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?

Everyone needs a place to live whether it is one's own house or renting one, it depends on the several factors. It has been noticed that in a few countries, most people like to live on the rent as compared to buying their own

home

. As every coin has two sides,

similarly

this

option

also

has the merits and demerits.

To begin

with, renting a

home

is considered to be the best option in a number of ways.

First

, the expenses that are occurred on the own dwelling like the mortgage, land tax and the maintenance can consume a large portion of the income.

For example

, in the state of Texas, USA, the

home owners

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homeowners

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are obliged to pay ten to twelve thousand dollars for in a year, whereas a small family can lease the two-bedroom apartment with the same amount.

Second

, except wealth tax, the owners are required to pay per month instalments if the

home

is on the loan which is a very big amount and is a burden on the owners till it is not paid. Final, there is another payment the landlord has to bear which is the cost to keep the residence up-to-date that includes the paint, repairs, etc.

However

, renting a house does not prove to be advantageous all the time rather it has some cons where the most considerable disadvantage is that the renter pays a large sum out of his/her income in the form of rental payment for the entire life that a house owner can save.

Moreover

, paying lease every month where one cannot get anything in the end whereas, if someone owns an estate, its value has appreciated the coming years, so

h

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the

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ome can

also

be treated as an asset,

for example

, the land property which is for $ 500,000 today, would be for $10,00,000 in five years. Even the realtors make millions of bucks just through the exchange of properties.

Furthermore

, someone renting a residence place cannot get relieved from the rent expenditure while

on the other hand

, the individual who is owning any place to live does not need to worry about the living expenses.

Thus

, renting a

home

can

also

be a demerit in some ways. In conclusion, it can be determined that renting the

home

has both sides so it depends on person to person and the decision regarding buying or leasing should be taken after considering every factor.