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

In my country, it is very important to own a

home

. But it is the opposite situation in some developed countries. Renting a

home

might be a flexible and easy investment in some countries. There are both pros and cons in renting a

home

which will be discussed here in detail. In the beginning, with the evolution in industrial areas, it is necessary to shift from one place to another. Renting an accommodation to live could be supple in

this

situation.

For example

, a person can rent an apartment near to his workplace or near to the school of his children.

In addition

to the flexibility, it can be financially beneficial too. The tenant does not have to worry about maintenance or other taxes. The renovation responsibility is

also

on the landlord's head and it is easier to pay some money as a lease than paying a mass instalment.

Furthermore

, Property taxes are much higher in some countries.

For instance

, In Texas, USA, a person has to pay almost 8 to 12 % maintenance, taxes for their own house which is almost similar to the rent of a 2 bedroom apartment. On the flip side, there are several disadvantages of renting a living place which people should take into account. In old times, families remained integrated because of their ancestral

home

and its emotional value. We see that, families are drifting apart nowadays because they do not have the anchor which can glue them together in bad times.

Secondly

, those who lives in rented house are likely to spend most of their savings in the rental which can be useful after their retirement. For many, it is helpful to fully own the house to manage through the ups and downs of retirement.

Finally

, monthly rent is an expense as opposed to mortgage payments that build assets / equity for the owners. Over time, an owned property is another asset that holds financial value. To conclude, there are certainly some benefits and disadvantages in renting a

home

and a person should consider both while buying his own

home

or

also

while renting an apartment.