RENTING VS. MORTGAGE 2
Renting vs. Mortgage
As people grow and take different career paths, it remains a dream among many
individuals to secure a home. Undoubtedly, considering that mortgage attracts hefty upfront
costs, it becomes justified for people to choose renting as a means of homeownership.
Nevertheless, with age catching up and families expanding as well as the need to remain safe and
peaceful all through, choosing a mortgage over renting comes with a pack of benefits that renting
cannot offer. By and large, these advantages revolve around the priorities that many people have
in life; they include stability, building equity through savings, and the issue of cost as time
progresses. Regarding that, if one examines these details precisely, it is always better to consider
a mortgage plan as opposed to renting.
To begin with, irrespective of the massive expenses that a mortgage plan requires
someone to go through at the beginning, such a homeownership strategy is a form of savings. In
fact, it is a built-in saving scheme that someone may not directly understand after enrollment
(Crone, 2017). In this respect, as one gets committed to meet the monthly remittance required, a
person accumulates equity that turns out to be an investment in someone’s later years (Palmer,
2012). Therefore, even if the owner will not end up selling, he/she will have some wealth after
finishing the payment. On the other side, renting is just an expense, and there is nothing a person
accumulates regardless of the time spent in other people’s houses.
Another significant benefit of mortgage is that it stabilizes someone’s budget. As a
typical issue with renting, it is always a frequent case to experience rent hikes when unprepared.
Year after year, this problem persists, and the tenant has no control over it. Regarding that, one
ends in living inconveniences since it is impossible to count on the rent’s stability. However,
