The Advantages and Disadvantages of Taking a House on Rent are:
Many families prefer to stay in rented homes. If the house is rented from the Government, you are a Government, you are a Government tenant. If the house is rented from a private landlord, then too you are a tenant. Under both these situations, you have to live according to the wishes of your landlord.
Advantages of Rented House
(a) It very often costs less to rent than to own a house.
(b) The money saving by living in a rented house can be invested in bussiness, which would bring a large money return upon its investment, as compared to when the same amount is invested in a house.
(c) The renting family is free from the responsibility of the upkeep and management of residential property.
(d) The renting family can adjust early to shelter needs. They are free to move when conditions become unsatisfactory or when better accommodation is available elsewhere. If the income increases, the family can move to a better accommodation and locality. Even if the rent remains the same, the family might get a better house.
(e) Rented houses offer geographic mobility depending upon the job opportunities. One is free to change present jobs for better ones.
(f) In renting houses, expenses are clearly defined.
Disadvantages of Rented House
Conversely there are distinct disadvantages in rented house:
(a) The pride of ownership is totally absent.
(b) If ordinary repairs are to be done, they can not always be carried out as and when desired. Either the landlord does not make the payments or he does not allow such work to be carried out.
(c) A renter can not find easily a house of his own choice in the neighbourhood as desired. If by chance, such a house is available, exorbitant rents may be demanded. In times of scarcity, a family may find itself without a house or pay higher rents or have to stay in congested places.
(d) The family renting a house does not have a feeling of security unless the tenants are well known.
(e) The renting family can not modify their rented portion in their own desired way.
(f) Quarrels between the landlord and the tenant are quite common.
(g) Sometimes the landlord or his family has to enter your premises and you can not refuse them.