Reasons Why Renting Could Be Better Than Buying for all Mumbaikars
For many people, own a home is a life long goal. Although there is a lot of homeownership in Mumbai today, this is not always the case. Historically, the family had to either build their own house or rent an apartment from someone else. Although there are financial benefits to both renting and buying, in today’s world, building a home is not for everyone.
Here are some benefits of living in rented flats in Mumbai
There are no maintenance costs or repair bills.
One advantage for tenants is that they have no maintenance costs and no maintenance bills compared to landlords. When you rent a property, your landlord is responsible for all maintenance, improvements, and repairs. If any equipment stops working or your roof starts to slip, you can call the landlord, and it will be fixed. Homeowners, on the other hand, are responsible for all repairs, renovations, and repairs. Depending on the nature of the repair, it can be quite expensive. Try to rent a multi-living flat easily to get rid of all the pains of maintenance and repair of the flat where you will get complete maintenance and repair of the property, which will take care of the multiplier.
Access to facilities
Another financial benefit of renting here is that, when buying your own home, you get access to facilities that would otherwise be a considerable expense. The second value addition comes in many medium-sized apartment complexes, with no additional charges for tenants. Similarly, apartment owners are required to pay a monthly fee to access these services.
Property is not an immovable tax.
One of the significant benefits of being a tenant is that tenants do not have to pay property taxes. Immovable property taxes can be a huge burden for homeowners and can vary by county. It can cost thousands of rupees a year or more. Although the calculation of property tax can be complicated, it is determined based on the expected value of the house property and the amount of land. As new homes get bigger and bigger, property taxes can be a significant financial burden for homeowners.
The second area where tenants make better financial deals is the top price. Tenants may have to pay a security deposit equal to one month’s rent. However, when you are buying a home with a mortgage, you usually have to pay a hefty 20 paise.
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