The shelter is
of the basic necessities for every individual whether rented or owned domicile.In various nations, renting a
, condo or apartment has become the
preference over buying
has its own merits and demerits which will be explained in the upcoming paragraphs.
To commence with, the benefits of renting a
, it is convenient for an individual to stay in a
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.
, 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.
, people tend to rent a
in different regions in order to wisely decide before settling at a particular location.
has to evaluate many factors
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
decide on investing to purchase a
in the most suitable
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
, 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.
, tenants cannot make amendments to a rented
due to restrictions from the owner.
, an individual has to seek permission from the
owner for making even minor changes in the leased
which is not the case for a self-owned abode.
To conclude from the aforementioned discussion, I would like to infer that renting a
has its advantages like sensibly making decisions about the location before buying a
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.