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.
A Modern Way to Rent
You do not have to spend more than you should to get a room for rent in Delhi. You can a secure and well-maintained 1BHK or 2BHK apartment on rent in Delhi without having to break the bank. House hunting is a lot more convenient nowadays with apps and dedicated services at your disposal. Say goodbye to inflated rents and brokerage fees. You can find a furnished house so you save on costs and there is no need to interact with landlords and property owners. A security deposit of two months is more than enough to confirm your new home. Get a single independent room and pay the rate of a PG in New Delhi without brokerage. You can opt for shared rooms, private rooms or full houses.