In some countries, most people prefer to rent their homes rather than buying them. What are the advantages and disadvantages of renting a home.

It has been observed that in many countries, a large section of the society consider renting a house more beneficial than owning them because it becomes easier for them to move and they can maintain their liquidity

also

.

However

, renting a property has certain demerits as well. There is a plethora of merits of living on

rent

.

Firstly

, it gives people the convenience to move from one place to another without much hassle. In

this

dynamic world, human beings switch jobs frequently to move ahead in a career. For

this

, they have to shift their base from city to city and even to other countries as well. Renting an apartment will allow them to make these decisions quickly.

Secondly

,

this

will allow people to live without any cash crunch as their savings will not be blocked in buying a home.

For instance

, one of my friends has invested all his money in a home and he does not have liquid cash for the exigencies.

Although

, there are benefits of living on

rent

, but it has certain drawbacks too. One major issue is that, every time a person moves his house, he needs to buy the furniture as per the layout and the size of the new property.

This

results in wastage of a lot of money, if the movement is too frequent. Another disadvantage of living in a rented property is that, the amount of

rent

paid every month is wasted. It is an expenditure without any return. To illustrate, a person paying an EMI of loan is better than the other paying

rent

as he has an asset in his possession, whereas the latter does not enjoy the ownership of the house. Despite having many advantages renting a home has few disadvantages

also

such

as a person may end up spending more on furnitures and fixtures and he will not get any monetary benefit in lieu of the

rent

paid to the owner.