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

Most people tend to choose to rent a house rather buying in some countries.
This
is mainly because lack of financial support to purchase ownership and no long term goal of situating over fixed places. I will discuss the benefits and drawbacks in the below paragraphs along with my opinion. To embark with, one of the main advantages of renting a property is that you do not have to pay property taxes or maintenance costs on the house.
This
is a great saving by living for rent.
Secondly
, renting a place is a lot cheaper compared to owning it. In most Canadian cities, people are paying almost 75% of their monthly income to mortgages.By renting a home or condo, you could avoid these expensive cut from your salary.
Hence
, buying a property in a certain city is not feasible for them. Even though there are more benefits, there are some cons
also
. Coming to the disadvantages,
firstly
, one of the main con that comes to my mind is you do not have comfort as you live in your house. We can not do any modifications to the ownership and have to take permission from the landlord regarding any changes.
Secondly
, you have a deadline for every renting. You have to evict once the time comes.
Moreover
, sometimes you do not have the parking available in your area. To conclude,
although
there are pros and cons of renting a place, one must live with a dream of getting their own. Renting a place is better until you have stability in life. To the end, it all depends on individual choice.
Submitted by chigurupati on

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