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 has 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 salary. This makes leased property a preferred 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 house 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.
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
has 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 salary.
This
makes
leased property a preferred 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
house
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.