Renting vs. Buying, and Title Searches
What are some advantages and disadvantages of renting versus owning a home?
In Chapter Nine of the Personal Finance textbook, the detailed advantages and disadvantages are laid out to provide insight into the particular perspectives that an individual or family may face. (Siegel and Yacht, 2012). The choices on whether to rent or buy depends on several important elements. And one's current stage of life usually dictates whether one chooses to rent or buy a home. In the early years of an individual's life, when they are just starting out with a new career, unmarried and no children, they will typically rent a home rather than buy. This is due to limited resources, wanting more liquidity of funds and desiring …show more content…
They have typically reached a place in life where they are ready to settle down, establish some roots for their family and are looking to make the larger investment for the future by turning their next into a nest egg (Siegel and Yacht, 2012).
Although, for a young individual the advantages of having liquidity, mobility along with reduced financial burdens are rarely over shadowed by the distinct disadvantages of being legally committed to a strict rental agreement, restrictions on property use and possible charges for damages. Though depending on one's perspective, another possible disadvantage is that the individual has to find other solutions to store value of their money until such time they are ready to make the larger commitment and investment into purchasing a home.
In comparison, buying a home provides a place to store value, allows one to define their lifestyle and decorating options, provides tax deductions and gives an individual a feeling of pride in owning a something. But the disadvantages for buying or owning a home are less liquidity, less mobility, larger financial commitment and increased maintenance expenses (Siegel and Yacht, 2012). But again, when an individual or family chose to buy a home, the disadvantages are over shadowed by the worth of the
What are some advantages and disadvantages of renting versus owning a home?
In Chapter Nine of the Personal Finance textbook, the detailed advantages and disadvantages are laid out to provide insight into the particular perspectives that an individual or family may face. (Siegel and Yacht, 2012). The choices on whether to rent or buy depends on several important elements. And one's current stage of life usually dictates whether one chooses to rent or buy a home. In the early years of an individual's life, when they are just starting out with a new career, unmarried and no children, they will typically rent a home rather than buy. This is due to limited resources, wanting more liquidity of funds and desiring …show more content…
They have typically reached a place in life where they are ready to settle down, establish some roots for their family and are looking to make the larger investment for the future by turning their next into a nest egg (Siegel and Yacht, 2012).
Although, for a young individual the advantages of having liquidity, mobility along with reduced financial burdens are rarely over shadowed by the distinct disadvantages of being legally committed to a strict rental agreement, restrictions on property use and possible charges for damages. Though depending on one's perspective, another possible disadvantage is that the individual has to find other solutions to store value of their money until such time they are ready to make the larger commitment and investment into purchasing a home.
In comparison, buying a home provides a place to store value, allows one to define their lifestyle and decorating options, provides tax deductions and gives an individual a feeling of pride in owning a something. But the disadvantages for buying or owning a home are less liquidity, less mobility, larger financial commitment and increased maintenance expenses (Siegel and Yacht, 2012). But again, when an individual or family chose to buy a home, the disadvantages are over shadowed by the worth of the