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In many countries, residents still prefer to own their homes; however, in the more developed countries, they prefer to rent rather than own because of affordability factors, property taxes, and maintenance costs.

In many countries, residents still prefer to own their homes; however, in the more developed countries, they prefer to rent rather than own because of affordability factors, property taxes, and maintenance costs. In addition to financial barriers, changing culture is another influencer. A lot of people, these days, are migrating for jobs; therefore, it does not make much sense for them to stay anchored to a particular location by acquiring property there. There are several advantages to renting. For a small family, renting a property helps them keep their expenses in check by avoiding mortgage interests, property taxes, and expensive maintenance. For example, in the state of Texas, USA, residents pay as much as 10 to 12 thousand dollars in property taxes a year. That is roughly the same amount they need to rent a two-bedroom apartment. In addition to taxes, mortgage interest could be anywhere between 8% and 12% for a family with average credit scores. Even though mortgage interest is tax-deductible in most countries, it is something the family needs to cough up each month. In addition to expenses, flexibility is another significant factor. The job market trends are evolving all the time and the demand is shifting from one city to another. The cost of moving is much less if the residents are renting rather than owning; owning also restricts cash-flow temporarily because selling a property takes time. On the flip side, there are several disadvantages to renting that people should take into account. In the past, families remained integrated because of their ancestral homes and its emotional value. We are already seeing that families are drifting apart because they do not have the anchor to hold them together through time. In addition, those who live their entire life in rented homes spend a considerable amount of money on rent which could have been saved for their retirement. For many, it is helpful to fully own the housing to manage through the ups and downs of retirement. Finally, monthly rent is an expense as opposed to mortgage payments that build assets / equity for the owners. Over time, an owned property is another asset that holds financial value. In conclusion, there are many advantages and disadvantages to renting and owning a property. Those who are in the decision-making process should carefully weigh the pros and cons before making a decision, rather than simply considering the monthly expenses
In
many
countries, residents
still
prefer to
own
their homes;
however
, in the more
developed countries
, they prefer to
rent
rather
than
own
because
of affordability factors,
property
taxes
, and maintenance costs. In
addition
to financial barriers, changing culture is another influencer.
A lot of
people
, these days, are migrating for jobs;
therefore
, it does not
make
much sense for them to stay anchored to a particular location by acquiring
property
there.

There are several advantages to
renting
. For a
small
family
,
renting
a
property
helps
them
keep
their expenses in
check
by avoiding
mortgage
interests,
property
taxes
, and expensive maintenance.
For example
, in the state of Texas, USA, residents pay as much as 10 to 12 thousand dollars in
property
taxes
a year.
That is
roughly the same amount they need to
rent
a two-bedroom apartment. In
addition
to
taxes
,
mortgage
interest could be anywhere between 8% and 12% for a
family
with average credit scores.
Even though
mortgage
interest is tax-deductible in most countries, it is something the
family
needs to cough up each month. In
addition
to expenses, flexibility is another significant factor. The job market trends are evolving all the time and the demand is shifting from one city to another. The cost of moving is much less if the residents are
renting
rather
than owning; owning
also
restricts cash-flow
temporarily
because
selling a
property
takes time.

On the flip side, there are several disadvantages to
renting
that
people
should take into account. In the past,
families
remained integrated
because
of their ancestral homes and its emotional value. We are already seeing that
families
are drifting apart
because
they do not have the anchor to hold them together through time. In
addition
, those who
live
their entire life in rented homes spend a considerable amount of money on
rent
which could have
been saved
for their retirement. For
many
, it is helpful to
fully
own
the housing to manage through the ups and downs of retirement.
Finally
, monthly
rent
is an
expense
as opposed to
mortgage
payments that build assets / equity for the owners. Over time, an
owned
property
is another asset that holds financial value.

In conclusion
, there are
many
advantages and disadvantages to
renting
and owning a
property
. Those who are in the decision-making process should
carefully
weigh the pros and cons
before
making a decision,
rather
than
simply
considering the monthly
expenses
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IELTS essay In many countries, residents still prefer to own their homes; however, in the more developed countries, they prefer to rent rather than own because of affordability factors, property taxes, and maintenance costs.

Essay
  American English
4 paragraphs
399 words
6.0
Overall Band Score
Coherence and Cohesion: 5.5
  • Structure your answers in logical paragraphs
  • ?
    One main idea per paragraph
  • Include an introduction and conclusion
  • Support main points with an explanation and then an example
  • Use cohesive linking words accurately and appropriately
  • Vary your linking phrases using synonyms
Lexical Resource: 5.5
  • Try to vary your vocabulary using accurate synonyms
  • Use less common question specific words that accurately convey meaning
  • Check your work for spelling and word formation mistakes
Grammatical Range: 6.0
  • Use a variety of complex and simple sentences
  • Check your writing for errors
Task Achievement: 7.0
  • Answer all parts of the question
  • ?
    Present relevant ideas
  • Fully explain these ideas
  • Support ideas with relevant, specific examples
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