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Justin Nurse

Professor Bravermen

English 1101

08 October 2023

Owning Property Vs. Renting

Choosing between owning property or renting is among the most significant decisions

individuals and families must make. Even though both options bring with them enough space for

living, they come with not only distinct advantages but also drawbacks. This discussion explores

the similarities between owning a house and renting one. By exploring these issues and making

comparisons, individuals can decide which option is best for them, and that aligns best with their

circumstances, whether they seek to build wealth, increase flexibility, or create a personalized

living space.

To start, there are a number of them. Both renting and owning a home provide an

opportunity for a living space one can call their own. There are houses of different prices for

renting and owning, all of which people can choose from. There is also the aspect of

responsibility that comes with both of the two options. These include but are not limited to

maintenance, upkeep, and paying utilities. All these are to be done whether one owns a house or

has rented one. For both renting and owning a home, there are rules and regulations set down and

which are to be followed. For instance, there are stipulations on noise, litter, and social activities,

among other issues in different localities whether rented or owned. Another similarity is that for

both, there are a variety of options from which to choose from. Owning a property provides

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options like owning a house, condo, farm, or land. Similarly, renting offers many opportunities,

such as renting a house, condo, or apartment (Nwogugu 231).

Alongside these similarities, there are also visible differences between the two. To start

with, while renting is an opportunity to build someone’s wealth, owning is an opportunity to

build one’s own wealth. Another difference comes in payments where, on the one hand, renting a

property entails leasing, but owning one may lock one into mortgage payments, which may take

a longer time.

While renting property makes one prone to rent increases, this is not the case with

owning. Rent increases may come at the owner’s discretion when the tenant least expects.

However, owning one is different since there is no rent to pay. On one hand, renting a property

provides limited creativity for those who have rented. The case is different for owners since they

can customize it as they wish. Most house stipulations require the tenants to maintain the spaces

as they found them in color design, among many other elements. However, when one owns a

house, they can decide on the design, the number of rooms, among many other items, and the

customization they want on their houses.

On the one hand, it is easy to move around as one wishes when renting a house. That is to

say, one can decide on which house they need as they are not tied to one particular location. On

the other hand, when owning a property, it is hard to move. Moving would mean selling the

house and the land on which it is built, which is quite a long process. Lastly, unlike renting

property, owning is often seen as an investment because the property’s value can appreciate over

time which can increase the return on investments of the property.

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In conclusion, deciding between owning and renting property is a significant choice

determined by diverse factors. There can be options depending on elements like responsibilities,

rules and finances, among others. While renting is an opportunity to build someone else’s

property, owning allows one to develop their property. On the one hand, owning can allow one to

customize according to choice, throwing one into a mortgage payment; renting is a monthly

payment but no mortgages attached. The choice between the two should align with one’s

financial goals, lifestyle preferences, and long-term aspirations, emphasizing the importance of

making an informed decision that suits one’s unique needs and circumstances.

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Works Cited

Nwogugu, Michael. “On the Choice Between Renting and Home-Ownership in the Housing

Industry.” Developments in Chaos and Complexity Research, 2008, p. 231. SSRN

Electronic Journal, http://dx.doi.org/10.2139/ssrn.859927.