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.
Submitted by nurat1105 on

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