In Some countries, some people are renting accommodation, while others are buying their own homes. Does renting an accommodation have more advantages or more disadvantages than buying a place?

It is undeniably true that basic human right to live is unfulfilled without having a roof on our head. Though the people from different countries might have different opinions on whether to own a place or to rent a temporary premise, I believe that owning a house is always advantageous than renting it. I would elucidate the pros and cons of the two types of accommodations in the following paragraphs.

Firstly

, buying an own house has myriad benefits. The key factor is the financial aspect of it, because of the favourable

home

loan interest rates from the banks, the cost of the monthly rent for a rented space and the monthly interest payment on their

home

loan are much the same. To exemplify

this

point, as per the recent survey, around 55% of the urban dwellers in UK are interested to have their own place to live rather than renting a condo. It simply clarifies that the idea of owning a

home

is more advantageous than renting a

home

.

In addition

to the above benefits, another crucial aspect is the sense of ownership and the memorable life moments that the families can build by living in their own space. The homeowners need not be concerned to perform any custom modifications required in their

home

,

otherwise

it is not possible in a rented accommodation. Either it can be an interior decoration or a custom furnishing, owners can opt in. Irrefutably, the pride of owning a

home

and the more beautiful life moments built around it are priceless.

For example

, in my case after many awfully situations at our rental place, we decided to buy our own apartment, which we always see as a wise decision.

However

, we should

also

consider the other side of the coin, where renting a

home

can give the freedom to toggle between different communities whenever its necessary. Especially the maintenance costs of the

home

, which will be borne by the owner itself, make the rented places an attractive choice for the house seekers.

This

proves that rented places offer some flexibility compared to the owned accommodations. In conclusion, the concept of owing an accommodation has undisputed lead over the idea of renting a space, pertaining to the fact that their pros are more comparable to the cons.