In some countries, people prefer to rent a house for accommodation, while in other countries people prefer to buy their own house. Does renting a house have more advantages or disadvantages than buying a house
Over the last few decades, ownership of real estate has been perceived as a critical milestone to be achieved. This approach has changed recently due to a spike in the real estate development especially created for rental purposes. This has brought forward multiple advantages to renting a house under the current circumstances. I believe this notion requires a deeper analysis.
In recent times, there has been a dramatic change in the approach towards renting. A certain section of the demographic advocates that the financial freedom renting brings to every individual is the primary reason for considering this option. The pandemic has brought about a radical change to the flexibility in work offered by employers and the younger generation has already leveraged this by using short term rentals to live and work from several scenic locations across the year which would not be possible otherwise. The current generation looks to leverage the money saved which can be invested in alternate financial tools which provide a higher rate of return.
At the same time, with renting, each tenant is at the mercy of the landlord and his plans for the property being leased. A change to this plan could come as a surprise and in extreme cases eviction as well. In addition, renting does not provide long term financial stability and requires a plan to accommodate future increases in rental and maintenance costs.
Overall, I strongly believe that there are advantages galore to renting a house compared to owning one. I am also convinced that this trend will see a higher adoption due to the pandemic, especially as the younger generation would not let anything tie them down to a particular city or location
