Essay on Advantages And Disadvantages Of Renting Versus Owning A Home

757 Words Jul 29th, 2015 4 Pages
Describe in detail the advantages and disadvantages of renting versus owning a home. Prepare an essay approximately 500-650 words in length. Cite references to material that you use in preparing the essay.

There are a number of pros and cons to renting a property, likewise to owning a home. They all have advantages and disadvantages, for instance renting allows you more liquidity in the short term, while owning a house gives one the sense of security as it is considered a long-term investment. Let’s now look at all the pros and cons to enable us make a well-informed decision of what will suit us.

Advantages of owning a home

v Owning a home is a store for the long-term benefits of security, equity and potential growth in personal wealth

v The value of a home will appreciate over time and if you decide to sell, you can earn a profit off the sale.

v When you own a house it becomes your legal property, which allows you greater freedom in its use without restrictions and this makes you proud.

v Being a homeowner allows you creative control of your property, you can modify the property, including change decor, landscaping and renovate, to suit your needs and your style.

v You can also have the option of to rent part of your home which enables you to generate income from renting out the property. The income can be put towards the home loan.

v It offers you the opportunity to save money in the long term as there is possible tax deductions related to income-generating…

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