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

Although

owning a home is a life goal of many people, but renting has its pros and cons too. In some countries, the majority of people prefer to

rent

their homes rather than buying them. In

further

paragraphs, I will discuss the merits and demerits of renting. The two main advantages of renting are no

maintenance

cost or repair bills and access to the amenities. When you

rent

a home,

then

there is no

maintenance

cost or repair bills. The landowner will be responsible for

maintenance

, repair and improvement.

For instance

, if appliances stop working or the roof starts to leak,

then

you should contact the landowner, and he will fix it.

Also

, renting provide financial benefit

such

as access to the amenities;

otherwise

, it would be an enormous expense.

For example

, luxuries which include in-ground pool or fitness centre

,

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comes under the medium scale and standard apartment complexes with no additional charges. But if a homeowner wants to access them, he needs thousands of dollars for instalment and

maintenance

whereas condo owner only needs to pay monthly expenses. Some possible disadvantages to

this

that you aren't building a value, no increase in credit score and rise of

rent

. When you left the house, along with yourself, you took up your moveable items which result in the growth of a property owner's equity not in yours

moreover

, if you are paying the mortgage, on time it will not increase your creditworthiness.

Also

, the

rent

you are paying could change when the lease comes up due to renewal. Typically, within a six month or a one year. In conclusion, renting has its advantages and disadvantages but those who are in any decision making they should carefully weigh the pros and cons while making a decision rather than monthly expenses.