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

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. As every coin has two sides,

similarly

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this

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option

also

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has the merits and demerits.

To begin

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with, renting a

home

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

First

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, 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

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, in the state of Texas, USA, the

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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

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

home

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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.

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, 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.

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, 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

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h

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the

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ome can

also

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be treated as an asset,

for example

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, 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.

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

on the other hand

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

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, renting a

home

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can

also

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

home

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