It is seen that most people’s primary goal is to have their own house. But considering the prices of the properties these days, investment in flats, apartments, and even houses has become challenging. Even though people’s lives have become very fast, you never know when you get a better opportunity that will take you out of where you are currently living. So the trend of renting 1 bhk in Koramangala is a better choice than investing in them.
Although property investment can be a long-term goal, if you can take risks in your life, then always rent apartments as it allows you to move forward in life freely. Many reasons support that renting 1 BHK flat is better than investing in it. Let’s have a look at them.
Very low to no maintenance cost
If you are living in a rented apartment, it is the sole duty of the owner of the property to get the house repaired. If there is any leakage in the wall ceiling or any problem with locks, etc., you immediately contact the apartment owner and ask them to repair the place. There is no such responsibility of the people living on rent to maintain the apartments.
Access to all the amenities
The person might get a flat in a good society. Most societies have different amenities like parking facilities, pools, gymnasiums, community halls, etc. If you get the house for rent, you will easily get access to all these amenities. If you rent a flat in high society, then amenities might be very luxurious. If you take a flat in a normal society, you still get access to all the facilities. It is an excellent deal for the person living on rent as they get to experience everything that is made available in the society.
Relief from taxes
The person owning property must pay taxes. But if the person is living on rent, there is no requirement to pay real-estate taxes. All the tax burdens are on the property owner and not the person living on rent on that specific property. This way, the person can save a lot of money.
No need for a down payment
Renting is a better idea than investing in the property because if you want to buy a property, you need to put a lot of your savings as the down payment. But while renting property, there is no such need for money. Although security is submitted, it is not as massive as the down payment.
The best part about renting the property is that the rent will be mentioned in the rent agreement. Even there are no chances that it might change with time. Mostly the rent remains the same for a certain period. This way the person can manage their finances and pay the rent on time.
Flexibility for living
If you own a property, it becomes difficult to sell off the property and get the new one at the new place where you are going. But there is no such restriction regarding living on rented property. If you want to upgrade yourself, you can rent a two or 3BHK flat and can move into any sort of area. The rents might vary according to the area where you are getting a flat.
Almost no concerns about decreasing property value
Almost every person who invests in the property wants their property value always to appreciate. But if you are living on the property on rent, there are very few concerns regarding the increase or decrease in the property’s value, as your rent will remain the same no matter what happens to the property value. It is a total headache for the property.
Reduced utility costs
Most rental properties have lower utility costs. The person might quickly get many things along with the rental flat. Proper construction is done in the flat, and facilities of electricity, gas supply, etc., are properly available. You just need to select the property according to the person’s requirement, and the cost of using the utility of the rented apartment is comparatively less.
Lower insurance cost
The house owners have to get the insurance for their place. The terms and conditions related to insurance of the place insurance are properly stated in the agreement. But, indeed, the house owner needs to take up most of the cost of getting the insurance for their property.
No need to live with limitations
If the person rents the apartment, then there will be no such limitation to the person’s life. As soon as the person gets a better opportunity in another place, they can quickly move there and experience new things in life. You can change the apartment quickly, which is not there if the person owns the property.
All these reasons convince many people to get the property for rent rather than invest in it. You might find so many options related to 1 bhk for rent in Koramangala; you can easily go through them and finalize the best. If you are still looking for a rented apartment, you can take the help of a leading online platform i.e., Settl. This platform brings up the options of renting: safe, comfortable, and fully furnished. The platform currently provides services in many big cities, and many people have appreciated the services.
Your apartment hunt will settle down if you visit Settl. on time. Just reach out to the team through the website and request a call, and they will provide you with the best options related to apartments.