Nowadays in the global world most individuals suggest to rent their homes rather than buying them. This essay will discuss the advantages and disadvantages of these trends.
To begin with, one advantage of renting homes is lower upfront costs that comes with owning your own home. There is huge upfront cost of purchasing the home with certainly lead to taking loans and paying EMI’s. Renting homes could be cheaper option for many people who cannot afford buying their own house. For example, home owner generally spend a huge amount money in down payments and the registration whereas renting homes only asks of rent and a security deposit.
Furthermore, renting homes also offers you high mobility and flexibility. If your job has frequent transfers this the most viable option. This flexibility also helps you live in premium locations and can also change your house instead of renovating which very expensive. For instance, if individuals want to live in premium and great locations homes are available at very high cost and if you rent the same house you would pay less money and also live in that location.
However, the major disadvantage of renting homes is that there is restriction of customization. People cannot decorate their home as per their likings and they can’t make it feel like their own. For example, tenants cannot tear down a wall, change the tile, or paint over a bold color without risking their security deposit. This means you are often forced to live with landlord grade aesthetics, mismatched cabinetry, or bare walls.
In conclusion, renting a house have both advantages and disadvantages but the advantages does outweigh the disadvantages as it provides with more flexibility and lower upfront costs which make it a viable option for people.