In some countries, most people prefer to rent a house rather than buying one. Describe the advantages and disadvantages of renting. v.3

In many countries, it is becoming increasingly popular to rent an apartment rather than buying it. This essay will highlight some of the benefits and the drawbacks of renting an apartment. To begin with the positives, a significant advantage of staying in leased accommodation is to avoid high mortgaged, maintenance, and property tax. In many countries like India, interest on the home loan is as high as 9% and in addition to this person also have to pay repair cost as well as the property tax. Therefore, it is more economical and convenient to rent a condominium instead of owning it. Furthermore, people, these days are more career-oriented and flexible to relocate in different cities for the higher paycheck. This makes leased property a prefered option for the people to live. However, renting a house also possess some disadvantages. The most obvious downside is the restriction to renovate. The tenants are not allowed to alter the house according to their choice. Consequently, they end-up compromising with their needs. In addition to this, the rent paid is an additional burden on the pocket rather than an investment. It is an expense as opposed to the mortgage payments that build an asset for the owner. Thus, over time, the owned property as compared to leased one is an asset with a financial value. In conclusion, despite the benefits of avoiding the need to pay the high-interest rates and maintenance cost, the drawback of limitation to renovate and no return on expenses should also be taken into consideration.