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Marc Criado-Mastros
Mrs. Mary Leoson
ENG101 (Unit 4)
11 September 2019
Renting or Buying, Is the discussion worth it?
Renting allows renters to pay someone to live in their home for an agreed-upon time. Buying a home allows a homeowner to pay someone to purchase their home. There are many pros and cons to both renting and buying. It is a good idea to weigh out the pros and cons of both. In many ways renting and buying are similar. By choosing to rent or buy, you are choosing the neighborhood you want to live in. Some even choose to be longtime renters and can
live in a neighborhood for a long time; as homeowners, you purchase a home with a community to stay for years. Both equally require money and paperwork upon moving. Renters have to fill out a rental application and sign a lease. Homeowners have to provide a down payment and pay closing costs if that was part of the contract before moving in as well as fill out a loan application
for a mortgage. Although there are some comparisons, renting and buying have many differences. Renters are usually not responsible for any maintenance of the home, and any maintenance is usually the responsibility of the owner/landlord/superintendent unless otherwise stated in the lease. As a homeowner, if there is an issue with the plumbing or the heat and the air conditioning, the homeowner is responsible. These repairs cost the homeowner time and money.
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When you are a Homeowner, you have the choice to decorate as you please, homeowners
do not need these persimmons if they want to replace the carper/tile, or paint whatever colors they want. Homeowners can remodel or make changes to their home as they please.
Renters are unable to make these changes as they feel, if they want to paint or replace carpet/tile, they need to get permission from the landlord/superintendent. Some landlords will have these outlines in the lease with what renters can or cant not do. While renting, it is easier to pick up and go if needed; of course, you will have to notify the owner in advance. Instead of a yearly lease, you may have the option to switch to a month to month, or even sublet.
As a homeowner, moving would be a hassle; if you accepted another job offer, or were laid off, you cannot just pick up and go. The homeowner would need to sell their home, and depending on the real estate market; this can be a hassle and take time. The homeowner may choose to rent their home, but locating the right occupant to take care of their home can also be a
task. As a homeowner, you never have to worry about your mortgage payments increasing when you choose a fixed-rate mortgage. When you choose to rent, there is no fixed rent amount. The landlord can increase at any time without notice; some landlords increase for different reasons, whether they made renovations, upgraded appliances, sometimes when a new landlord takes over for whatever reason they can increase the rent. There are many pros and cons to taking into consideration when deciding if you want to rent or buy a home. As you make this decision, there are questions you need to ask yourself, how
long do I plan on staying? What is the cost of buying versus renting? Can I handle the Criado-Mastros 2
maintenance? Can I afford to finance a home? Think about these things before making the decision, one you have, you will be able to make this decision, if you are a renter or a buyer.
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