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

People from different countries, prefer to take a lease for their home

instead

of purchasing it. In my opinion,

although

, there would be less number of responsibilities in it, in time, an opportunity to have the ownership of a property is missed. By renting a place, many responsibilities do not fall on the tenant, rather they are handled by the owner of it. Even though cleanliness has to be maintained, the other activities

such

as maintenance, repairs and legal documentation do not fall under their job. House tax;

for example

, is an important yearly legal work and payment, which is taken care

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by the person subletting it.

Hence

, there would less extra work related to the place while leasing it and is more advantageous to frequent movers.

On the other hand

, no property is owned by them while staying at the same apartment paying the rent for years.

However

, planning efficiently would help them by providing financial growth and having their own place, as an asset.

For instance

, opting for a mortgage and paying the same rent amount to the bank monthly is one of the trending methods of property purchase these days. Renting for the long term is disadvantageous, because of the assets that are missed at the same price. To conclude, Purchasing a home is usually not preferred by people in some nations. It helps in simplifying their living with less legal and maintenance work.

Nonetheless

, spending the same amount of money in purchasing it could help them in the future as a liability.