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

As shelter is an essential factor in a
person
’s life, every
person
dreams of owning
one
.
However
, in a few countries people are more likely to rent a
home
rather than buying
one
. While renting a
home
can be beneficial in some cases, it is not free from drawbacks. The foremost advantage of renting a
home
instead
of owning
one
is that it requires less investment. Unlike buying a
home
which requires huge investment, renting is comparatively cheaper and
also
it provides a chance for the individual to reside in a house in premium area which would
otherwise
cost a lump sum if bought. Another advantage of a rented accommodation is high mobility. It is easy to shift out of a rented accommodation as it requires only a prior notice of around a month and a
person
can change his
home
or locality easily without much difficulty and
this
type of residence is particularly suitable for people requiring frequent change of residence due to transfers in employment.
However
, tenancy is not free from limitations. Even though a
person
advances money in the form of rent, it does not transfer the legal ownership of the property to the tenant and
therefore
such
payments would only account to an expense rather than an investment.
Moreover
, as
such
properties are lent on a contract of te
mporary nature,
Suggestion
a temporary nature
the tenant may be compelled to abide by some rules and it
also
restricts a
person
from making any renovation or alteration to the property based on his needs and interest. He may
also
become liable in some situation if the property gets damaged.
This
can impose limits on the freedom of a
person
. In conclusion, residential preference of people ha
s changed a
Suggestion
changes
lot these days. Most of the people today choose to rent a
home
rather than owning
one
in some countries. Though
such
type of residency has a lot of privileges, it
also
has a few downsides.
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Topic Vocabulary:
  • financial commitment
  • down payment
  • initial costs
  • allocate resources
  • maintenance costs
  • mobility
  • relocate
  • market fluctuations
  • property value
  • building equity
  • appreciate in value
  • asset
  • personalization
  • restrictions
  • rental increases
  • lease renewal
  • financial instability
  • housing budgets
  • long-term security
  • landlord
  • lease agreement
  • equity
  • substantial
  • property ownership
  • property market
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