Purchasing a house is not a viable option always. Renting a property makes more economic sense. For students and working professionals renting a residential property is the best option. If you are looking for the best residential property on rent in Malad East choose us. Maa Real Estate Consultant, Mumbai is the best real estate company.
Being a homeowner is a long-term goal for many. Renting a property is generally perceived as one of the temporary solutions and people consider owning a house as their primary aim. Both renting and buying a property have their financial advantage but renting does appear to retain an edge. Following are some reasons why you should be a tenant and rent a property.
Low Maintenance Costs
One of the main advantages of choosing a rented house is that you do not have to pay any maintenance cost or repair bills. If there is any kind of malfunction of a breakdown in the rented house, it is the responsibility of the homeowner to fix it. But if you are the owner of the house, along with repaying the home loan that you might have taken, you are also responsible for various expenses such as maintenance and I keep. You have to pay the property tax, society bills and also the renovation costs.
When you rent a property, you get more flexibility than owning a house. This is ideal for people who can face sudden changes like relocation of job. Renting requires no long term commitment from any tenant, and it is the best option. If you do not want to stay in a place for a long time, you must rent than buying.
Income Tax Benefit
If you are staying on rent, you can choose to claim a house rent allowance. The HRA is 40% of the basic salary in the tier-II cities and around 50% of the basic pay in the metro cities. In the self-occupied properties, you do not have to go get any tax and therefore the tax outflow will be quite high. Besides the interest in the home loans will also add to the benefits of income tax.
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