Buying a house is frequently regarded as one of the signs that you’ve “made it!” That’s a fantastic sensation. However, this may not be the case for everyone. The expense of purchasing a home might be too high at times. The nature of your profession might demand that you move cities every few years. For such people, the question of whether it’s better to rent or buy an apartment in a metropolitan city such as Bangalore gains utmost importance. After consulting many real estate professionals in my circle, I have come to the conclusion that it is better to find a 2 bhk flat for rent in Bangalore if you consider the following factors.
1) No Maintenance Costs or Repair Bills
There are no maintenance costs or repair demands when renting a property rather than purchasing a home. This implies that your landlord will be responsible for all maintenance, improvement, and repairs while you reside in the property. When an appliance malfunctions or your roof begins to leak, you notify the landlord, who is duty-bound, to repair or replace it.
2) Access to Amenities
Another advantage of renting is having access to facilities that would otherwise be prohibitively costly. Many midscale to luxury apartments have no extra costs for luxuries such as an in-ground pool or a health center, which are standard at many midscale to high-end apartment communities.
3) No Real Estate Taxes
One of the most evident differences between renting and a home for sale by owner is that renters do not pay real estate taxes. Property taxes can be a considerable financial burden for homeowners, depending on the county. Property tax costs in some areas might reach thousands of dollars each year.
4) Freedom to Move
When you buy a house, you’re typically required to take out a mortgage and pay it down until it’s paid off. This may take years, so you’ll most likely be stuck there for years. Several months in a year and many rental properties need yearly re-renters or month-to-month payments. It will be considerably simpler to relocate if something terrible happens to you that requires you to move from a rental property.
5) No Down Payment
Another area where renters have an advantage is the upfront expense. Renters are usually required to pay a security deposit equivalent to one month’s rent. And that’s it. If they move out without causing any damage, they will receive this deposit back. When you finance a home with a mortgage, you must put down a large deposit—usually around 20% of the property’s value.
6) Decreasing Property Value
The market for real estate fluctuates. Although this may significantly influence homeowners, it has a considerably smaller impact on renters. The value of your property can affect the amount of property taxes you pay and the size of your mortgage. Renters may not suffer as much in a volatile housing market as homeowners. This is one of the main reasons why many of the young professionals often ask is it better to rent or buy a house in India?
7) Flexibility to Downsize
At the end of a lease, renters have the option to downsize to more affordable living quarters. This type of flexibility is especially vital for retirees on a budget who seek a less expensive, smaller alternative that fits their budget instead of two BHK apartments in Bangalore.
The Bottom Line
Renting might be a more sensible solution for those who wish to avoid the hassles of homeownership, such as maintenance and property taxes.