Selecting a place to live in and whether to rent it or own it is a big decision to make. Many people prefer to own a house rather than live in a rented apartment, while there are others who choose to do exactly the opposite. There are several reasons that make people rent houses rather than buy them. Moreover, certain effects are also associated with this.
Firstly, people usually rent a house because buying a house or flat is expensive and needs a large amount of money. Also, increasing prices of houses in big and developed cities make it difficult or even impossible to buy a house. Therefore, these people prefer to rent a house or an apartment. Secondly, people rent a house because they want to invest their money in other fields, such as the stock market, opening a small business, funding a company and other investments (Dunn et al., 2008). Furthermore, it is the best accommodation for overseas students who seek a place of living, and they usually prefer to share a house with other students to mitigate their expenditures. Moreover, the tenants can easily change their house in case of any difficulties that they encounter, such as noisy neighbours, inappropriate neighbourhoods and the like (Cooper, 2014, p. 69). Besides this, renting a house allows people more opportunities to choose the one they really like. For example, some people prefer the house equipped with more facilities, such as a swimming pool, a beautiful yard. Similarly, other people tend to rent the house with the style of decoration they are in favour of. Finally, renting a house can have more flexibility. People living in a rented house could live or work anywhere. Because, unlike the owner, they don’t have any concerns about the house (Danziger, 2004, p. 11).
On the other hand, owning a house can promote a feeling of personal achievement. People living in a house not owned by themselves may feel no sense of belonging. This may be caused by some potential uncertainties, such as the landlord breaking the contract suddenly or declining a renewal (Harris, 2009, p. 462). Another drawback may be that renting is not a cost-efficient way, compared with buying, because the price of a house is rising in the long run due to inflation. Lastly, renting a house instead of buying can make it difficult for people to adjust. People who prefer renting a house have to change their residency more as compared to those who own the house and prefer living there. Certain adjustment issues are created by these people, especially children. They face issues with their studies, and sometimes, they even cannot find a suitable environment for themselves (DiMaggio and Louch, 2008, p. 623).
In the end, it is believed that renting a house is particularly suitable for those people who cannot afford their own house and do not want to settle in a particular city or an area for several reasons. Moreover, some people like to spend their money on other things such as investments and many more. Moreover, renting a house may have long-term negative effects, such as adjustment issues.
References
Danziger, P.N., 2004. Why people buy things they don’t need. Paramount Market Publishing.
DiMaggio, P. and Louch, H., 2008. Socially embedded consumer transactions: For what kinds of purchases do people most often use networks?. American Sociological Review, pp.619-637.
Harris, D.R., 2009. ” Property values drop when blacks move in, because…”: racial and socioeconomic determinants of neighborhood desirability. American Sociological Review, pp.461-479.
Dunn, E.W., Aknin, L.B. and Norton, M.I., 2008. Spending money on others promotes happiness. Science, 319(5870), pp.1687-1688.
Cooper, C., 2014. The house as symbol of the self. The people, place, and space reader.
