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

There are many nations where residents prefer to own a house.

However

, in some developed countries, people are more likely of renting a house

instead

of acquiring one. While renting seems beneficial in some cases, but it is not free from drawbacks. According to me, it is a matter of personal choice to lease or buy based on the circumstances.

To begin

with, the foremost advantage of renting a property is less investment which is quite economical. It helps the occupants to control their expenses by avoiding mortgage interests, debts and high maintenance. Unlike purchasing a new house would be exorbitant, leasing is comparatively cheaper and it

also

provides a chance for an individual to reside in a premium locality which would

otherwise

cost a lump sum to own.

For example

, the monthly rent may be roughly lesser than property tax and interests on loans.

Furthermore

, a merit of living as a tenant is the ease of migration. With the evolving job opportunities worldwide, it is likely for a person to shift from one city to another for career growth. It provides high mobility to people whose residence is changing frequently due to transfers in employment. They can easily change the locality with a prior notice with less cost of moving.

On the other hand

, the demerit of renting a flat will be no legal ownership. It is a matter of pride to own a property which unfortunately cannot happen if you rent a flat. The rent payments will only account towards an expense rather than an investment. At the end of the day, even after spending on a monthly basis, you cannot legally call it your own. Another disadvantage is that there are numerous restrictions on tenants which is not the case if you are the owner. Renters are prohibited from making any alteration or renovation to the leased home.

Also

, they become liable if anything gets damaged.

This

deprives a person of freedom to reside as per the wish. In conclusion, occupants should carefully analyse the privileges and downsides of renting a home before making a decision.