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 some nations, a high number of populations give preference to live in
a
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rented accommodation
instead
of buying their own. I fervently believe that it makes
people
feel independent and mentally stable.
However
, staying in a leased property for a prolonged period is not reliable.
To begin
with, living in a rental apartment gives
people
an opportunity of independence to change their residency at any time. To elaborate, individuals who prefer to rent their houses can frequently change their living place to explore new environments, cities, and neighbourhoods at any time,
according to
their own preferences.
Also
,
such
people
are free from any kind of mental stress and financial instability because they do not get any mental pressure to pay mortgages or
to
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repay their loans.
For example
, in developed countries like Canada, Australia, and New Zealand
people
who live in a rented
house
are more relaxed and tend to enjoy their lives more
due to
lack of financial burden. Contrarily, the preference to live in a rental property
instead
of buying a
house
can lead to insecurities. Because rented houses are not always reliable as the owner can give a termination notice at any time and
this
can
further
affect the lifestyle, education, jobs
as well as
business of individuals who are living at a temporary residence.
Moreover
,
people
who lived in rented houses throughout their lives often regret their decisions during their old age. Because every individual seeks to have a permanent, self-owned and comfortable
house
in their later
life
to live in peace.
Therefore
, those who do not possess a
house
live in guilt of not owning a property under their name.
To conclude
, I strongly believe that decision to lead a
life
in a rented
house
can keep
people
away from the mental stress of paying a regular mortgage. But later ,
life
it
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can cause a barrier between peace and relaxation in
people
’s retired
life
.
Submitted by varindervarinder1996 on

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Topic Vocabulary:
  • financial commitment
  • down payment
  • initial costs
  • allocate resources
  • maintenance costs
  • mobility
  • relocate
  • market fluctuations
  • property value
  • building equity
  • appreciate in value
  • asset
  • personalization
  • restrictions
  • rental increases
  • lease renewal
  • financial instability
  • housing budgets
  • long-term security
  • landlord
  • lease agreement
  • equity
  • substantial
  • property ownership
  • property market
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