It is undoubtedly the goal of almost every Indian to buy a home that he/she can call his/her own. But then moving to a new city like Hyderabad, it becomes important to first find out if this city suits your health and career needs or not. Hence, you need to stay in a rented house with your family. Once settled at the place, you can go ahead with your plans to purchase a home in a particular area.
Renting a home
Renting does have its own share of advantages and disadvantages that you are to be aware of. But then, before buying a home, any person will have to first rent a home to stay with family and belongings.
Advantages of renting a home instead of buying one
As you reach this city, it will be wise to look for home for rent in hyderabad rather than invest a huge amount. Given below are the advantages derived.
- No repair bills or maintenance costs to bear: This is a major benefit that you will enjoy when renting one. It is the home owner who is responsible for the same. The landlord assumes responsibility to take care of repairs, improvement and maintenance. In case the roof leaks or any appliance stops functioning, then the landlord will replace or fit it immediately. Thus, you can get to save a good amount of money.
- Access to amenities: The home that you desire to rent may have a fitness centre and/or an in-ground pool. Most upscale to midscale apartment complexes have such facilities as a standard. Tenants might not be charged extra for it. Homeowners are generally required to spend huge for maintenance and installation of such amenities, something you are exempt of.
- Real estate taxes not charged: Since you are renting the place, you just need to pay monthly rent and not any property tax. The truth is that real estate taxes are quite hefty and differ. Property tax calculations are stated to be a complex procedure, determined based upon the property’s estimated value and the land on which it has been constructed.
- No down payment: Up-front cost is another area that allows renters to enjoy a better deal. You just need to pay a couple of month’s rent as security deposit that is mandatory everywhere in the country. While moving out, you will be paid the deposit minus the expenses for repairs and damages caused during your stay. Purchasing a home will mean shelving a huge amount for down payment. You cannot just invest in a property from your hard earned money without knowing whether this city suits you or you have to move elsewhere later.
- Greater flexibility on location: The truth is that as a renter, you can just shift anywhere across the city of Hyderabad and its outskirts. Your shifting to a new location within the city will be based upon your children’s school, workplace, amenities available, safety aspects, etc. The truth is that posh neighbourhoods do have higher rents. But then there are present decent locations where you can get affordable apartments and homes to shift in with your family. Safety, security and peace of mind should be the main priorities while you search for a new location to reside. With stanzaliving, you can enjoy life to your fullest and focus on your work/study.
- Fixed rent amount: Once you have discussion with the potential landlord, you will be provided with a rental contract agreement. It is generally a mutual agreement that takes place between renters and landlords. This agreement specifies clearly the duration of the rental period, the size of the property that you will be provided with, facilities and amenities that you are entitled to use and other conditions. As a renter you are expected to adhere to the contract and vacate the premises on time or request an extension. The landlords might raise the rent during renewal period after giving prior notice. This allows you to budget more efficiently since you are aware of the rental amount to pay every month.
- Concerns with reducing property value: The fact is that property values fluctuate a lot based on the prevailing economy. Homeowners generally get affected by it. Renters do not have to bother much except that the development of an area is likely to increase the rental rates by a few thousands. You may have to shelve out more or look for a rental home that offers rent at your budget. But even in any rocky housing market, you will not get adversely affected like the homeowners. Hence, you can stay worry-free and continue your work and family life as usual.
- Downsizing flexibility: You have the option to downsize to something more affordable on completion of your lease period. It also allows you to choose a new location to reside as per your desire. This flexibility however, is not enjoyed by homeowners as they are stay put to the same property in whatever location they are in.
Therefore, getting to know the above reasons will allow you to enjoy staying in Hyderabad, settle down and then buy a home later of your choice.