In some countries, most people prefer to rent their homes rather than buying them. What are the advantages and disadvantages of renting a home?

Accommodation is one of the fundamental needs of each citizen in any country and to meet

this

need,

people

buy houses.

However

, depending on the situation, renting could be a beneficial choice which is the reason for many

people

to favour it.

This

essay will examine the merits and demerits of

this

matter and reach a logical conclusion. On the one hand, in many countries,

people

rather rent a residence.

This

option could be greatly advantageous in certain situations where either you don'

t

want to stay in the same house for too long, or you don'

t

have enough budget to afford to buy it.

Therefore

, by renting, you only would be charged for a fraction of the original price for the specified period.

Thus

they can spend it without worrying if they want to change their location in the near future.

On the contrary

, one of the drawbacks to renting is the lack of insurance for the extension of the contract.

For instance

, if you by any chance, could not afford to buy and for that reason, in order to distribute the payment over time, have chosen to rent, you wouldn'

t

get any assurance of being able to extend your stay there.

In other words

, by the time you reach the end of your contract, even though you wanted to stay, your landlord could just give the place to someone else.

This

is issue rises as a great conundrum in countries where suffer from the privation of residential areas

such

as

third

world ones. To conclude, renting is the most beneficial when

people

don'

t

have enough money to buy a house or are not sure whether they want to extend their accommodation or not.

Nevertheless

, due to

this

lack of assurance, the other side of the contract could prevent them from staying after the specified duration which is its most important demerit. In my opinion, the advantages of renting outweigh the disadvantages.