Rent Versus Owning Essay

Submitted By wdowdy1998
Words: 394
Pages: 2

To Rent a Home or to Own a Home? To rent a home or to own a home: which is better? There are similarities as well as differences, in renting or owning a home. Whether you rent or own, you will have expenses. Some people have a lifelong goal of buying a home; however, some do not have a high enough credit score to purchase a home. Renters often are expected to sign a lease, perhaps for a year. A deposit, along with the first and last month’s rent, may also be required, whether it is a house, apartment, condo, or a mobile home. Pet friendly homes may require a damage deposit. Some landlords have a no pet policy. A renter most often will have to sign a contract, whereas, a home buyer signs a deed. A buyer often makes a down payment of several thousand dollars, and will have a mortgage which may be for twenty or thirty years. Someone who has enough cash to purchase a home, will have no need for a mortgage. A home owner usually carries replacement insurance on the dwelling as well as insurance on contents. Some insurance will provide them a temporary place to stay should the home become unlivable. It is advisable for a renter to carry renter’s insurance on their belongings in case of a fire or any kind of damage that might occur. Whether a home is rented or purchased, there is usually maintenance. In either case, the owner is responsible for the upkeep. Whether you rent or purchase, utility deposits are often required. Sometimes some utilities may be included in the…