In some nations, many individuals prefer to stay in lease homes instead of purchasing it the most advantages are people can freely move to new homes and they do not need to invest large amount of money. However, the many disadvantages are individuals cannot modify the homes as per their preference and they have to follow unwanted rules of legal lease agreements.
The key merit of this phenomena is, people living on rent can easily move to new homes because of exploring new job opportunities and different places as per their convienience without getting tied up to the one house. Moreover, individuals don’t need to invest large amount of funds on renting because the price of new homes are higher than rent homes. For example, the survey carried out by Times Of India that 80% individuals like to stay on rent homes because of explore a new culture and they do not like to invest large amount of money on purchasing new home.
The prime demerits of this outlook is, people cannot modify their homes as per their preferences such as they cannot change furniture and build any new things. If they want to do it, firstly they must take the permissions of the owner. Also, they must follow undesirable rules of legal lease agreements such as restriction on pets, house party at nights and friends at home. For instance, in Canada many individuals stay on rent homes, survey carried out by Canadian state government is that people stay on rent who cannot modify their homes and they must follow rules of lease agreements, if they break rules, owner evict them.
In conclusion, the benefits are people can easily transfer to the new homes and don’t need to invest high amount. The drawbacks are they cannot change their homes look and they must follow unwanted rules.