Rent vs Buy

Compare/Contrast: Renting vs Buying
Shelter is one of the most basic of necessities. In general, people can either rent a place to live or buy property. Homeownership is often idealized, but it is not without its own pros and cons. Because financial situations vary from one person to the next, owning a home may be ideal for some while renting shelter may be the situation for others. There are a few deciding factors for each individual to take into account before making the decision such as Equity, Stability, upkeep, and finances.
Equity is a primary concern when deciding whether to rent an apartment or owning a home. Homeownership builds equity. In general, the owner reaps the benefits of any improvements made on the home. If the owner renovates the kitchen the overall value of the home increases and the owner may experience that gain when he sells the property. Renting a home in contrast, does not build equity. The landlord reaps the benefit of any improvements and payments towards living in the rental only go into the landlord’s pocket the renter does not own anything.
Homeownership provides a large degree of stability in a person’s life which can be both a pro and a con. Some people enjoy the stability of homeownership offers, renting an apartment offers a certain degree of freedom and flexibility. A homeowner cannot simply or easily walk away from the investment in the property. A renter, in contrast is on a lease or contract and can easily walk away or find a new place to live. A person’s lifestyle generally dictates the effect stability has on the decision to rent or own. Like stability, upkeep can act as a double-edged sword. Homeownership requires the owner to put in all costs associated with maintaining their property. Do-it-yourselfers might enjoy the challenge of keeping a home. While others may view it as a burden renting, in contrast, entitles the tenant to a safe and habitable living space. This means that the landlord must make any necessary...