In most of the countries, people prefer to rent their homes rather than buying them. Do the advantages overweigh disadvantages of renting a home?

The proponents of renting a house cite a host of benefits. Before you decide to buy, carefully consider the merits & demerits of home ownership. Let us delve deeper into the reasons that support my notion in the ensuing paragraphs.

To begin

with, buying a house requires an enormous sum of investment. In big cities, purchasing a property needs a great deal of money and the skyrocketing prices makes it impossible for many even to dream to own. To illustrate, an article published in “Bloomberg Businessweek” magazine in July 2019 stated that people living in metropolitan cities prefer to rent their accommodation than buying it.

Furthermore

, tenants enjoy benefits of not paying property tax and maintenance charges which add up to their savings.

Additionally

, people living in a rented domicile have the option to move to a newer location when required.

For instance

, a survey organised by “United States Census Bureau” in May 2018 revealed that private employees, rent a new accommodation every

third

year due to their transfer of jobs.

On the contrary

, you cannot claim an ownership while living in a rented place. Demerits of not making an asset of owning a residence raise insecurities for the future. The house is a valuable resource for the

next

generation to reside in securely. To elucidate, properties like shop, commercial & agricultural land are considered as long-term investment that help to increase one’s wealth eventually. To exemplify, “Harvard University, USA” conducted a research in August 2014 and found that 58 percent of the population do not own a property and live in a rented home. To encapsulate, let us reiterate that

although

there are some cons of renting a domicile, the pros by far outweigh them. It depends upon one’s own needs & financial circumstances to choose between the two.