The list of benefits you can have by renting your property that you are not using entirely and living on rent.
My house was far from my workplace. So, I moved to a rented apartment near my office. It saved me about two hours of traveling time.
The bigger the cities are, the more will be traffic. It’s inevitable! So, when your home is far from your workplace and traffic irritates you every day, just rent your place and move out to a closer location.
As rental income is taxable in India (Budget 2020), living on rent is useful in terms of saving taxes. You can simply fill the amount (as HRA) you are paying for rent in your income tax return.
If you are a single individual with a big ancestral villa that has a huge maintenance cost. It is not economically feasible to live there. Hence, renting it out to someone appropriate can help you to manage it.
Most real estate experts advised me to look at my house as an extended rent investment plan. Given the size of my house, the rent I get from my house is a lot more than the rent I pay for my flat.
The prices of real estate are rising like forever. This increase in property prices, also adds to your asset strength.
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