Renting Versus Buying a Home Essay Example

Renting versus buying a home, what are the pros and cons?
I: In todays’ economy, renting is a better option for some families. With the downfall of the economy and the loss of so many jobs, renting a home is a less expensive way for some individuals. Either families had to sell or foreclosure was the only option they had when the economy took the downward turn. Therefore, renting a home became the most convenient option available to those families hit hard from the economic change. One of the most important ideas to keep in mind when looking for a new home is, is this a suitable place. They always have to think about, where the kids will go to school, is this neighborhood safe, and most important will they be happy living here. There are some positive notes to renting versus buying a home. However, there are some cons also.
II: The pros to renting a home can be positive. The cost to renting a home is typically less expensive than buying a home. Their monthly rent is less expensive than mortgage payments, and they will not have to pay any property taxes. Property taxes will be the property owners’ expense. They will also have the ease of moving. If they choose to move, they will not have to worry about having to sell their home. If they sign a lease, they can move after their lease has expired. One other pro to renting can be the fact that they will never have to worry about paying for any maintenance or repairs. This will be the property owners’ expenses as long as the tenant was not neglectful and caused any of the problems. The security deposit that they pay upon moving in is what takes care of things that may have happened while living in the home. This is where the property owner will subtract monies when renter moves out for wear on the home.
III: There are always cons to renting versus buying a home. When renting a home they will not have any equity in the home. They are paying for something that they will never own. Some people feel that when they rent