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

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of the basic necessities for every individual whether rented or owned

house

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.In various nations, renting a

house

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, condo or apartment has become the

first

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preference over buying

one

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.

This

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

property

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are manifold.

Firstly

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, it is convenient for an individual to stay in a

house

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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

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.

For example

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, 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

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, people tend to rent a

property

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in different regions in order to wisely decide before settling at

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part.

One

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has to evaluate many factors

such

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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

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has stayed for some time and

finally

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decide on investing to purchase a

house

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.

On the contrary

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

money

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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

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rent.

Hence

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

money

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is being invested in a

house

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.

Moreover

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, tenants cannot make amendments to a rented

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

property

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owner for making even minor changes in the rented

house

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which is not the case for a self-owned

house

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

property

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

house

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and proximity from the office or university helps save time.

On the other hand

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, it has various disadvantages like rented

money

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