In some countries, people prefer to rent a house for accommodation, while in other countries people prefer to buy their own property. Does renting a house have more advantages or disadvantages than buying a house?

It is true that many

people

prefer to live in a rented

property

because they are not responsible for miscellaneous expenses.

However

,

although

living in a rental place has some

advantages

, owning a

house

brings more

advantages

. Undoubtedly, owning a

home

is a lifelong goal for many

people

, but renting

also

has its

advantages

: with no maintenance costs or repair bills, meaning that when

people

rent a

property

, their landlord shoulders the whole responsibility for all maintenance, improvement, and repairs.

For example

, if an appliance stops working or the roof starts to leak, they just call the landlord to fix or replace it. The other benefit is the exemption of up-front costs. Renters generally have to pay a security deposit

that is

equal to one month’s rent, and

that is

all.

This

deposit will be returned to them when they move out, provided the rental

property

has not been damaged.

However

, the amount for a down payment is significantly higher than a rental security deposit.

For instance

, a 20% down payment on a

house

with a market value of $200,000 is $40,000.

Thus

, those unable to afford the down payment have no choice but to rent a

house

.

Nonetheless

, owning a

house

also

creates some

advantages

tenants cannot obtain.

First

,

people

can create their dream

house

. As tenants,

people

cannot renovate their

property

without the landlord’s permission.

Conversely

, owning a

home

means complete creative freedom of creation from altering fixtures to full remodels.

Second

, owning a

house

is a smart way to build wealth.

For example

, the average price of real estate sold in the United States rose 10% from 2014 to 2019. With Covid-19 driving the marketplace, those increases will continue.

Finally

, the benefits of owning a

home

are not all about money. If they are ranked in order of importance, the pride that accompanies owning a

home

would be at the top because a

home

solidifies one’s future and shapes the most purposeful life with intangible benefits,

such

as a sense of stability and belonging to a community.

People

can eliminate uncertainties and create lasting memories if they purchase their

property

. To conclude, ranting a

house

may lead to some

advantages

, but owning a

house

can bring more benefits that cannot be gained by a tenant.