In most of the countries, people prefer to rent their homes rather than buying them. Do the advantages overweigh disadvantages of renting a home?

Owning a house in

this

fast-growing economy is very difficult nowadays. Some people believe that renting a place to accommodate is more economical than buying a property. I am completely in the favour of advantages of the same, in

this

essay I will elaborate on both sides of views.

To begin

with, renting a sheltered place has its own merits. Switching a rented apartment will not be an issue, there are no taxes or extra penalties for changing houses as per tenant laws.

Furthermore

, repair cost and maintenance costs will be covered by the landlords themselves.

Additionally

, a tenant does not require a large amount of leverage to buy a property even monthly rent will be fixed. To illustrate, the average cost of purchasing an own corner is augmenting at a high pace of 10% on year to year basis.

On the other hand

, landlords have a sense of stability and pleasure in owning a property. It even helps owners in building their equity. To

further

strengthen their assets they can rent and generate a fixed income on the same equity.

For example

,

according to

a report submitted by " The Guardians" 5 % of the richest individuals in Canada are landowners who lease their estate. In simple terms, renting land is seen as the most profitable business in today's time.

To conclude

,

although

in today's time, the masses prefer a rented place over owning a house to their name, I believe purchasing equity has more advantages, as the return on investment is quite high and valuation will always go on the upper side in today's time.