Owning a home is a big decision requiring lots of consideration of personal and financial factors. The majority of the impact of this decision will be apparent in finances, personal preferences must be accounted for in order for the purchase of a home to be truly beneficial. This essay will compare making a home purchase to renting a home in addition to exploring the role of the title search in making a home purchase. Certain circumstances to allow for a home to be purchased outright, it is more common that some form of a loan must be acquired which adds risk to be considered when determining if buying a home is right for you. Considering where you want to live starts with determining how long you want to live there. This is a crucial component of determining between renting and owning a home. If you're someone who likes or needs to move frequently buying a home might add restrictions to your life you are not ready for. This circumstance would make renting a better option …show more content…
Some rental properties ban pets or restrict breeds, others might ban smoking inside the rental property. Homeownership allows a person to determine how they want to live or decorate inside their home. Rentals limit what modifications a renter can make to living spaces. It might seem like that decides it, who wants to pay to be told how to live? Consider that as a homeowner you have the sole responsibility for maintenance and repairs of the property. The sacrifice of being able to modify a living space is an easy choice for someone who prefers to pick up a phone and let their landlord handle the maintenance and upkeep. Financially, while home ownership builds equity it also can be a massive debt that can be impacted by the economy. Renting does not build equity but is based on current income, you can move if your financial circumstance changes with limited impact on your finances as you do not have to sell the property to