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

It is one of the biggest decision of every individual’s life, whether to rent or buy the residence despite being an inhabitant of any country. To some people, renting an abode is preferable than for purchasing it. I believe that owning a house has far more advantages than renting accommodation.

Although

in

this

essay, I will discuss both the advantages and disadvantages of renting a home. On the one hand, people often lease a residence because they have less or no initial investment to purchase a property, on their own.

Although

one can buy a home on credit, apply the individual should have some amount of wealth for security as a mortgage.

For instance

, If in India, I want to apply for a mortgaged loan in any bank, they may ask for details of property I own, if I would not be able to return the loan, they can recover the loan by selling my properties.

Moreover

, people can change their location anytime near to their workplace. The renovation of the condo or apartment is the landlord’s responsibility and the tenants do not need to worry about it.

On the other hand

, owning a home gives a sense of accomplishment and the inhabitants do not need to worry about fixed monthly expenses of rental. While tenants living on lease have to pay rents monthly which gets increased every year according to the agreement between the landlord and tenants.

This

is a fixed burden on the tenants in which the property still does not belong to them.

This

is some sort of freedom which only homeowners enjoy. A house is a permanent asset to the owner, with time, its price increases.

For example

, If I own a house, its value will increase over the period of time and it can give me good returns as well. While to tenants, only tariff increases without any addition to their personal assets. To conclude, renting a flat or apartment has some merits like no heavy investment and demerits of no wealth security to the people who lease the apartment.