Renting vs Buying
Renting is the process of making a contract between the owner of the property and the tenant to stay in the place of the owner for the possession on agreed terms & conditions and sum to be paid by the tenant at regular intervals as rent to the owner. Buying , on the other hand, is the process of acquiring the property permanently in exchange for money. Reasons for Renting: When the buyer is unable to purchase due to lack of funds i.e. called as "rent by necessity". When the need of the buyer is temporarily then he/she goes for renting. Renting does not involve any trouble regarding lifespan and maintenance. Renting can generate profit for the owner. Renting also becomes an alternative option of revenue for the owner. Reasons for Buying: When a person can afford to buy then he/she creates a pride of ownership and a sense of stability. Buying an apartment/flat gives the benefit of the amenities lifts, car parking, water supply, electricity supply, power back-up, security...
