Owning or building a home is something everyone wants to do in their lifetime. It adds tons of financial security and stability. It is the default step in India after achieving a stable income and generating substantial savings.
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That said, the prices in the real estate sector are skyrocketing daily and are becoming more obnoxious by the minute. In such cases, individuals find it better to choose options like a 1RK for rent in Faridabad without a deposit.
This article will cover how renting can be better than buying for some individuals and explain no-deposit renting.
Furthermore, we will discuss picking the right house for you and explore the best areas to live in Faridabad. We will also discuss the advantages of a studio, 1-BHK and 2-BHK apartment.
How Renting a Home can be Better than Buying one?
As we have already discussed, buying or building a home today involves too much money. Of course, we aren’t saying you shouldn’t build a home, but certain situations can do without it. For example, in families living in rented homes, the elders are always under constant pressure to build something before they leave.
This pressure is more often than not passed down to the later generations and is not healthy. To state plainly, renting makes more sense for some people. Let’s talk about how it can be better than buying or building a home.
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1. Zero Maintenance and Repair Bills
Today, houses come equipped with loads of attachments and amenities. Unfortunately, they also cost a lot of money to use and maintain. Even for individuals who live in a semi or fully-furnished home, repairs and maintenance are up to the owner.
Suppose the AC stops working suddenly. You can get it fixed and then get the reimbursement from your owner.
The same applies to painting, repairs and extension. You’d have to foot all those bills if you owned the space. Plus, a renter must pay a fixed amount each month unless agreed upon by both parties.
2. Availability of Amenities
As stated above, many homes come with tons of attachments and amenities. However, getting all these fixtures and amenities all at once would be way too expensive. Appliances like ACs, TVs, geysers, water filters, etc., cost a lot.
Additionally, amenities like a lift, power backup, security, pool, etc., can be used by you for free. Owners, however, need to pay for them.
3. Zero Land Taxes
While buying a home, owners must pay the full cost of the house and meet the costs of stamp duty and registration fees. Although the registration fee is just 1%, the stamp duty can sometimes rise to double figures (in percentage), depending on the location. When getting rent flats in Faridabad without a deposit, individuals do not need to worry about any of these.
4. Zero Down Payment
As the name suggests, a 1RK for rent in Faridabad without a deposit has no extra or hidden costs apart from the rent.
This is a huge plus as individuals buying homes need to front the payment with an initial amount which has to be equal to or more than 20% of the property value.
5. Location Flexibility
The fact that renters can shift houses at will goes without saying.
For example, suppose you live 20 km from your office and find a house 5 km from your office. Nothing can stop you from shifting to that new house.
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It is good enough if you can meet the expenses comfortably.
What is No Deposit Renting?
The price of real estate is rising at a meteoric rate and owning a house is a far-fetched reality for many.
That said, migrant workers also find it difficult to find a suitable home due to high rent and security deposits.
No deposit renting is the ability to rent a home without submitting any security deposit. This phenomenon is becoming popular as more youngsters move into big cities and search for homes.
How to Choose the Perfect Rental House for Yourself?
While looking for rental homes in an area like Faridabad, you are bound to have many options.
However, picking the perfect fit for yourself can often lead to confusion. Keep these pointers in mind, and you’ll be golden.
1. Prioritise Location
While looking for a home, you must keep the location as your top priority.
This is because, once you start living there, you will need to commute to and from that location daily. Whether it is going to the office, meeting friends or shopping for daily needs.
Try and pick a house that is not too far from your place of work and also has decent commercial outlets nearby.
2. Watch the Budget
It is always advisable to set a budget before setting out on the journey to pick a home. You can determine the budget based on your income and try to make it so that you are comfortable even after paying the rent.
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No deposit flats to rent in Faridabad are great options as they do not require you to pay a huge sum of money as a security deposit.
3. Feels like Home
While visiting these properties, it always helps to visualise your life in them. More often than not, these homes will have the basic fittings and amenities.
So, try and imagine how it all fits in. Then, ask yourself if you’d be comfortable there.
4. Connectivity
Most rental homes are taken up by youngsters living in a new city far from their hometown. Having a vehicle right off the bat is rare.
While finalising a home, walk the neighbourhood and see how well it is connected in terms of public transport.
5. Safety
Another very huge parameter to judge a rental home by is safety.
While walking around the neighbourhood or speaking to the landlord and other locals, ask them about safety concerns. They might let you in about recent crimes. It is also helpful to know the nearest police station and its track record.
Read: How to Find a Rental Home During the Lockdown
Best Areas to Live in Faridabad
Faridabad is a part of the Smart Cities Mission under the Government of India, which is growing rapidly. That said, the city has many localities within it that are great for a variety of reasons. Let’s take a look at a few of them.
1. Surajkund
Surajkund is a very well-connected locality close to prominent locations like Saket, GK and Nehru Place. The IGI airport is just a thirty-minute drive away as well. The locality’s social infrastructure is also quite robust, as it boasts multiple healthcare facilities, banks, academic outfits, etc., nearby.
2. Sector-15
The Sector-15 locality of Faridabad is a mixed bag as it offers beautiful independent homes as well as modern apartments. The neighbourhood is also well connected as it sits on the national highway linking Delhi and Mathura. In addition, it sits near the Faridabad metro station. It has numerous hospitals, ATMs, schools and, of course, the Crown Plaza Mall.
3. Sector-14
Sector-14 isn’t a neighbourhood to ignore as it offers scenic open areaswith natural beauty and the most modern conveniences. It offers homes similar to Sector-15, but the area is under the management of the Urban Improvement Company. The locality has an abundance of ATMs, hospitals, schools and shopping centres.
4. Sector-21
Sector-21 is one of the poshest localities in Faridabad. It is broken up into four parts- A, B, C and D. These sections help connect the neighbourhood to Delhi, Noida and Gurgaon. This upscale neighbourhood boasts great academic institutions, ATMs, multispeciality hospitals and malls.
Different House Designs and their Benefits
If you are looking for no-deposit houses to rent in Faridabad, you will come across many different house styles, including studio apartments, 1-BHKs and 2-BHKs. Let’s go over their advantages and upkeep.
1. Studio Apartments
Studio apartments are perfect for young working professionals. These one-room kitchen units can range from 200 sq ft to 700 sq ft. These are preferred because:
- They are easy to maintain.
- They are affordable.
- Promotes efficient usage of space
- They are often located in commercial hubs.
2. 1-BHKs
Although used interchangeably, 1-BHKs are very different from studio apartments. 1-BHKs have a dedicated bedroom, hall and kitchen, whereas the latter has just one room and a kitchen. However, 1-BHKs are also a great option for people looking for more segregated spaces. They are advantageous because:
- They are affordable.
- They offer privacy.
- They are good for small families.
- They can be a part of a gated society.
3. 2-BHKs
Families looking to relocate can opt for 2-BHKs. As the name suggests, they offer two bedrooms, unlike the single one in 1-BHKs. These are also great options for couples looking to start a family. They are advantageous because:
- They are very spacious.
- They offer two separate bedrooms.
- They can be a part of a gated society.
- They are the most common house layout.
All in all, whatever house you choose should be comfortable, within your budget and well-located.
How can NoBroker Help
Renting homes is a reality for many of us Indians. This applies more to young people who enter new cities, far from their hometowns to work or study. The option to rent homes without paying a security deposit is a huge boon for them.
NoBroker has always aimed to be the perfect partner for house hunters all over India, and now we offer many more services. We provide a platform to help you pay to rent and draft rent agreements from home. So, log in today if you are looking for a 1-RK for rent in Faridabad without a deposit. We also eliminated brokers completely.
FAQs
1. Should I only look at studio apartments if I am going to live alone?
Deciding to live in a studio apartment is a big one. It would be best if you only took it after considering how you normally live. It might be an easy switch for some, but for people who like open spaces, it could be difficult.
2. What are the most affordable areas to rent a 1RK in Faridabad?
Some of the most affordable areas to rent a 1RK in Faridabad include NIT, Neharpar, and Greenfields. These areas tend to have lower rental prices than more centrally located neighbourhoods, but maybe farther from amenities.
3. What is the average rent rate for 1-BHKs in Faridabad?
Individuals can find 1-BHK flats for as less as ₹7,500 in Faridabad. However, there are also more extravagant options that can double this amount.
4. What is the average rent rate for 2-BHKs in Faridabad?
The average rental rate for 2-BHKs in Faridabad is between ₹10,000 and ₹20,000.
5. What is the average rent rate for studio apartments in Faridabad?
You can find studio apartments for as little as ₹5,000 in Faridabad, but there are also extremely luxurious alternatives.
