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

of the basic necessities for every individual whether rented or owned

.In various nations, renting a

, condo or apartment has become the

preference over buying

.

has its own merits and demerits which will be explained in the upcoming paragraphs.

The benefits of renting a

are manifold.

, it is convenient for an individual to stay in a

which is near to the educational institute or the workplace.As 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 time and

.

, a recent survey conducted by Times of India found that 70% of the people have changed their place of stay due to various personal reasons and preferred to rent over buying a residence.

, people tend to rent a

in different regions in order to wisely decide before settling at

part.

has to evaluate many factors

as amenities in a town, infrastructure, nearby places for recreational activities and long term plans of the government for a particular region. They can compare the places where

has stayed for some time and

decide on investing to purchase a

.

, long term renting can lead to overhead costs as once paid we cannot get the

back. Nowadays, with the increase in household expenses , it has become very difficult to save fund and a major portion of the remuneration is spent on paying the

rent.

, buying a home can pose a better choice even if an individual has to pay a monthly mortgage as the

is being invested in a

.

, tenants cannot make amendments to a rented

due to restrictions from the owner. An individual has to seek permission from the

owner for making even minor changes in the rented

which is not the case for a self-owned

.

To conclude from the aforementioned discussion, I would like to infer that renting a

has its advantages like sensibly making decisions about the location before buying a

and proximity from the office or university helps save time.

, it has various disadvantages like rented

adds a huge cost in monthly expenses and restrictions to make changes in the rental place.