In Some Countries, Most People Prefer To Rent Their Homes Rather Than Buying Them | Band 8 IELTS Essay Sample
In some countries, most people prefer to rent their homes rather than buying them. What are some of the advantages and disadvantages of renting homes?
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Band 8 IELTS essay sample
In some countries, people show more interest in renting than buying a home. The advantages and disadvantages of this trend will be discussed in this essay.
To start with, renting a home means a person is freed from paying mortgages, property taxes and undertaking maintenance of the house. Real estate prices are skyrocketing day by day. A recent study in the USA revealed that the annual rent for a house is 20 percent less than the combined cost of its rent and the property tax. As such, leasing a house is always affordable for the middle-class people. In addition, most employees get tax exemption for the amount they pay for their housing. Furthermore, leasing a house is generally convenient for professionals who have a transferable job. That will make their transfer from one city to another hassle-free.
On the other hand, there are some demerits to staying in a rented residence. Firstly, the tenants do not enjoy the freedom to customize and renovate the house as per their wishes, unlike a homeowner. By contrast, if they are staying in an owned building, they have the liberty to paint the house, change the floor tile or furnish a cupboard. Moreover, they have to deal with miscellaneous problems such as intervention from homeowner, renewal of lease agreement and the annual revision of rent cost. Another important point is that the houses are considered as a long term investment. Instead of paying rent for their entire life, people can buy a home by making a small down payment and paying the remaining amount in easy monthly instalments. At the end of the loan tenure, they will be the proud owner of the property and at the same time, the value of the property would) have quadrupled.
In conclusion, there are various benefits and drawbacks to leasing houses. People have to choose it carefully based on their financial status and personal preference.