Ahmedabad has become an important economic and industrial centre in India. It is India’s second-largest cotton producer, known as “Manchester of India” with Kanpur. Ahmedabad’s stock market was the second-oldest in the country.
As a result of these things, Ahmedabad has a lot of people moving there. They rent because they are always on the move. However, the sense of pride that comes with owning a home is still there, even in a city like Ahmedabad, which is very traditional.
For many people, owning a home is a long-term goal. Renting a home is often thought of as a short-term option, and many people want to own their own home. Both buying and renting can be good for your money, but renting seems to have an advantage. As with the stock market, real estate may have cyclical bubbles. If the home market is overpriced, staying on rent is a good idea.
This article discusses some crucial reasons why 1 bhk in Ahmedabad for rent may be a better deal for your money than owning one.
- It doesn’t cost a lot to keep it running.
Renters have a big advantage over homeowners because they don’t have to pay for things like upkeep or repair. If there is a problem with the renter’s house, the homeowner has to fix it. When you own a home, you have to pay for a lot more than the house loan, like care and maintenance, society bills, property taxes, and remodeling costs. However, renters must make sure that this clause is in their lease agreements to avoid problems in the future.
- The ability to move very quickly.
You have more freedom when you rent a house than when you own one. This is great for people who might have sudden changes, like when they get a new job. Renting doesn’t require a renter to make a long-term deal. If you don’t want to stay in one place for a long time, renting is the best option for you. A one-month notice is usually enough to leave a rental home.
- Tax advantage –
People who rent out their homes, can get a house rent allowance (HRA). Many people live in tier-II and tier-III cities, where they make 40% of their basic income. In metro cities, they make 50% of their primary income. Without a home loan, you would not get tax, so your tax bill would be a lot bigger. As a bonus, paying interest on a home loan can help you save money on taxes.
- The rent is set –
Rent prices are set for the length of the lease. After 11 months, landlords can raise the rent without giving notice. Tenants can budget because they know how much rent they have to pay. Interest rates on loans and property taxes might change simultaneously, which could be good for you. After paying the rent, a renter can use the extra money for other things.
Gaurav owns shares in RE/MAX India. “People choose to rent an apartment rather than own one because of globalization and the unpredictable nature of their jobs. Today, people rent for both economic and social reasons.”
- Living with friends in the same apartment
Another good thing about renting is that you can live with your friends. Many young people, not just students, want to share rental apartments to save money and have more social opportunities.
- The ability to get to things
Another benefit of renting is that you can use facilities that would be too expensive if you bought them. Amenities like a pool, a gym, or a sports field are often found in middle- and upper-class neighbourhoods. If you live in one of these apartments, you won’t have to pay to use these things.
- You don’t need to spend a lot of money.
In contrast to owning a house, renting an apartment doesn’t require a lot of money. While paying a security deposit to rent a home is required, this investment is a lot less than what would be needed to buy a home. When you get a home loan to buy a house, you need to put down a lot of money.
- The value of your home will go down.
Property values often change, which can greatly affect people who own their own homes. There are a lot of things that depend on how much the home is worth. These include how much property taxes and how much the mortgage costs. Tenants are not affected by a shaky housing market.
- The ability to downsize –
By renting, people have the option of moving to a cheaper place to live if their current prices become too high. At the end of their lease, this kind of thing might happen. The costs of buying and selling a home make it hard for people who own homes to get out of a pricey one.
People who rent space can benefit from many things, like having more room. By renting a home, you can live a more flexible life and split costs with roommates if you can’t afford to rent an apartment on your own. However, this is a personal decision, and you should take enough time to talk to your family and real estate experts before making a final decision.
These were some fantastic advantages of 1 bhk on rent in Ahmedabad.