a great advantage that needs to be considered while making the final call.
- Utility costs will be lower: Mostly, the rented apartments might have lower utility costs. Some of the flats already have so much of facilities installed in them like geysers, Air conditioners, etc. This way, the person coming on rent can use all the facilities at a very low price. The charge for its usage will be included in the rent and the electricity bill, which will be comparatively less than buying new things for your new place.
- You are not responsible for maintenance: It is not the duty of the people who are taking property on rent to mountain the property well. The apartment owner purely has to look after the property well. In case your flat wall pipe is leaking in your rented apartment, you can straightaway call your owner and ask them to get this repaired.
- No need to worry about real-estate value: If you are taking property for rent. You need not worry about the real-estate values that are going on in the market. In the real estate industry, the prices tend to fluctuate a lot. Sometimes the person’s property in which he/ she has invested process can go extremely down, which can be a great loss for them. But if you rent properties, there is no such issue.
- More flexibility: If you buy a house, you need to live in that specific house. It might be very difficult for you to move in with the other opportunity that you might be getting in some different place. But there is no such issue when it comes to rented apartments. These provide higher flexibility. You can leave the apartment and move to some other place quickly, which is a great thing. If you want to make a lot of life changes, renting a property will be the best decision for you.
- Flexibility to downsize or upgrade: The best part about renting properties is that it provides great flexibility to downsize or upgrade your property according to your requirement. This facility is not there when you invest in buying the property. After lockdown, it is seen that many people have downsized their apartments as it leads to less amount of rent and other expenses. If you have to occupy more people you can easily look for a bigger flat.
Renting flats is the best opportunity that the person can get in this fast-moving world. You can easily look for the flats for rent in electronic city phase 1 Bangalore from Stanza Living, as it is a great platform to show you the best options regarding properties available near you.
Read more click here