In some countries, people prefer to rent a house than buy one. What are the advantages and disadvantages of renting a property?

Many people consider the idea of renting a

house

to be more judicious than purchasing it.

This

trend is widely observed in many developing countries and expensive cities. One of the notable upsides of Leasing a shelter is, it doesn't involve high investments.

However

,

this

phenomenon has certain drawbacks

such

as people lack the freedom to live a freestyle life. On the one hand, hiring a residence involves no financial capital, and avoids the various type of taxes like housing, registration, and development taxes that are commonly applied for an owned

property

.

In addition

to

this

, the option of a lease is more affordable for low-income groups who cannot afford to buy one.

For instance

, the price of a 3 Bedroom flat in Bangalore is approximately 1.5 - 2 Crore, and the

property

rentals vary between 25000 to 35000 per month. A middle-class family who cannot afford to buy a

house

worth 1.5 crores, will choose to rent a

property

that fits their budget.

Besides

, many working professionals who migrate frequently tend to look for a temporary shelter over a permanent one.

On the other hand

, despite several advantages, there are a few shortcomings to

this

idea. Lack of freedom is the most common problem that Tenants complaint about their

property

owners. Landlords impose rigid restrictions

such

as no noise, visitors entry, cooking habits which cause inconvenience to the occupants.

For example

, several Brahmin

house

owners in India don’t allow their residents to cook non-veg food items in the home.

Moreover

, few people who prefer to rent a

house

will not hold a permanent shelter when they are retired. In conclusion, there are considerable advantages to renting a

house

rather than buying it.

However

, people should be cautious enough to make their post-retirement housing plans secure.