Benefits of staying on rent: Nowadays, many people decide to buy a house or hire themselves. Due to rising property prices, many people are unable to buy a house for themselves and are forced to stay on rent.
Do you know that there are many advantages to stay on rent? These advantages can attract those who are not ready to buy their home. Many people like to stay on rent and do not think about buying a house. Living on rent can sometimes be a better financial option than having a property owner, especially when you want to avoid long legal processes and heavy EMIs. Let's know some major benefits of renting.
Low maintenance expenses:
The biggest advantage of renting is that you have to spend less for repair. As a tenant, you can pay some charges for basic maintenance, but the landlord has to bear the cost of large repair.
Freedom to change location:
Another big advantage of staying on rent is that you can easily change home in place of your choice. This makes you more flexible than being a homeowner, especially for those who often change jobs. The tenant has to give only one month notice.
Tax exemption benefits:
Staying on rent also provides some economic benefits. You can claim HRA (House Rent Allowance). About 40% in small cities and 50% HRA in metro cities can be claimed.
more features:
One of the financial benefits from renting is that you get facilities which can be otherwise expensive. Typically, high level residential areas consist of pools, gym and playgrounds.
No advance investment:
On buying a property, you have to pay a big down payment. Apart from this, you also have to spend on interiors and furniture. Whereas the tenant only has to pay the security deposit, which is returned while vacating the house.
