Whether you are a working professional or a student, you must have thought about finding a rental house, which is, in fact, a good option, but how many times you have seen yourself getting confused about the pros and cons of living on rent?
People these days are disinterested in buying a home and are more inclined towards living in a rental house.
One of the reasons behind lowered real estate buying among the people is rising property prices coupled with the home loan, which has dampened the buying spirit. This has, in many ways, propelled the demand for a rental property.
Furthermore, take a look at the changing statistics…
According to Indian ground, the rental values in cities like Delhi and the outskirts are witnessing an increase of 20-25% from the last few years.
As compared to cities like Delhi, Mumbai, Bangalore, and other cosmopolitan cities, the prices of the rental house have not yet skyrocketed.
Hence, Jaipur is considered a go-to option for people who are looking for shifting for jobs or studies.
Needless to say, as the times are changing, people are moving towards a more flexible lifestyle, which has given rise to increased migration of families and working professionals in search of jobs, better career opportunities, or for studies.
And living on rent is a more preferred option as it leaves you with many opportunities and gives you benefits over owning a house.
For example, a person who owns the house is not single-handedly able to maintain the house or is not able to pay off the mortgage amount then; he might want to shift in a house for rent and give up their own house as a rental property.
As a result, they can change to a new home and can pay off the mortgage amount by the rent he is receiving via his own home.
Let us now have an unbiased opinion about the pros and cons of living on rent
Pros of Living on Rent
Living on rent these days is preferred by many people over buying their own home. There are many reasons behind this changed scenario, and the few important ones are listed below:
1. Gives You the Flexibility to Move:
People who buy their own homes tend to have a responsibility towards their home and also develop a sense of attachment. Due to this, they are not free to move out of town for a better job opportunity or to a better city.
Sometimes people also miss an opportunity as they are not able to leave their homes, and maintaining a home from afar is not possible.
On the other hand, when you are living in a rental house, you are not bound to live in the same city for the rest of your life and this is one of the best advantage of living on rent.
You can move out of the city at any point in time without any responsibility towards your previously rented home.
The flexibility to move also gives you a chance to have better options and career opportunities that are not in the city you are currently residing in.
2. No Insurance or Loan Required:
There are many pros of living on rent and if you aren’t fond of paperwork then its a win-win situation for you!
The problems regarding loan approval, documentation, and insurance is majorly faced by young working professionals and students who are not yet in the position of spending their hard-earned money over buying a home.
Hence, when you choose to live on rent, you will never have to worry about paying off loans or insurance cover as this part of the house is to be taken care of by the house owner.
Enjoy a hassle-free living without taking care of any payment issues except for the monthly rent or paying off property EMI’s which are otherwise a lot of burden on the people who buy their property.
3. Added Security to Your Living:
Many people do not like living alone especially if they are away from their city or family.
There is a lot of concern added to the valuable things or the money you save for emergency use at home.
To save yourself from the constant worry and the homesick feeling, living on rent is considered one of the best options.
Enjoy the convinience of living on rent when you always have a homeowner to cover you and you can be sure of having your things secure in the home.
Also, if you are concerned about leaving your pet alone while you are at work, you may also ask the landlord to keep an eye on your beloved pet.
4. Saving Money Matters:
You might have thought about the financial options while considering the pros and cons of living on rent so, how about living in a fully furnished home with thoroughly maintained appliances and added provisions without having to pay a lot of money?
This is precisely what you get in a rental house.
One of the pros of living in a rental house is a lot of saved money. If you are opting for a rental home, the only money you will have to spend on accommodation is the monthly rent.
Apart from this, you can spend on food and still will be able to save money as you will never have to pay extra money on bills, maintenance of the house and other additional commodities.
5. Enjoy the Luxury that you can’t have otherwise:
If you are fond of living at such a location which is posh and provides you with all the relevant places like hotels, hospitals, schools, and recreational centres around you but cannot afford to buy the property in the area because of the high property prices.
Then, you can find a house on rent in the area you want to live in and shift to the location you desire.
Rental price is lower than the property price even in the central regions of the city. Hence, this gives you the advantage of enjoying the good life with luxury and connectivity to every nook and corner of the town.
You are now aware of all the positives of living on rent, let us now go further into the discussion of living on rent vs. buying a house
Cons of Living on Rent
Even though living in rental homes is the first choice of working professionals and students, there are a few drawbacks of living on rent as well:
1. No room for customization:
Everyone loves to design their home their way.
Be it a child or an adult; everyone loves to customize their abode the way they like it. But, you cannot do the same if you are living in a rental home
The homeowners do not allow the tenants to drill a hole, build another room or, to paint the wall according to their likes.
This limitation of living on rent is often disliked by people who love to design their homes in line with their dreams.
2. Decision is Affected by Rental Fluctuations:
Do you know that prices for house rent fluctuate every day and this is the most significant drawback of living on rent.
The home that perfectly fit for your budget today may not be very affordable after two days.
The fluctuations are generally affected by demand and supply.
Hence, according to the statistics, you should start looking for a house on rent when you have cross the New Year mark as the prices are the highest by the end of the year and simmer down by January.
3. No Returns on Property:
A major hitch in living in a rental property is no return. Even though you have spent money on the property on rent, there will be no return for you.
The person benefitting will be the homeowner who rents his home, and for you, there are no returns on rent.
4. Process of Rental Renewal Agreement:
If you know well about the real estate scenario, you must also be aware of the tiresome process of rental renewal and is one of the disadvantage of living in a rental property.
The process of renewal of the rental agreement is in 11 months to avoid litigation and unnecessary stamp duty charges.
According to the Registration Act, 1908, registration of the lease agreement is mandatory if the leasing period is more than 12 months.
5. Will Always be a Temporary Option:
You can spend years living on rent, but when you leave the property, you will walk out with nothing because all you pay is rent, and that belongs to the homeowner.
Although you live with limited responsibility and complete comfort but when you leave the property, it won’t be yours to keep.
Choosing the best rental house near me…
In the modern times, choosing a rental house with a plethora of amenities including a clubhouse, swimming pool, sports, and games, is the best option for families.
however long the list of pros and cons of living on rent is,You must opt for a home that provides you with a luxurious and comfortable living along with vastu compliance to harbor positivity and good vibes.
You can set your house with effective Feng Shui Items for financial strength and relationship harmony.