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

The shelter is

one

of the basic necessities for every individual whether rented or owned

house

.In various nations, renting a

house

, condo or apartment has become the

first

preference over buying

one

.

This

has its own merits and demerits which will be explained in the upcoming paragraphs. The benefits of renting a

property

are manifold.

Firstly

, it is convenient for an individual to stay in a

house

which is near to the educational institute or the workplace.As most of the students and employees have to relocate to different parts of the country so renting a place nearby helps them to save travel time and

money

.

For example

, a recent survey conducted by Times of India found that 70% of the people have changed their place of stay due to various personal reasons and preferred to rent over buying a residence.

Secondly

, people tend to rent a

property

in different regions in order to wisely decide before settling at

one

part.

One

has to evaluate many factors

such

as amenities in a town, infrastructure, nearby places for recreational activities and long term plans of the government for a particular region. They can compare the places where

one

has stayed for some time and

finally

decide on investing to purchase a

house

.

On the contrary

, long term renting can lead to overhead costs as once paid we cannot get the

money

back. Nowadays, with the increase in household expenses , it has become very difficult to save fund and a major portion of the remuneration is spent on paying the

house

rent.

Hence

, buying a home can pose a better choice even if an individual has to pay a monthly mortgage as the

money

is being invested in a

house

.

Moreover

, tenants cannot make amendments to a rented

property

due to restrictions from the owner. An individual has to seek permission from the

property

owner for making even minor changes in the rented

house

which is not the case for a self-owned

house

. To conclude from the aforementioned discussion, I would like to infer that renting a

property

has its advantages like sensibly making decisions about the location before buying a

house

and proximity from the office or university helps save time.

On the other hand

, it has various disadvantages like rented

money

adds a huge cost in monthly expenses and restrictions to make changes in the rental place.