Buying a Home vs. Renting a Home

Michaela Cloutier
Instructor: Lacy Mayberry
English 101
Compare/Contrast Essay
14 November 2014
Buying a Home versus Renting a Home
For young people who have conquered the task of landing a stable job, the next big step in life is usually deciding whether to buy or rent a home. When making this decision it is important to weigh the advantages both offer and decide which suites an individual’s overall needs; however, for those willing to take a leap of faith, buying a house will prove to be more worthwhile. Buying a house will ultimately present the greatest benefit as it affords more freedom, is more profitable, and offers stability later on in life.
Though buying is the most beneficial, day to day life will be the same with either choice. Rent or buy, the costs are initially comparable. Rent is usually all-inclusive; property insurance, trash, water, landscaping, and amenity fees are usually included in one rent payment. Owning a home requires mortgage insurance, property insurance, trash, water, and other costs but will be paid separately than the mortgage payments. On top of the basic necessities, a buyer or renter may opt to pay for comfort items such as electric to power an overworked air conditioner or to heat an hour long shower and maybe even cable and internet. No matter what the case, the cost of being independent is less than satisfying.
Buying and renting both provide some autonomy. A buyer or renter can decide where they want to live, what amenities are needed, and what design works best for them within their budget. They get to live self-sufficiently and make every decision on what goes into their home for themselves. If they are feeling exceptionally rebellious, they can even stay up late and watch football games with surround sound without having to be considerate of someone else in the other room. Both buyers and renters get to decide how to decorate and what personal touches to add to turn a space into a home.
Whether rented or bought, what goes into the space to make it a home is completely up to the individual. When a space is found that suites the individual’s needs, whether it is rented or owned, can bring happiness. Slowly owners and renters will fill either space with trinkets and memories that put them at ease and provide comfort. Over the years though, buyers can be happy while simultaneously building financial security and setting themselves up for a worry-free future.
While day to day life will not be much different in a rental or owned home, buying a house has some irreplaceable qualities. Buyers have more freedom to do what they want with their house since they do not have to answer to a landlord or property manager. Buying means the owner can paint, renovate, add on or update anything in the house. Home owners can have parties, barbeques, and own a dog that weighs greater than 70 lbs. Renters have a multitude of restrictions in their lease which prevent the latter and require permission to modify their home, even just to paint the walls an approved color. Buying a house is more beneficial over a long period of time while there is no payoff for renting.
Buying a house offers something else renting cannot: a potentially significant profit. Buyers profit over the years as their home grows in value. If renovations are done, or what is known as sweat-equity, a buyer can potentially increase the value of the home by a substantial amount instantly without having to wait years for property value to grow. Also, once the interest is paid off when buying, a home owner is also able to save more money as they pay directly into the mortgage. Rent money goes directly into the property owner’s pockets and nothing is gained.
Buying a house gives some stability that renting cannot. The monthly payments will always stay the same and a home owner will always know approximately how much any additional expenses to keep the house up and running will be. The eventual outcome of paying off a mortgage loan means the owner does not owe any money to a bank and they get to keep the house that was painstakingly maintained all those years. A renter will have to continue to pay rent every month and that amount can change with no warning.
Buying and renting both cost the same initially, afford some independence, and can be made into a home. However, buying a house will give owners the freedom to change things to however it is preferred, can make a profit, and will eventually provide stability in life. Because of these differences, buying a house is clearly a better choice. Buying will prove to be more profitable and worthwhile for the future.