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

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Indeed, many
people
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can not afford for buying a
house
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and the only option may be to rent. In some countries, most
people
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decide that renting their
home
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is the choice than buying one. In
this
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essay, I will discuss why renting is a more flexible option and
also
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how it can lead to financial loss to some extent and instability. The main benefit of renting a
house
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or an apartment is its flexibility with the lifestyle. To be more specific, if a
person
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lives in a temporary
home
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for monthly rental, he can move the
home
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with the changes in life events.
For example
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, if a
person
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got a new job, which is far away from the current location, he can easily move to a new
home
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near his new company. If
this
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happens to a
person
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who bought a
house
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, he may not be able to do that easily.
In addition
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, if a
person
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found that his
neighborhood
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neighbourhood
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is insecure due to developing criminals,
then
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he can pack his belongings and move from that area quickly.
However
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, there are some negative aspects namely the financial disadvantage and instability of living in a renting a place.
This
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is because renting a
house
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is more expensive than buying a
house
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with a housing loan. Sometimes,
people
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have to pay a higher amount as a rental than a monthly increment for a housing loan. Not only that but
also
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, at the end of the loan period, they can own property, but not for rented one.
This
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is a great loss financially. Another fact is some
people
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may feel the instability of living in a rented apartment, because some landlords do not act fairly and do not follow contract rules, or they may try to change the conditions regularly.
For instance
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, a study revealed that in the Colombo city area, the monthly rent is nearly 50% of to total income of a salary, of an average
person
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, and the number of complaints against landlords is increasing annually. In conclusion, in
this
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essay, I argued that renting provides greater lifestyle flexibility, and
also
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renting can be a loss financially and how that renting a
house
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unstable living.
Submitted by sandamalipc1 on

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Topic Vocabulary:
  • Flexibility
  • Minimal maintenance
  • Upfront costs
  • Equity building
  • Customization
  • Financial instability
  • Renovations
  • Temporary nature
  • Desirable locations
  • Long-term commitment
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