higher levels of learning (Scanlon, 2015). Thus, renting is a convenient option that fosters
adaptability and flexibility.
Besides, compared to mortgage repayments, rents are cheaper and affordable.
Currently, the values of residential properties are so high that most of the people cannot
afford them. Buying houses also come along with high-interest rates, and it entails large
amounts of incidental costs such as legal payments and insurance while many people have
low-income levels. A person pays a lot of initial costs and recurring costs on a monthly or
an annual basis as they own a home. Such costs include renovation and maintenance
expenses, insurance and other property taxes.
Moreover, the eligibility involved in a mortgage is more demanding compared to
renting. Not many people have a stable income in town to qualify them to buy a house. A
person has to prove to the bank that he or she has a stable financial base that would enable
then service a mortgage. Thus, mortgages are not for those with unreliable incomes. It is
convenient for such people to rent houses as they organize their finances for them to buy
their own home in future (Rodgers & McFarlin, 2017).
To sum up, even though mortgage arrangements are significant long-term
investments, renting is more flexible and financially viable. Buying a home can drain a
person to the extent of causing a severe financial instability. While many people dream of
home ownership, the procedures involved and the costs associated with such a move is a
severe obstacle for many people. Renting is easy, and it does not cause a person any
inconveniences when the time to relocate comes by given the increased mobility of people
in the current economy.
