Owning a property or home may be a lifelong goal for many people but that doesn’t mean it’s for everyone. Families have historically needed to either build their own homes or rent a home from someone else. But nowadays as a country grows in the path of development, Prices of goods and services also rise which makes it difficult for a middle-class family to own a property.

In developed Cities of developed or developing countries the cost of living and cost of working expenses is very high, So renting a property has many advantages in such places.

Advantages of Renting a Property over Owning a Property –

1) No Maintenance Costs or Repair Bills

One of the benefits of renting a property is that there are no maintenance costs or repair bills. This means that when you rent a property, your landlord has to take the responsibility for all maintenance, improvement, and repairs.

But on the other hand, if you own a property you have to be responsible for all the maintenance and repair work, whether you use it on your own or you have rented it out to someone else.

Read – What Should you Choose – Buy or Lease a Commercial Property?

2) No property taxes in Renting a Property

One of the major benefits of renting versus owning is that renters don’t have to pay property taxes. Real estate taxes can be a hefty burden for property owners. You can get a clear view of this point by this example recently Maharashtra govt slashed stamp duty charges, so within a year, Maharashtra has seen the largest number of the property transactions.

3) Burden of Property Loans

For buying a property one has to take help from banks in the form of loans which becomes a huge burden for a lifetime. Whereas renting a property is not that expensive thus you are free from the problem of bank loans.

4) More flexibility in Renting a Property

If you are renting a property you are more flexible to move out whenever you want but when you buy a property, You are more tied up. Renting a property requires fewer commitments until n unless you or the property owner have invested massively in that rented property, especially for you.

Owning a property can be beneficial for property owners over the long run, due to the amount of equity they acquire in the property and due to mental satisfaction. However, for those who want to avoid the hassles associated with property ownership, the costs of upkeep, and property taxes, renting might be a better option.