In the recent days, everyone wishes to pay rent, enjoying the present life rather taking up the burden of paying Equated Monthly Installment (EMI). While there are many advantages influencing people to reside in rented accommodation, there are also drawbacks which are worth considering.
To state upon on the advantages of renting, firstly, people can live very closer to work, schools, hospitals etc., For instance, if there is a transfer of job location, it is very easy to look for another rented house nearer to office. Secondly, you get a chance to live in big apartments and posh houses for short timing and enjoy all the amenities provided without having to think much on investing in buying them. Finally the financial risk is low.
On the contrary, living in a rented house you cannot claim ownership.All the earnings are spent in paying rent leaving a person totally skint when the person is retired. i.e Consider an example of a family staying in a house paying 20k rent whereas they could have invested in buying a flat and pay 20k as monthly EMI. Apart, not all house owners are nice people. Some landlords have stringent rules for the houses rented and collect huge maintenance fees. Moreover, each time while relocating there will be extra cost involved for mail redirection, shifting etc.,
Finally, discussing upon on the ideas of renting, there are equal number of pros and cons on this issue. It depends upon one's own needs and financial circumstances to choose whether to live in a rented house or own house.