Growing IT boom has enabled
Bangalore to be the fastest growing cities in Asia. As property prices soar to
sky rocketing heights, it is becoming more and more difficult for prospective
home buyers to find a home which is within their budget. During such times,
wherein it is not viable to purchase their own house, renting properties in
Bangalore can be of great help.
Bangalore
is a cosmopolitan city that has extended significantly in the last two decades.
Bangalore and its suburbs are expected to witness prolonged demand for rental properties,
both commercial as well as residential complexes in coming years. Some of the
best property deals can be found in real estate owner’s website or property
websites. One can also take hold of a land property agent to get hold of a
convenient abode at their favorites Bangalore locality.
Renting
properties such as apartments in Bangalore offers home takers with tax benefits.
Some more benefits of staying in a rented house are mentioned below.
Money matters
The
initial investment to rent properties in Bangalore is quite low as compared to
purchasing one’s own home in the sky-rocking property prices. The difference in
cost is almost five to ten times more than moving to a rented apartment. The
money that would be spending on down payments can be now used to have a saving
amount to purchase that dream abode with less loan fees.
The
renter is able to make financial plans easier. Rent usually also includes
utilities in the amount and hence is easy to maintain. Since rentals amounts
are also fixed in nature hence it is easier to design a savings or budget task
easier.
Insurance
costs are also lesser for renters since the renter only needs to insure the
materials offered with the property and not the entire construction itself.
The
cost of moving in a rental
house in Bangalore is also lower than owing one’s own house since one doesn't have to pay any down payments and also lower deposit amounts are
required.
Enjoy lower
responsibilities
The
renter usually has limited responsibilities toward the house he is staying in
since they do not have to take care of the maintenance of the house. The owner
or landlord of rental properties is expected to take care of the house repairs.
In case the renter undertakes any maintenance task on the owner’s behalf then
the renter receives compensation for the amount of money spend on the task.
Some Things that are
to be considered before Renting a Home in Bangalore
Understand the lease
agreement better:
The renter should read the lease conditions carefully before signing the lease
agreement. It is also safe to understand well in advance what the leaser
expects of the renter before moving in. This can reduce most of the conflicts
rather on. The renter’s rent is lawfully obligatory when it comes to the existing
engagements and the renter’s civil rights.
Document all the phases: The renter should know well in
advance the ways to safeguard their safety deposits. The lease agreement must
properly document all the pre-existing clauses and all damages must be
documented. Is there any cap on how long you are expected to stay with the same
rent amount and how much amount is one expected to pay after the lease period
limit. It is essential to document these clauses in detail as this feature will
avoid the unnecessary rent hike demands from the owner.
Do you know the owner
well?
The
renter must also understand the background of the owner who is leasing out the
home for properties like flats and apartments in Bangalore for rent. An owner
with criminal background can be a trouble causer later on. It is always
advisable to enquire about the renter in detail before zeroing on his
apartment. One can also get hold of the previous tenants of the house and
understand the problems they faced while their stay in that apartment or the
reason behind them changing their apartment.
Insurance helps: It is also better to understand about
the renter’s insurance policy. A good housing insurance policy can safeguard
the renter against possible unfortunate damage and losses that can arise due to
any natural calamities such as due to floods, storms, fires, etc. and manmade
calamities such as burglary, and other unfavorable events.
Guest Author
Sampurna
Majumder is a professional writer who enjoys creativity
and challenges. Barely a year into new media, she has written several posts,
articles and blogs for prominent websites on real estate and investments in
property; topics span a wide range – right from properties in Bangalore. The
above post highlights the benefits of investing in real estate.