Building or buying our own homes in the future is a common dream for us all. However, with global populations rising, space is becoming more premium. This raises real estate prices every second, which is already at an unattainable level for most. A rental house in Chennai without deposit is the best option at such times.
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In this article, we will talk about how renting can be better than buying property at certain stages in one’s life. Furthermore, we will delve deeper and uncover what No-Deposit renting is and how to get the best home for yourself. To conclude, we will share some house plans to help you identify better.
Is buying really better than renting?
The current generation that is stepping into their professional lives for the first time has been dealt a very tough hand regarding real estate. On the one hand, there are architectural marvels everywhere; on the other, the meteoric prices keep rising every second. In such times renting is way better than buying. Here are a few reasons as to why that is.
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Down Payment
Potential homeowners must pay a huge amount of money as an advance before even applying for a loan. This down payment should be at least 25% of the property value. That said, most buyers prefer to pay a higher down payment so that the loan amount is low. Tenants have no such obligations.
Taxes
Tax is another thing potential homeowners must address before requesting a loan. There are two broad heads that need to be cleared-Stamp Duty and Registration Fees. While the latter is fixed at 1% throughout India, Stamp Duty can crawl into double figures in some states. Renting a home comes with zero tax bills attached.
Maintenance
Buying a home also comes with many maintenance bills and efforts. Sometimes it may be as small as fixing the wiring or changing a fixture, but there are many large expenses down the line as well. The most common examples include repairing, painting, renovating, etc. Tenants do not need to pay maintenance bills or charges if they do not damage anything.
Amenities
People who rent flats in Chennai without deposit and live in gated societies get to use the best amenities. These are charged to the homeowner while the tenant uses them for free.
Location Flexibility
Tenants can move in and out of homes when they please, whereas homeowners do not have this luxury. If a renter finds a better home closer to their office, they can decide to move at any instant without consequences.
What is No-Deposit Renting?
No-Deposit renting is as simple as it sounds. It is a recent popular trend in the real estate market that sees owners rent out their homes without asking for a security deposit. This may sound like a loss, but it ensures that the rental income continues flowing in.
On the other hand, renters can use this to move around and opt for whichever home they please freely. Metro cities like Chennai, Bangalore, Pune and Hyderabad have many options.
Four Tips to Help you Rent the Best Home Available
While looking for the perfect place to call home, you will be bombarded with options. There will be thousands of options online. Some will come in from friends, and family will recommend others. It is easy to lose your way in this commotion, so let us share four pointers to help you evaluate a home quicker.
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- Safety: Large cities like Chennai have many localities to choose from. Less preferred areas are often cheaper and very irresistible sometimes. However, you should always ask around and speak to the locals to understand the crime rate. The most credible way is to visit a local police station and get your answers.
- Budget: Set your budget before you step out to look for a house. Although no deposit houses to rent in Chennai will help you save a lot, rent still needs to be paid every month. So don’t go overboard and pick a home which will undulate your finances.
- Location: While picking a home, you need to maintain a balance between the rent and location. The further the house is from the city, the cheaper the rent will be. So, try and strike a sweet spot where the rent is affordable and the house isn’t too far from your workplace.
- Road and Public Transport: Every locality has different things going for it. However, you should always pay attention to the connectivity and modes of transport available. You do not want to live in an area only accessible via a single route or mode of transport.
Understanding Different Floor Plans
Houses come in various shapes and sizes; the most common classification is the floor plan. Below you will find the most commonly opted-for house layouts.
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- Studio Apartments: These homes come with a single room and a bathroom. Sometimes a kitchen is added separately as well. These are also known as 1RK for rent in Chennai without deposit. These are great for youngsters who do not need much space or do not want to waste too much time cleaning and arranging the home.
- 2 BHK Apartments: As the name suggests, these homes have two independent bedrooms. Additionally, there may be two bathrooms, a kitchen and a hall. This is the most preferred floor plan across India. You could opt to stay in these flats with roommates or family.
- 3 BHK Apartments: These are the most spacious homes on today’s list. They are identical to 2 BHKs apart from having an extra bedroom and sometimes an extra washroom and balcony.
While owning a home is a dream that becomes distant each day, we must not give up hope. This is because real estate is the most valuable asset you can have in today’s day and age. It places a permanent roof over your head and lets you earn off it.
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A Rental house in Chennai without deposit can help keep your dream alive as you do not have to use your savings and pay those huge security deposits. So, log on to NoBroker today and pick your favourite rental home. We have the largest and most diverse list for all cities across India.
FAQ’s
1. How many studio apartments are available in Chennai?
Currently, NoBroker servers show more than 350 1RK homes available for rent. Another advantage of renting a home through NoBroker is the absence of mediators/brokers.
2. Which would be the perfect home for a family of four?
If the family consists of two parents and two children, a 2 BHK should be perfect. However, a 3 BHK can also work if the children need separate rooms. Ultimately, the choice is yours.
3. Can I rent a home without an agreement?
You should only agree to move in after completing the proper paperwork. An agreement clearly states the rights of the owner andtenant and lays down some ground rules.
4. Name some nice localities in Chennai that have rental homes.
Chennai is a very large city with many areas to choose from. However, the following are considered to be the poshest:
Anna Nagar
Adyar
Mylapore
Besant Nagar
Kotturpuram
5. Does size limit studio apartments?
No, they are not. Studio apartments can be larger than 2 BHKs and 3 BHKs as well. There are many variations.
