Housing is a common human necessity irrespective of which country one lives in. Many people face the dilemma regarding whether to buy or rent a house? There are both benefits as well as drawbacks in renting a house.
The main advantage of renting a house is that one does not have to worry about saving for the huge down payment required for buying a house. For example one of my friends who did not have any savings, went ahead with renting a house as this was the easiest option available for him. Secondly when one rents, that person does not have to pay any property tax. Finally if one rents, while moving to another city, he does not have to worry about selling the house.
The major drawback of renting a house is that the landlord can ask you to vacate the house by giving a short notice and it will be difficult to arrange another good house on rent within such a short duration. I came to know that a tenant was asked to vacate the house within one day’s notice and that caused huge inconvenience. Another drawback of renting a house is that one will not be able to build an asset over the time, utilizing the monthly outgoes.
Renting not only relieves one from the financial commitment but also from paying the property tax. If the monthly outgoes were to go into paying the mortgage, the person does not have to worry about changing rental houses frequently. Though renting a house has both benefits as well as demerits, the decision should be made based on the economic soundness and the preference of an individual in the order of priority.
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