Many times, people who are very much engaged in a tight schedule get confused between buying and renting an apartment. If you are also going through the same confusion, then you can refer to the following part of the article. Since the following part of the article will help you understand the importance of renting a 1 BHK flat, If you are willing to stay in Chennai, then you can think of renting a 1 BHK flat on rent in chennai.
Why is it important to rent a flat?
- The ability to relocate to another location at any time: If you are the kind of person who does not like to stay in a particular place, then renting an apartment is an ideal decision for you. Since buying a 1 BHK flat is not as easy as it sounds, after purchasing a 1 BHK flat, you do not have the independence to move out to a new place randomly. If you own a 1 BHK flat, you will be bound by different kinds of commitment, such as timely maintenance, hygiene of your house, and many more. This commitment will restrict you from moving to a new place. If you are in a profession where you get transferred to different places at different times in your life, then owning a 1 BHK flat can bring you headaches rather than satisfaction. Renting a 1 BHK flat will be beneficial for you in that situation because you are not bound by any kind of constant commitments, but rather all you need to do is pay the rent.
- Beneficial for income tax: It has been known to most people that income tax is a part of the salary that a person gives to the government of the country every year. Most people save more by renting an apartment than buying one because when you rent a 1 BHK flat, you get an allowance of approximately 40% on your income tax. If you rent an apartment in a metropolitan city, then you will approximately receive 50% of the allowance. But this is allowance will not be received if you think of owning a 1 BHK flat. Though you may get a partial allowance if you purchase your apartment on a loan, that allowance will also have a time period till you repay the entire home loan.
- The rental amount does not change: Many people believe that the amount of rent will fluctuate on a regular basis. It will be beneficial for you if you can get rid of these kinds of misconceptions. Since the rental amount remains fixed depending upon the agreement period, In most cases, the agreement period gets extended by 11 months. In other words, it can be said that the rental amount remains fixed for the 11 months, but only if you think of purchasing a house, you will be required to pay the principal of the loan as well as the interest. But in the case of renting a house, you do not have to pay any additional amount as interest.
- The value of a property may fluctuate: It has been observed that the value of a property fluctuates frequently. The owner of the 1 BHK flat often gets into trouble when the property value fluctuates because the proportion that the owner is required to pay as a property tax also differs. But the renters staying in the 1 BHK flat are not affected by the fluctuation in the property value.
- You can use the facility without paying any additional fees: If you think of renting a 1 BHK flat in a good complex that includes lots of facilities, then you are making a beneficial decision. You don’t have to pay anything extra to use the facilities. But if you think of owning a 1 BHK flat, then you have to pay a part of the maintenance cost of all the facilities. Most of the decent complexes include the facilities of a pool, gym, park, and many more.
- Free from maintenance cost: Tenants have a distinct benefit over owners because they generally will not have to pay for upkeep or renovations. It is the duty of the owner to repair any malfunctions or breakdowns in the leased house. When you buy a house, you are liable for a variety of other charges in addition to the home loan, such as repair and cleaning, payment of community services, property tax, and refurbishment costs. However, tenants must ensure that this is stated in their lease agreement in order to avoid future issues.
- Live with mates: Another advantage of leasing is that it allows you to live with your companions. Students like living with a crowd of mates, but so do working professionals who split rental apartments to cut costs and increase networking contacts.
As you can understand, renting a place has numerous advantages. You’ll be ready to have a more positive outlook on living if you rent a home, and you’ll be able to share expenses with mates if you don’t think you’ll be able to afford a rental apartment on your own. However, this is a personal choice, and you must spend some time talking to family, friends, and real estate agents before selecting a 1 Bhk flat rent in chennai.