Buying vs Renting: The Debate Essay

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Renting VS Buying: The Debate Some individuals may believe that buying a home is part of the American dream and that renting an apartment does not compare, yet satisfied renters would disagree. Even though owning a home provides a sense of security while allowing modifications without permission, renting is preferred more often over buying because the expense of updating, monthly payments combined with utilities, and paying insurance on a home comes with a high price tag. A homeowner does have several luxuries such as forming lasting friendships with their neighbors, making landscaping changes to their yard, painting and designing their home. While that remains true, renting an apartment comes with several different options and…show more content…
Having the freedom to decorate and modernize can be seen as a luxury when there is a steady flow of income but this takes on an entirely new meaning when the cost is greater than the available income. When a rented property incurs damages or the appliances fail, the property manager is obligated to find someone to repair it as well as cover all necessary expenses. However, a homeowner must take that responsibility on alone and the cost of maintaining a house can be unpredictable. As for decorating, some changes cannot be made in a rented property which can be frustrating or inconvenient. On the other hand, to modify a house there may be unforeseen complications such as permits or building restrictions. The permits that an owner may need depend on what type of work they are having done, and some of the permits require a General Contractor’s license according to the Minneapolis, MN permits guide (Minneapolis City Council, 1997-2011). Homeowners that have set aside money for remodeling can find themselves in financial trouble when the updates cost more than what was expected. Homeowners and contractors have been known to make mistakes on projects that cause the expense of updating to go beyond the amount set aside. This can cause a homeowner to either have a financial downfall or leave the owner with unfinished repairs because of cost. Another major difference between buying
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