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

In recent decades, many individuals have been living in rental properties rather than owning a home.

This

is a rising trend in many countries. And, There are certain advantages and disadvantages of living in rental properties. To commence, there are two main benefits of living on rent.

Firstly

, it saves families from a huge financial burden as they just have to pay the monthly expense of living in someone's house.

Also

,

this

allows people to invest their savings in building a business, which is financially more rewarding.

For example

, many people purchase apartments to list on Airbnb to earn extra income and still live on rent.

Secondly

, renting a home is more affordable than purchasing it

due to

rising inflation in the real estate markets. To illustrate, it takes thirty years for a couple to pay off their mortgage in 2023,

while

it was just seven years in 1980.

Hence

,

this

form of accommodation has many benefits.

On the other hand

, there are two main drawbacks to using

this

mode.

Firstly

, it lowers the level of freedom which a family may enjoy in their own home.

This

can be because of following landlords' directions to maintain the property.

Also

, a person can never make any major architectural changes in these outlets.

Secondly

, one can never feel the sense of ownership here.

This

psychological effect helps an individual to become more satisfied and stable.

Hence

, renting a house certainly has some drawbacks.

To conclude

, financial freedom and affordability are the main benefits of living in rental accommodations.

However

, one enjoys lower personal freedom and a sense of ownership in these forms of housing.

Overall

, it all depends upon individual personal choices and requirements.