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Advantages And Disadvantages Of Renting

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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 liquidity due to the fact that the renter is not required to pay a huge amount as down payment which is the case with mortgage. Furthermore, renting a home is also advantageous because this give the chance of more mobility. This simply implies that renting would not tied one in a particular environment as it is with a 30 years mortgage due to the fact that renting maybe committed only to one or two years lease ( Siegel & Yacht, 2009).

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