People generally have the childhood experience of living in their own home but when they grow up, they need to move from their own property to rental property as their career requirement. It has also been seen that people love to move to Bangalore in search of career settlement and Bangalore is considered a great place to work and live. They also feel free to draft a rent agreement in Bangalore and ready to move on rental property in Bangalore. As you can have below benefited in living on rent.
The first and foremost benefit of staying on rent is that rent amounts are fixed, at least for the period mentioned in the rent agreement. If the house wants to raise the rent, he has to give prior notice, and accordingly, you can make your new budget. Moreover, you may enjoy with money and can do whatever you want with the amount remaining in your hand after paying the rent.
Nowadays living with a group of friends is not only preferred by students but also by young professionals in order to divide rent and it is a good way to do so. Sharing your apartment with your friends not only help you to minimize your expenses but also enhances your relationship with your friend.
Avoiding hassles related to maintenance and repairs:
Tenants usually don’t have to pay any maintenance and repair costs; these all are the responsibilities of the house owner or house manager. Moreover, there is no need for you to stay at home while repairing and all. This all saves a lot of your time and energy and as well as your money.
Renting does not require any long- term commitments, it gives you more flexibility than owning a house. Living on a rent basis is best for the people who don’t have any intention to stay at a place for a very long time such as for students who stay at a place for education purposes only, or for those who like to explore, etc.
Income tax benefit is one of the major benefits you get while living in a rental house as you can ask for HRA – House Rent Allowance. After drafting an Online Rent Agreement on mutual understanding. In tier-II and tier-III cities, HRA is 40% of the basic salary and in metro cities, it is 50% of the basic salary.
No Significant Financial Investment:
There is a need to pay a security deposit to the house owner for living in renting property. However, this investment is still less than what would be required to purchase a house. So, renting an apartment needs no significant financial investments. The housing market is unstable, property prices often fluctuate which significantly affects the house owners. But tenants are not adversely affected by all these instabilities of the housing market.
Flexibility To Change As Per Your Budget:
Living in a rental house gives you the flexibility to rent a house as per your budget. If you cannot afford the rent of your current house, you can change accordingly.