When you are shifting to a new house, most people talk about owning a home, but what about renting one? A lot of people especially young people struggle a lot with the decision of renting vs. owning a home. It is a common confusion that people have to deal with. Renting and owning have their own advantages and disadvantages but the majority of people go for renting the house.

Renting is not a big financial commitment other than buying a house in Chennai. Therefore, the majority of people are in search of budget-friendly houses for rent in Chennai than owning a home. Given below are some benefits of renting a house:

• Less Expensive

Yes, it's true, that renting has its own financial hurdles such as security deposits, first and last month’s rent at signing with the non-refundable application fees. But even they all are less as compared to a down payment and closing costs. Whatever be your monthly rent, you don’t have to be concerned about things like property taxes and home repairs.

• No Risk

Buying a home is a huge investment and for some people, it is a life-long investment. Big investments need the best decision to avoid any kind of risks. When you rent, you don’t have to worry about anything from costly and unexpected home repairs that will wipe out your savings account. The biggest benefit of renting a house is if you are not happy living in a particular location, you can decide to change the location.

• Flexibility

One of the biggest benefits of renting a house is the freedom that it provides you. It’s a lot easier to end a lease than to sell the house. A lot of people like knowing that if they end up with regret over their living situation or location they only have to stay till the lease. Many people shift to Bangalore to give wings to their carrier, so they look for an attractive house for rent if they are moving in with their families.

Ultimately, the decision of renting vs. buying comes down to your budget and how much responsibility you can take. There’s nothing wrong with owning the house but it is not the preferred choice especially if you are new to the city. Renting the home provides the flexibility that comes with renting. Make the decision that’s right for you according to your priorities.