Buying a house is probably the life long goal of many Mumbaikars, although homeownership is high in Mumbai today, it wasn’t always the case. While both renting and buying have their financial advantages, owning a home isn’t right for everyone in today’s world.
Below you’ll find some benefits in Living in Rental Flats at Mumbai,
- No Maintenance Costs or Repair Bills
An advantage renters have is that they have no maintenance costs or repair bills as compared to homeowners. When you rent a property, your landlord/owner is responsible for all maintenance, improvement, and repairs. If an appliance stops working or your roof starts to leak, you may call the landlord, and it gets fixed. Homeowners, on the other hand, are responsible for all home repairs, maintenance, and renovation costs etc. Depending on the nature of the repair, it can get quite costly too. To leave all the headache of Maintenance & repairs of the flat try renting a flat easily with MultiLiving, where you will get complete property maintenance and repairs that will be taken care of by multiplying.
- Access to Amenities
Here’s another financial benefit to renting, over buying a house of your own is having access to amenities that would otherwise be an enormous expense that takes place. Other Value added luxury falls under this at many mid-scale to upscale apartment complexes with no additional charge to tenants. Similarly, apartment-owners need to pay monthly fees to pay for access to these amenities.
- No Real Estate Taxes
One of the major benefits of renting versus owning is that renters do not have to pay any property taxes. Real estate taxes can be a hefty burden for homeowners and vary by county the costs can be thousands of rupees annually or even more. Even though property tax calculations can be complex, they are determined based on the estimated property value of the house and the amount of land. With newly built homes getting larger and larger, property taxes can be a significant financial burden to the owners.
- No Down Payment
Another aspect where renters have a better financial deal is the upfront cost. Renters might have to pay a security deposit equal to one month’s rent. However, while purchasing a home with a mortgage, you’re required to have a sizable down payment typically 20%.
