Compare and Contrast Essay: Renting Vs. Buying a Home

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Compare and Contrast Essay: Renting Vs. Buying a Home

Theres been a long debate about which is better: is it better to rent or own an accommodation? Many of us have faced this hurdle in our lives or will soon, so the topic Im going to discuss in this essay is what the benefits are about renting and buying, as well as the cons. I will also provide some facts and issues. To be clear about where I stand in this debate, I am pro-rent, and I will explain why Im pro-rent.

Perhaps the greatest benefit of owning a house is the everlasting advantages of security, value, and potential development in personal wealth. In the long term, the price of the house will increase in value after some time, and in the event that you choose to sell your house, you can acquire a large benefit from the deal when its sold. Being a homeowner lets you choose without restriction from a landlord, a homeowner has control over of his property. He can adjust the property as much as he wants, including stylistic theme changes, re-painting the house or inside the house, rearranging, and remodeling. The disadvantage of owning a home is that homeowners are less mobile compared to tenants with regards to having the capacity to move home. A tenant who leases on a short-term has more flexibility also a tenant can leave a property whenever he needs to, as to a homeowner who doesnt have a lot of choices. Nonetheless, a homeowner is probably going to sell their home before being able to move into a new one, and thus it may take more time to have the ability to move homes once the choice has been made to do as such. Being a homeowner comes with huge financial responsibility, including repayments and regular house maintenance, which is not cheap, and sometimes very costly. Also, there are extra expenses to being a homeowner and these generally incorporate rates, assessments, protection, insurance, and support for which the homeowner is responsible.

Speaking about renting a house, it should be noted that the main advantage is that tenants who rent have more flexibility than homeowners. This is perfect for individuals who could be having sudden changes or no longer being interested in the house, for example, work relocation or being a student and studying abroad. Renting requires no long-term liability from a tenant and is the best alternative on the off chance that you don’t plan on remaining in one spot for quite a while. Renting a home can be less expensive than purchasing a home. Your payments will, in general, be lower than an equivalent house payment. Likewise, your rent may take care of utility costs, which means extra savings. Also, after making a payment in rent, a tenant may have extra cash which they can use to invest somewhere else, regardless of whether it is saving towards purchasing a house or new car or putting resources into the financial exchange, and not need to stress over putting extra funds into a home loan. Moving out is simpler and very easy for a tenant than a homeowner as there is no stress of finding someone else to take over the lease, or finding a buyer to buy the property as this is the responsibility of the homeowner or landlord. The disadvantage of renting is that a tenant is bound by the rules of the rent agreement, and limitations at a time if they wanted to make certain improvements to the condo or property that they are renting. Nonetheless. Just only the owner can choose to roll out any improvements to the property, the restriction may incorporate a ‘no pets permitted’ in the property. Accordingly, in a rental property, you are compelled and forced to live according to the landlords standards, rules, and restrictions. Also, the one thing that is always in the mind of a tenant is there is no guarantee that the rental agreement will be renewed next year. Similarly, renewing a rental agreement can prompt an unplanned rental increment. When renting, you are losing money every month and you are essentially enriching your landlord, which sounds really, bad but its true.

Summing up, there are many good things about renting and being a homeowner. Renting benefits those who may have lower incomes, and those who tend to move more often. Buying a home is better for those who know that theyll be around for a long time, those who love to customize their house or hate to have restrictions put on them, and love to live freely. As I said, Im pro-rent, the reason why is I am a student who likes to have the freedom to travel and learn about different cultures, so renting allows me to be more flexible.

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