A Comparative Analysis of Renting and Owning
Housing is one of the basic needs of every human being. Regardless of where one lives in the world, they have to have a place to live. It is either one lives in their own home or rented home. The biggest population of people residing in most cities in the United States live in rented houses, apartments or condominiums. The research reveals that most city residents prefer renting a home to owning a home. However, homeownership is beginning to take popularity (Martucci, 2015). One can either rent or own a home. For those living in rented homes would argue that renting is cheaper and more convenient than homeownership. The young and aged people form the largest population living in rented homes with an excuse of evading payment of taxes and other fees levied on homeownership. Renting a house may sound more convenient than owning a house in terms of the cost incurred. Thus, renting a home gives more mobility to venture into other investments. On the other hand, owning a home is a hard asset that provides great potential to cater for financial and emotional security. Although there are common aspects shared between owning and renting a home, there exist significant differences between the two.
Many people find it challenging in making an effective decision on whether to own or rent a home. Without a doubt, everyone has made or will have to decide on whether to rent or own a place of residence. There are various factors of consideration in making such a tough decision on either renting or owning a home. The major factors that influence the decision to rent or own home include financial security, family obligations and stability of career (Martin & Gould, 2016). However, different people may have other reasons for making their choice between owning and renting a house. Whether renting or owning a home, the two have both advantages and disadvantages. An effective choice can be made after analysis of both the benefits and disadvantages of owning or renting a place of residence. Most of the reasons living in rented homes have their reasons for making such a choice. On the other side, those living in their own homes have supportive reasons why owning is better than renting.
Owning a home may be more advantageous than renting a home. For one, homeownership gives one a feeling of greater freedom. One can design or restructure their own homes in different styles without any restrictions. Homeowners have the freedom to manage their homes without fear or interference from other people. There are also financial benefits accorded to homeownership. As a form of investment, homeownership enables the owners to enjoy financial gains like tax write off and tax benefits. It also increases its credit ratings for future borrowing (Martin & Gould, 2016). Besides, owning a home gives a sense of security by impacting the emotional aspect of possessing a home. It is hard for one to be dislocated from their legally owned home. However, tenants can leave their rented homes anytime following the commands of the landowners (Martucci, 2015). Even though you can rent with a lower credit score, purchasing a home may be a little more difficult and will also leave you with a higher interest rate.
There are some benefits attributed to renting a home. First, renting a home relieves one from the responsibilities of managing and maintaining the home. All the maintenance costs fall under the responsibility of the landowners, making renting cheaper than owning a home (Martucci, 2015). A tenant enjoys the freedom of moving freely and venturing into other activities without disturbances related to homeownership. Renting allows the tenant to use monies for possible travels, smaller investments and perhaps a small nest egg where it makes them feel just as secure as the person who has a physical property but can’t afford to travel (Martucci, 2015). Secondly, a tenant would be relieved of risks to renting in times of a sudden economic downturn. This leaves a tenant more money for personal development. A tenant will not pay for property taxes and other fees levied on property ownership. Thirdly, renting a home opens more time for the person to develop into their career as they decide on their settlements.
Deciding on whether to own a home or rent a home is not an easy thing. One has to weigh different factors before coming into their final choice. In this case, one must consider the advantages and disadvantages of both sides. The disadvantages of owning a home do not always reflect the advantages of renting a home. Similarly, one can identify the need to own a home from the disadvantages of renting. The discussion provided important insight into the merits and demerits of making either decision. Among the various factors to be considered include one’s psychological being, financial benefits, and associated freedoms. Whether to rent or own a home, one must make the most effective decision for them to have happy lives.
Martin, E., & Gould, S. (2016) The 12 key differences between buying and renting a home, in one chart. Retrieved from com/differences-between-buying-and-renting-a-home-2016-11?IR=T”>http://www.businessinsider.com/differences-between-buying-and-renting-a-home-2016-11?IR=T
Martucci, Brian (2015) Renting vs. Buying a House – How to Make a Decision, Pros & Cons http://www.moneycrashers.com/rent-or-buy-a-house/
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