In many countries, people would rather rent a house instead of buying one. Describe the advantages and disadvantages of both.
In many countries, residents prefer purchasing their own home.
However
, in others they choose to rent
their accommodation to minimise the unwanted burdens such
as property
taxes and a mortgage interest rate. Renting a place would certainly aids people with the flexibility of moving out anytime along with eliminating the cost of maintenance of the property
, but there will also
be some drawbacks.
To begin
with, those who opine that renting an accommodation is advantageous can easily point out its flexibility and affordability. That is
to say, it gives a freedom to an individual to move in any part of the world according to their job requirements which
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which, otherwise
otherwise
, is bit
difficult if the person owns a place. Suggestion
a bit
Additionally
, owning a property
always comes with a variety of unwanted expenses including
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expenses, including
property
tax, mortgage interest rates and the maintenance cost, which sometimes makes the survival difficult if people lose their job or went into the financial crises. For instance
, according to the New York Times an average householder in the United states
pays 10,000$ as a the federal department in the United States that sets and maintains foreign policies
States
property
tax and 10-12% interest on mortgage yearly and a lot of them have to sell their houses in order to meet with the crises of the Corona Virus.
On the other hand
, there are various drawbacks of renting the house. Firstly
, there is no security as the landlord can ask you to leave anytime, regardless of paying a huge amount of rent
every month along with paying the fixed deposit of security at the beginning. Secondly
, one has to follow the strict rules and regulations according to the owner’s agreement. In other words
, people have to seek permission from the landlord, before organising any event at the home including birthday party or weekend gatherings. Lastly
, the huge amount of money, wasted on paying rent
, could be utilised in buying own property
, so that people do not have to worry about the retirement.
In conclusion, although
renting a house seems beneficial due to the low rent
costs and the freedom to shift the place anytime. However
, there are some drawbacks such
as security concerns and strict regulations that need to be considered before choosing the type of accommodation.Unauthorized use and/or duplication of this material without express and written permission from this site’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Writing9 with appropriate and specific direction to the original content.