Advantages Of Renting And Owning A Home Essay
Advantages and Disadvantages of Renting Versus Owning a Home Although a home is a necessity to every human being, not everyone is enthusiastic to buy one. It becomes a choice to either rent or buy a home. This paper will first describe the advantages and disadvantages of renting and owning a home. Finally, the paper will examine the role of a title search when buying a home.
Describe the advantages and disadvantages of renting versus owning a home.
Renting a home means entering an agreement to temporarily use a property owned by another person with the intent to pay a specific monthly fee to the owner. While owning a home means the ability to permanently buy and use a living space, which is also an asset that store and increase value (Siegel & Yacht, 2009; Erb, 2013). There are advantages and disadvantages of renting a home and owning a home. First, we elucidate the advantages of renting a home:
Limited financial obligation: One advantage of renting a home is the limited financial obligation a renter enjoys. Besides the agreed monthly fee, a renter is not obliged to pay extra fees like mortgage and property tax.…