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?

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It is true that many
people
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prefer to live in a rented
property
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because they are not responsible for miscellaneous expenses.
However
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,
although
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living in a rental place has some
advantages
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, owning a
house
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brings more
advantages
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. Undoubtedly, owning a
home
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is a lifelong goal for many
people
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, but renting
also
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has its
advantages
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: with no maintenance costs or repair bills, meaning that when
people
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rent a
property
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, their landlord shoulders the whole responsibility for all maintenance, improvement, and repairs.
For example
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, 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
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equal to one month’s rent, and
that is
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all.
This
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deposit will be returned to them when they move out, provided the rental
property
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has not been damaged.
However
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, the amount for a down payment is significantly higher than a rental security deposit.
For instance
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, a 20% down payment on a
house
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with a market value of $200,000 is $40,000.
Thus
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, those unable to afford the down payment have no choice but to rent a
house
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.
Nonetheless
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, owning a
house
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also
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creates some
advantages
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tenants cannot obtain.
First
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,
people
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can create their dream
house
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. As tenants,
people
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cannot renovate their
property
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without the landlord’s permission.
Conversely
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, owning a
home
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means complete creative freedom of creation from altering fixtures to full remodels.
Second
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, owning a
house
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is a smart way to build wealth.
For example
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, 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
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, the benefits of owning a
home
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are not all about money. If they are ranked in order of importance, the pride that accompanies owning a
home
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would be at the top because a
home
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solidifies one’s future and shapes the most purposeful life with intangible benefits,
such
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as a sense of stability and belonging to a community.
People
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can eliminate uncertainties and create lasting memories if they purchase their
property
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. To conclude, ranting a
house
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may lead to some
advantages
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, but owning a
house
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can bring more benefits that cannot be gained by a tenant.
Submitted by samuelhui2004 on

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