With increasing population, housing has become a prominent problem. Some people like to purchase their own house, while others believe in renting them. I will discuss the pros and cons of the latter in the following paragraphs.
Today in most countries, real estate is seen as a valuable investment. Even in the developing countries, as more people have gotten access to higher disposable income and financial knowledge, the number of individuals venturing in this field has rose. This has led to a negative cycle where the prices of properties are snowballing due to unceasing appreciation. As such, the number of people who prefer to rent homes have surged, and again, this feeds into the previous cycle. Since the industry has matured, and landowners have started to provide leases that are negotiable after certain periods of time. Other perks included are the maintainance of utilities, and various taxes that are not bore by the tenants. The adage ‘renting is always cheaper than purchasing’ holds true.
Amidst these pecuniary benefits, there are several shortcomings as well. Having a home that one can call their own adds to their mental peace. In times of emergency, it may also be used as collateral. It not only helps after retirement, but also provides credibility for certain loan and credit card plans. Having a stable investment also helps to keep up with the market and inflation.
In conclusion, I would like to say that both renting and owning a home has benefits. In case of the former, one should make sound investments to secure their future, and for the latter, one should use their assets wisely.