The current generation of youngsters finds buying a home tough with real estate prices rising exponentially. Unfortunately, many individuals prioritise other targets over this one far too often. But, getting a 1RK for rent in Hyderabad without deposit might just be what they need to work toward achieving that goal.
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This article will discuss how renting can sometimes be a better option than buying. Furthermore, we will also elaborate on no-deposit renting and go over some other floor plans that might serve your purpose.
How can Renting a Home Trump Buying One?
While buying or building your home can be a great asset in the long run, sometimes it is better to take a step back and opt to rent out a home. Of course, most would say this is a bad move and might result in more money spent, but with the advent of no-deposit renting, things can change for the better.
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Taxes
When buying a home, buyers need to foot the bill on two important taxes levied by the government. They are Stamp Duty and Registration fees. While the latter is rounded to 1% of the property value, the former can sometimes even reach double-digit percentages. What’s worse is that buyers cannot take out a loan to pay these. However, renting homes does not see such conditions. In fact, there are no taxes to be paid.
Maintenance
Maintaining a home takes a lot of effort, time and money. Whether it is applying a fresh coat of paint, fixing damaged parts or anything else, all these charges are met by the owner. Tenants need not worry about these if they haven’t deliberately caused harm.
Amenities
Most flats without deposit in Hyderabad are located within gated societies. These homes come bundled with many amenities like lifts, pools, gardens, gyms, power backup and security. They are all paid services charged towards the owner and not the tenant. Renters can enjoy these amenities for free.
Down Payment
Like taxes, buyers must also pay an advance on the property they are about to purchase. This amount must be at least 25% of the home’s value. That said, most buyers like to pay a large down payment to reduce the EMI on the home loan. Tenants need not worry about these things if they pay the rent on time.
Freedom to Move
While buyers enjoy a rent-free life, one thing they can’t do is move out when they please and stay somewhere else without spending a ton of money. Renters can do whenever they wish.
What is No-Deposit Renting?
As the name suggests, No-Deposit renting sees tenants move into a new home without depositing any security money. Security deposits would range in lakhs till not long ago as metro city homeowners charge a deposit equal to at least six months’ rent.
This new trend is spreading like wildfire, and homeowners everywhere are opting for it as it ensures a larger number of potential renters. At the same time, renters love this idea as it lets them move around freely without worrying about savings.
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Tips and Tricks to Help you Pick the Best Home for Yourself
While there may be many choices out there, you need to keep a few pointers in mind while finalising your future home. So take some time and complete this checklist before saying yes.
Budget
The first thing you should do before venturing out to look for a home is set a maximum budget. Rent is a recurring expense you must pay every month, so going overboard isn’t advisable.
Location
Considering that you need to travel to and from the office at least five times a week, the location of your home is crucial. Homes near the main city may be expensive, whereas the outskirts provide cheaper homes. You should calculate the best combination to save the most.
Connection
An amazing home in the middle of nowhere increases your troubles rather than solving them. So while picking out a home, you need to look at the modes of transport, routes and accessibility available.
Security
Crime is a huge factor to consider while looking at flats without deposit in Hyderabad. You do not want to live in an area riddled with crime. Ask around and visit the local police station to gain more intel.
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The Best Floor Plans to Consider While Renting
While looking for the perfect house, you will come across many floor plans and home designs. This might put you in a pickle, so getting the differences out of the way beforehand is the best way forward.
Studio Apartments
These homes are also known as 1RKs which imply a single room, a kitchen and a bathroom. These are perfect for young individuals who like to stay alone and live a minimalist life. Owing to its small size, a 1RK for rent in Hyderabad without deposit can be found in commercial districts.
2 BHK
This is larger than a 1RK and has clear room segregation. Occupants can use two separate bedrooms, two washrooms and a hall. Sometimes these homes even come with a balcony and a hall-cum-dining area.
3BHK
These are larger than 2BHKs because they have an additional bedroom and sometimes may even provide an extra bathroom or balcony. These are perfect for slightly larger families.
Like Pune and Bangalore, Hyderabad is emerging as a leading region in the IT sector. The digital boom in India is seeing more and more youngsters opt for the IT field. This has led to a large immigrant population in these places. Keeping that in mind, the renting space has come up with No-Deposit renting.
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Whether it is Hyderabad, Mumbai, Chennai or Delhi, NoBroker is your go-to platform for searching for your dream home. We cover every area in India and provide the most options for homes, so if you want a 1RK for rent in Hyderabad without deposit, log on today.
FAQ’s
1. How can I successfully move into a studio apartment from a 2BHK?
The studio apartment or 1RK life is for minimalist lovers. In other words, you only keep what you need the most. The best thing about these homes is that they are super easy to clean and maintain. Managing space efficiently is the best way to cope. However, these homes come in various sizes.
2. How many 2BHK homes are there for rent in Hyderabad?
According to the NoBroker portal, there are currently more than 4000 2BHK homes for rent in Hyderabad at this very moment.
3. Are there any disadvantages to No-Deposit renting?
No, there are none. The homeowner gets regular renters, and tenants get home without dipping into their savings. It is as simple as that.
4. What about homes with brokers?
At NoBroker, we eliminate the mediators completely and only showyou homes with no brokerage charges to be incurred.
5. Do I need to sign an agreement while renting a No-Deposit home?
Yes, an agreement should always be present whether it is a No-Deposit or a regular rental home. It is an important document as it lists the rights of the tenant and owner clearly.
