Advantages Of Renting And Buying A Home Essay
Choosing between renting and buying a home is a decision that many will have the opportunity to explore. For some, the decision is a lot simpler to make, than others. Whether you decide to buy a home or, opt for the renting option, neither decision should be taken lightly. The purpose of this essay is to explore some of the advantages, as well as some of the disadvantages to buying a home versus renting one. It will shed some light on why some may choose to continue renting their homes, and why others may choose to bare the numerous responsibilities associated with buying a home.
Advantages of Buying a Home
One of the top advantages of buying a home is the security of having a long-term investment, the equity that will be available in your home, and the accumulation of wealth. Buying a home gives the homeowner the freedom of creativity with the use and changing of the living space. This creativity can be applied to the interiors of the home, as well as the landscape outside the home. When you decide to buy a home, you also inherit the option to rent out the property, which would turn your home into a source of income. This can be very beneficial because of the need to pay for housing insurance and other financial commitments such as home loans. Being a homeowner also comes with the potential benefit of increasing your credit score. This is especially true if you’re making on-time monthly payments for items such as home…