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

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As shelter is an essential factor in a
person
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’s life, every
person
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dreams of owning
one
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.
However
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, in a few countries people are more likely to rent a
home
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rather than buying
one
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. While renting a
home
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can be beneficial in some cases, it is not free from drawbacks. The foremost advantage of renting a
home
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instead
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of owning
one
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is that it requires less investment. Unlike buying a
home
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which requires huge investment, renting is comparatively cheaper and
also
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it provides a chance for the individual to reside in a house in premium area which would
otherwise
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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
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can change his
home
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or locality easily without much difficulty and
this
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type of residence is particularly suitable for people requiring frequent change of residence due to transfers in employment.
However
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, tenancy is not free from limitations. Even though a
person
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advances money in the form of rent, it does not transfer the legal ownership of the property to the tenant and
therefore
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such
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payments would only account to an expense rather than an investment.
Moreover
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, as
such
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properties are lent on a contract of te
mporary nature,
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a temporary nature
the tenant may be compelled to abide by some rules and it
also
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restricts a
person
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from making any renovation or alteration to the property based on his needs and interest. He may
also
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become liable in some situation if the property gets damaged.
This
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can impose limits on the freedom of a
person
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. In conclusion, residential preference of people ha
s changed a
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changes
lot these days. Most of the people today choose to rent a
home
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rather than owning
one
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in some countries. Though
such
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type of residency has a lot of privileges, it
also
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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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