A fast generation gap we are in being a part of the 21st century. Millennials have a different thought on homeownership than their parents or grandparents. Being able to afford a luxury home, millennials prefer to live on rent after drafting Online Rent Agreement. Though this new generation focuses more on utilities and facilities rather the ownership.
Apart from homeownership, there are several reasons millennials are renting, that you will read in this article.
Renting is cheaper:
Most of the millennial think it is not as easy to buy a house as it sounds. To buy a house much more amount is needed than anticipated. New furniture, other interiors, property tax, maintenance, and major repairs, and many more such things add a lot to this house buying expense. To avoid these bigger expenses, millennials prefer renting houses.
High down payments:
Housing prices have been climbing up steadily day by day. With other essentials expenses of life, it is not even possible for some people to save enough money for the down payment, so how could they afford the expensive houses. Therefore, they choose to rent a house rather than buying their own house.
Living in a rented house gives more flexibility to millennials. If they feel that the house owner is asking for a higher rent, or they are not feeling comfortable at a place, they can change that house instantly without giving any second thought. They can prove their terms as per the rent agreement in bangalore. Tenants are undoubtedly more flexible.
They can have their dream house at their favorite location at a much lower price than what they would pay if they buy that house. Plus, millennials are in an age where they usually value a meaningful rewarding career more than a stable one, so rent houses allow them to go after their ambitions more easily. They can also switch easily according to their working locations.
Nowadays millennials also prefer co-living spaces where they can share the space with their acquaintances or any other people. With all this, they get relaxation in rent and they also get a chance to have more friends. Of course, it is much better than staying alone.
Renting takes less time:
Buying a house takes much more time than having a rented house. All the formalities that are included in buying a house take a very long time. While there are no such formalities in having a house on rent. It is just you have to provide some verification documents for police verification and finalize the rent and then you can shift instantly.
Many of the millennials also choose to live in a rented house in order to avoid responsibilities of maintenance. If you have your own house you have to invest a lot of time and money in maintenance and repairing. On the other hand, when you live on rent all these things have to be taken care of by the house owner. All these things are not the tenant’s responsibility except drafting Online Rent Agreement.