Compare And Contrast: Buying A Home Vs. Renting A Home

Good Essays
Paige Burton
December 7, 2017
Comp. 1 4th hour
Compare and Contrast
Buying a Home versus Renting a Home Should you buy a home, or should you rent a home? There are many differences and comparisons between the two. They are both forms of living in a house that you pay for. The biggest difference is that you own one forever until you sell it, and the other you rent it for however long you need it for (Bostock). What does renting a house really mean? It means you pay rent for a house, apartment, etc. When you rent a house there are certain rules that you must follow. The renter you are renting from can create their own rules and their own price for you to pay for this place to live. If you do not follow these rules you can be evicted from
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One of the main differences is how much it costs to put a down payment on a property. When buying a home you have to put a down payment that is generally pretty large. There are also mortgage fees that you have to pay for when buying a house. When you are renting a home the payment right away is usually first and last month’s payment and an additional security deposit. If you do not damage anything you can get the security deposit you paid back. All of these costs are usually relatively cheap compared to the costs of buying a house. Another big difference between buying and renting is maintenance. When you buy a home you must maintain your own home and if things go wrong with it along the way you must find a way to pay for it. House insurance can help with some of these issues but not all of them. When renting a home the landlord pays for maintaining the rental property. This means that anything that goes wrong with the house or apartment that you are renting you will not have to pay for it. One of the biggest differences between the two are modifications to the property you are living at. When you own a home you can make modifications, remodel, and add-on to property whenever you want to. As long as you have the money you can even have people off the Television shows come and remodel your house for you. When you rent most landlords will not let you make modifications, remodel, of add-on to the property in any way. …show more content…
One big similarity is that every month you must make a payment no matter what. You must have the money to make the payment no matter what. Another thing is that you generally have to furnish both a house and a property that you rent. This can be very expensive depending on the size of the property you are going to furnish. When you rent or you buy you still have to pay for utilities, internet, and T.V. These all add up to be quite expensive. These prices can vary with where you live, how many people live with you, and how many extras you have. Extras include your T.V., internet, and things like a cell phone. All of these things add up no matter where you live. When renting you can get evicted from the place you are renting. This happens when you do not make the payments monthly. When you are buying a house and do not make the monthly payments the bank can foreclose on your home. This means you get kicked out and it is basically like being evicted

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