In some countries, most people prefer to rent a house rather than buying one. Describe the advantages and disadvantages of renting.
Nowadays, people are giving less importance to buying a
house
and are inclined towards renting the same. This
essay will outline the advantages of renting a property
, including ‘no burden of loan’ and ‘benefit of changing places whenever needed’. This
essay will also
discuss disadvantages of renting the house
which includes ‘not having own property
’ and ‘continuous payment of rent
’.
Firstly
, I feel that people who are financially sound can buy their own property
. But for those who are not can rent
a house
without worrying about the loan and finances. There is also
a benefit of changing places in case of immigration. It is observed that paying rent
is minimal than paying EMI. Buying own property
is a time consuming and exhausting process. People have to find perfect locality which has good neighbourhood and which is located near schools, hospitals and supermarkets. This
is a lifetime and costly decision. For example
, purchasing property
includes allied costs like maintenance, brokerage, capital gain and other taxes. On the other hand
, renting a flat only includes brokerage.
Secondly
, in order to avoid loan burden, people do not buy own property
. Having own house
is kind of different feeling. People have to move frequently from one place to another due to several reasons like neighbours, increase in rental incomes and difference of opinion between landlord and tenant. This
is a major drawback. Also
, it is tiresome to pay rent
forever. For instance
, if we compare paying rent
for longer duration with paying EMI for shorter duration, the latter option has more benefits.
In a nutshell, people are giving more importance to renting a property
other than buying it. This
essay discussed the advantages and disadvantages of renting a flat or house
. It is a subjective matter and depends on the financial ability of the person who is purchasing it.Submitted by aabhakulkarni01 on
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