Contrary to the widely held view, renting a house is no waste of money. Read on and break 8 myths of renting a home and also know about the advantages that such a move, promise.
Waste of Money
It’s true that by paying rent you are not buying any equity in the house but hey, you are getting a well-made home to live in by merely paying the rent. Moreover, in most cases, the tenant is spared from carrying out the whitewashing as well as maintenance and repair work. All this works in favor of the tenant and therefore the amount they are spending on rent is certainly not wasted.
Renter Lacks Negotiating Power
Another misconception that lacks any basis! Renters have the same negotiating powers as the owner. If you feel that the property you intend to take on rent does not deserve the rate being quoted by the owner then you have all the rights to negotiate and reach an amount that you think the property deserves. Moreover, you can also negotiate with the owner on the terms, if you so feel.
Once Committed, it is Difficult to Get Out of Lease
Though getting into a long-term lease when you are expecting or planning changes in your life is not a good idea but if the situation so arises breaking the lease becomes important and the only option. Talking to the owner and discussing your situation would help you to move out of the situation. However, there would be fees associated with breaking the lease so plan your move after carefully analyzing the situation.
The Landlord Can Get You Evicted in a Month’s Notice
Not really. Two months’ notice is required as per the law in India. Even then, it is mandatory for the owner to hand over the security deposit and to wait till any fixed term agreement expires.
Landlord Possess Complete Access to the Property
That may be true but that does not give the landlord the right to enter the premises without the tenant’s permission. Even in cases when he wants to get some repair work done, the landlord will have to seek the tenant’s prior permission.
If You Fail to Pay the Rent, Landlord can Get You Evicted
Not really! If the landlord wants to evict you before the end of the fixed-term lease then he would have to get the court order to be able to achieve it which would take at least 4 to 5 months. Even when the lease has not been signed it would take the landlord some time to reclaim his property and it cannot happen overnight.
It is up to the Landlord to Repay the Deposit
Deposit paid under Assured Shorthold Tenancy has to be submitted to a third party. The law has been drafted to this effect in 2007 and it is the responsibility of the third-party organization to ensure that you receive your amount provided the lease agreement has been adhered to.
The Landlord May Hire Bailiffs If You Fail to Clear the Rent
This might be true for commercial property but in the case of residential properties, the owner does not have this option. However, the tenant should still read the lease agreement very carefully, ensure that the landlord safeguards the deposit, and take the picture of the property while moving in.
Whether you buy a flat for your personal use or for giving it on rent, you can trust SMC Real Estate Advisors to help you with the best property from the prominent developers in the country at the best possible rates.
