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Advantages OF Renting Versus Owning A House -2204
Personal Finance (BUS 2204)
University of the People
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Written Assignment Unit 5
a. Describe in detail the advantages and disadvantages of renting versus owning a home. b. What is the role of the title search in making a home purchase? Prepare an essay approximately 500-650 words in length in preparing the essay. Cite references to material that you WRITTEN ASSIGNMENT 2204 WEEK 5 1 ADVANTAGES OF RENTING VERSUS OWNING A HOUSE -THE ADVANTAGES OF RENTING -Renting grants a clear monthly expenditure,flexibility and the presence of a person who will be in_charge of repairs doesn't signify that we are loosing cash in monthly bases. -With renting you can leave without problem or without been penalized when ever your lease stops(lower insurance and no property tax) -Renting will enable the house owner take care of all the repairing and maintenance cost of the house (Siegal, R. & Yacht, C. (2009) THE DISADVANTAGES OF RENTING -Renting means , if the house owner wants to sell his house,you will be forced to leave the house -It equally means that each time the landlord decides to increase the rent ,you will have to pay for it especially when the lease is ready to be renewed except the house is under rent control -Renting means although the landlord is responsible for home maintenance,he or she will not do it at your convinience is usually very annoying. -We are subject to landlord regulations such as rejection of pets ,quality care of properties which might bring discomfort you rent you get no returns from your investment.
ADVANTAGES OF HOUSE OWNERSHIP
-Owning a house means you don't need permission from any landlord to bring any form of modification in your house. -Owning a house equally brings benefits such as emotional rest ,a sense of belonging(community)and pride is accompanied with tax deduction and equity. -House ownership might be an excellent way of investing and can equally ameliorate ones credit rate. DISADVANTAGES OF HOUSE OWNERSHIP -House ownership is attached to a lot of responsibilities,much will be spent as an owner than a renter and this includes ; property tax, trash pickup, water and sewer services,repairing and maintenance cost ,controlling pest , tree trim , home ownership insurance , pool cleaning cost,flood and earth quake insurance in some areas. -The global cost of owning a house is higher than renting a house -Buying a house will lead to a degree of strain on your finances (Christina Majaski AUG 28 2020) 2. WHAT IS THE ROLE OF TITLE SEARCH IN HOUSE PURCHASE. The title search can be described as the evaluation of public register(records)to find out and accept the rightful owner of a property and determine the claims on the property can equally be defined as a procedure in which the judgment and ownership over real properties are verified before given room for any transaction to occur .The title should be liens free, from back taxes or other claims .If a title has problems it will lead to financial losses .Looking at it from the perspective of law and house business,a property title search is
Advantages OF Renting Versus Owning A House -2204
Course: Personal Finance (BUS 2204)
University: University of the People
