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

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Many people consider the idea of renting a
house
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to be more judicious than purchasing it.
This
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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
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,
this
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phenomenon has certain drawbacks
such
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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
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.
In addition
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to
this
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, the option of a lease is more affordable for low-income groups who cannot afford to buy one.
For instance
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, the price of a 3 Bedroom flat in Bangalore is approximately 1.5 - 2 Crore, and the
property
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rentals vary between 25000 to 35000 per month. A middle-class family who cannot afford to buy a
house
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worth 1.5 crores, will choose to rent a
property
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that fits their budget.
Besides
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, many working professionals who migrate frequently tend to look for a temporary shelter over a permanent one.
On the other hand
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, despite several advantages, there are a few shortcomings to
this
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idea. Lack of freedom is the most common problem that Tenants complaint about their
property
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owners. Landlords impose rigid restrictions
such
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as no noise, visitors entry, cooking habits which cause inconvenience to the occupants.
For example
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, several Brahmin
house
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owners in India don’t allow their residents to cook non-veg food items in the home.
Moreover
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, few people who prefer to rent a
house
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will not hold a permanent shelter when they are retired. In conclusion, there are considerable advantages to renting a
house
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rather than buying it.
However
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, people should be cautious enough to make their post-retirement housing plans secure.
Submitted by srivupputuri on

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