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Compare And Contrast Renting Vs Owning A Home

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Introduction

Different individual certainly consider different factors whether to rent or buy a home. With numerous important factors to consider, some people may prefer the flexibility of renting whereas others want the security of owning their own homes. For a better decision to be made, it is necessary to go through the pros and cons of renting versus owning a home. This paper describe the advantages and disadvantages ore renting versus owning a home, then follow with the role of the title search in making a home purchase.

Advantages of renting a home

Renting encompasses a limited degree of financial obligation as individual maybe committed to a one or two years lease which is only a little fraction as compared to a 30 years mortgage. Another advantage of renting a home is that it comes with limited maintenance expenses and other financial obligations. Expenses such as maintenance fees and property tax are often built in the rent making easier for the renter to escape any possible penalty. In addition, renting a home pave the way for more …show more content…

Therefore owning a house serve as a store of value and possible equity growth which is as a result of price increases. Owning a home gives you the ability to make choice in any lifestyle that you consider suitable which is far different from renting a house that the landlord may restrict you from certain lifestyles. When on own a house, he has all the decisions to make and can therefore decide on how/when to decorate or renovate his house which is not possible with renting a home. As part of human nature, owning a home give that pride and satisfaction of ownership which cannot be found while renting a home. Another great advantage of owning a house is tax deduction for mortgage interest which is not available for those renting a house. Furthermore, owning a home set the environment for more predictable housing expenses ( Siegel & Yacht, 2009

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