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

The shelter is one of the basic necessities for every individual whether rented or owned domicile.In various nations, renting a house, condo or apartment has become the first preference over buying one.This has its own merits and demerits which will be explained in the upcoming paragraphs. Ċ To commence with, the benefits of renting a property are manifold.Firstly, it is convenient for an individual to stay in a house which is near to the educational institute or the workplace.In other words, most of the students and employees have to relocate to different parts of the country so renting a place nearby helps them to save travel cost and time.For example, a recent survey conducted by the Times of India demonstrated that 70% of the people have changed their place of stay due to various personal reasons and preferred to lease over buying a residence.Secondly, people tend to rent a property in different regions in order to wisely decide before settling at a particular location.One has to evaluate many factors such as amenities in a town, infrastructure, nearby places for recreational activities and long term plans of the government for that region. They can compare these areas and finally decide on investing to purchase a house in the most suitable one. Ċ On the contrary, long term renting can lead to overhead costs as once paid we cannot get the money back. Nowadays, with the increase in household expenses , it has become very difficult to save funds and a major portion of the remuneration is spent on paying the house lease. Hence, buying a home can pose a better choice even if an individual has to pay a monthly mortgage as the income is being invested in a dwelling. Moreover, tenants cannot make amendments to a rented property due to restrictions from the owner. For instance, an individual has to seek permission from the property owner for making even minor changes in the leased house which is not the case for a self-owned abode. Ċ To conclude from the aforementioned discussion, I would like to infer that renting a property has its advantages like sensibly making decisions about the location before buying a house and proximity from the office or university helps save time.On the other hand, it has various disadvantages like rented money adds a huge cost in monthly expenses and restrictions to make changes in the rental place.