Prompt: In some countries, people prefer to rent a house than buy one. What are the advantages and disadvantages of renting a property?

Selecting a place to live in and whether to rent or to buy is a big decision to make. Some people prefer to settle down in their own home, while others are of the opinion that renting a house is better. This essay will discuss the positive and negative aspects of leasing a house. Ċ The primary advantage of renting a home rather than buying is that you do not need any funding. To rent a house is relatively cheaper and provides the option to reside in the suburbs that are just impossible to purchase. For example, although a tenant needs to provide an advance deposit, it's still much lesser than 10% of a house loan. Another advantage of leasing a property is that you are more flexible than owning one. Renting requires no long-term commitment from the tenant, and this is the best option for someone that is not planning to stay in one place for a long time. Ċ However, leasing is not without its limitations. The biggest disadvantage is that renting offers no return on investment as the property will never belong to the tenant; hence the renter is paying towards the homeowner’s home loan. Moreover, the renter is bound by rules and regulations. In other words, they will not have the freedom to renovate or alter the dwelling without the consent of the owner. Another disadvantage is that there is no guarantee that the lease will be renewed when expired. Ċ In conclusion, the preference of where to stay has changed over the last years. Some people still prefer to rent where others argue that buying is a better option. Renting do have its benefits but also its drawback.