Delhi is a cultural treasure-trove, the seat of the country’s power, and a great place to live and work. The sprawling city breathes history, from its Mughal and Sultanate monuments to the wide avenues of Lutyen’s Delhi. If you want to experience this fascinating city the best way possible, find yourself a good home at the budget that you are comfortable with. You can lease or you can rent, but it is better to study the options before you make a decision.
A leased apartment works for those who are looking for a long-term stay. If you are working in Delhi and have no firm visibility regarding where you will be a few years later, then a lease is not a great choice. Companies looking for office space usually get their property on a lease.
With a leased apartment, you can legally sub-let it if you are not using it. This can be a good way to augment your income when you are not using the property. A lot of guest houses and hostels are established on leased property.
The advantage of a simple rental agreement is that it addresses the basic requirements of most people. It is easier to plan your budget when you know there is a fixed expenditure over a period of time. Renting a house can be cheaper than owning a house over the long-run too, keeping in mind the interest rates that housing loans charge over a period of time.
A rented place also provides a good base for those who are still in the process of building a strong financial foundation. It allows you to be flexible – follow your job rather than be tied down to a leased or permanent property.
How does a Lease Work?
In a traditional lease, you would have a property for a long period of time, usually running into many years at a fixed nominal rate. In many cases, you can use the property for commercial purposes apart from using it as a residence.A leased apartment works for those who are looking for a long-term stay. If you are working in Delhi and have no firm visibility regarding where you will be a few years later, then a lease is not a great choice. Companies looking for office space usually get their property on a lease.
With a leased apartment, you can legally sub-let it if you are not using it. This can be a good way to augment your income when you are not using the property. A lot of guest houses and hostels are established on leased property.
The Advantage of Rentals
A rented apartment in Delhi is basically a type of lease but for shorter periods of time. Traditionally, getting a house on rent would incur some extra costs like a house deposit and the fee for the broker.The advantage of a simple rental agreement is that it addresses the basic requirements of most people. It is easier to plan your budget when you know there is a fixed expenditure over a period of time. Renting a house can be cheaper than owning a house over the long-run too, keeping in mind the interest rates that housing loans charge over a period of time.
A rented place also provides a good base for those who are still in the process of building a strong financial foundation. It allows you to be flexible – follow your job rather than be tied down to a leased or permanent property.
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