Which of the following is a disadvantage of renting over buying a home? (1 point)
With each new lease, your rent can go up.
You must also pay thousands of dollars for things such as property taxes.
You will have fewer hassles when you decide to move.
If something breaks, you have to fix it or pay to have it fixed.
If something breaks, you have to fix it or pay to have it fixed.
Which of the following is a disadvantage of renting over buying a home? (1 point)
With each new lease, your rent can go up.
You must also pay thousands of dollars for things such as property taxes.
You will have fewer hassles when you decide to move.
If something breaks, you have to fix it or pay to have it fixed.
With each new lease, your rent can go up.
The disadvantage of renting over buying a home is that if something breaks, you have to fix it or pay to have it fixed.
The disadvantage of renting over buying a home is that with each new lease, your rent can go up. This means that you may face increased rental costs over time, which can impact your budget and financial planning.
To determine this, you can analyze the features and characteristics of renting and buying a home. Renting involves signing a lease agreement with a landlord, usually for a fixed period of time, during which you pay a monthly rent to occupy the property. On the other hand, buying a home involves purchasing the property and becoming its owner, which typically involves obtaining a mortgage loan and taking on responsibilities such as property taxes and maintenance.
To identify the disadvantages of renting, you must consider the potential drawbacks associated with renting a home. One such disadvantage is the possibility of rent increases with each new lease. Landlords have the flexibility to adjust rental rates based on various factors, such as market conditions and changes in expenses. As a renter, you have limited control over these changes and must be prepared for potential rent hikes.
In contrast, when you buy a home, you generally have more stability in terms of monthly mortgage payments. Once you secure a fixed-rate mortgage, your monthly payments typically remain unchanged over the loan term, providing a sense of stability and predictability.
However, it is important to note that each option has its own advantages and disadvantages, and the decision between renting and buying depends on various factors such as personal circumstances, financial capacity, and long-term goals.