Comparative Report: Renting versus Owning a Home - Key Considerations

This report provides a comprehensive analysis of renting versus owning a home, detailing the advantages and disadvantages of each option. Renting is presented as a more flexible and initially cheaper option, suitable for individuals who value mobility and have variable housing needs, highlighting benefits like lower upfront costs and landlord responsibility for maintenance. Conversely, owning a home offers greater privacy, stability in housing costs, and potential tax deductions, making it appealing for those seeking long-term residence and investment opportunities. The report also emphasizes the crucial role of a title search in ensuring a clear property title before purchasing, mitigating potential legal and financial risks. Ultimately, the decision between renting and owning depends on individual circumstances, financial stability, and long-term goals, as both options present unique benefits and limitations.

Renting versus owning a home

Renting versus owning a home 1
In this report, the discussion is made on the rent and buying home. It is difficult to
take the decision in terms of renting and buying the home. The consumer always takes the
most beneficial decision
Answer 1
Renting Home
The residence property given by the person on rent to the other person is called
renting home.
Advantage Disadvantage
 Taking the home on rent is cheaper
than buying the home at a time.
 It is easy to move from one place to
other place as there is no
responsibility to maintain it. Most of
leases period are finished before 12
months due to which the
responsibility is also reduces and can
easily shift in other place. It is more
beneficial for the people who are
working in different cities.
 Landlord is responsible to maintain
the house. The landlord of the
house beards the cost which is
incurred from repairing and
 Housing cost is not fixed as it is
increases or decreases as per the
landlord. Most of the time, rent
amount is increases from year to year.
 The person will not able to claim for
the deduction in terms of mortgages
interest and property taxes.

Renting versus owning a home 2
maintaining the property of house
(Mnasri, 2015).
Owing Home
The person take the ownership of property of residency on his own name is called
owning home.
Advantage Disadvantage
 The great privacy is the main
advantage of owning home which is a
biggest factor for the people
nowadays as everyone does not wants
to share their things with anyone else.
 It is more stable in terms of cost
because it is fixed and invests in one
time.
 Interest and property tax portion of
mortgage payment is deducted
from tax (Warren, 2017).
 It is beneficial for those people who
have their own business and live in
 The responsibility is increases for the
maintenance of home.
 While buying the home, it is required
to have a down payment, closings
cost and moving expenses (Incharge,
2019).
 One time investment can be a difficult
part for the people.

Renting versus owning a home 3
one city for whole life.
Answer 2
Role of Title Search
The role of title search or property title search is the process of retrieving document
evidencing events in the history of a piece of real property. Title search paper contains the
three type of questions such as seller have the marketable interest in the property, kind of
restriction or allowances pertain and any liens exist on the property.
Title search helps the people to purchase the right things at the right time. The titles
search plays the major role while purchasing the house. As per the analysis, it is observed that
the both have their own benefits and limitation. The decision is taken to buy the house is
based on the condition of the people as well as the property. The information contain in this
paper is beneficial because it describe the whole information about the property that may help
the people to buy it. The person has to analyse the advantage and disadvantage before taking
the decision regarding the house. It is more preferable for those who are working somewhere
and does not have any information regarding it.

Renting versus owning a home 4
References
Incharge. (2019). Advantages and Disadvantages of Owning a Home. Retrieved from:
https://www.incharge.org/housing/homebuyer-education/homeownership-guide/
advantages-and-disadvantages-of-owning-a-home/
Mnasri, A. (2015). Renting vs buying a home: A matter of wealth accumulation or of
geographic stability?. Journal of Economic Dynamics and Control, 60, 42-72.
Warren, K. M. (2017). Monthly rental price of a comparable home and the pricing of a two-
bedroom home. Journal of Economic & Financial Studies, 5(04), 56-62.