Before buying a house, know the difference between lease and rent, which is the best option for you? Know in detail

Difference between lease and rent: You all must have heard about lease and rent many times. Many people consider these two to be the same. Today we will tell you the difference between these two.

The rental agreement is for 11 months. You will have to renew it after 11 months. The lease you get is for a few years. This is also a type of contract. You can take a lease agreement for 99 years at one time. You can extend it after 99 years. Lease agreement is also called Patta in common parlance. Lease and rental agreements contain many terms and conditions. You also have to pay maintenance in the lease.

If your lease ends, it automatically passes to the landlord. However, if the lease agreement is not registered within 12 months, it will become invalid. At the same time, the landlord remains the owner of the rented property. The landlord can also change the terms and conditions in the rental agreement. The tenancy agreement is valid even if it is not registered.

Apart from this, whoever takes the lease can also buy the property. There are always offers coming in to buy the house where they live. After paying the lease, he can buy the property with the remaining amount. This type of offer is not available on rental.

Now the main question is which option is best between rental and lease property. If you like to live in a residential house and pay its rent every month, then you can live on rent. If you are planning to buy property then lease option is better for you. Apart from this, you will also get relief from the hassle of renewing the lease again and again. While taking a lease, you should pay special attention to whether you can invest the money together or not. You should choose one of these options according to your financial condition.