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 domicile.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. To commence with, 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.
In other words
, 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 cost and time.
For example
, a recent survey conducted by the Times of India demonstrated that 70% of the people have changed their place of stay due to various personal reasons and preferred to lease over buying a residence.
Secondly
, people tend to rent a
property
in different regions in order to wisely decide before settling at a particular location.
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 that region. They can compare these areas and
finally
decide on investing to purchase a
house
in the most suitable
one
.
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 funds and a major portion of the remuneration is spent on paying the
house
lease.
Hence
, buying a home can pose a better choice even if an individual has to pay a monthly mortgage as the income is being invested in a dwelling.
Moreover
, tenants cannot make amendments to a rented
property
due to restrictions from the owner.
For instance
, an individual has to seek permission from the
property
owner for making even minor changes in the leased
house
which is not the case for a self-owned abode. 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.

Word Count

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