Renting vs Buying

What is one major advantage of renting a home compared to buying?

• Flexibility to move easily

• Building equity

• Tax benefits

• Property appreciation

Which of the following is a common financial benefit of buying a home?

• No maintenance costs

• Building equity

• No property taxes

• Short-term commitment

In the context of housing, what does 'equity' refer to?

• The market value of a home

• The amount of money paid in rent

• The difference between the home's value and the mortgage owed

• The total cost of home maintenance

Which of the following is typically a responsibility of a homeowner but not a renter?

• Paying rent

• Property maintenance

• Signing a lease

• Paying utilities

What is a potential disadvantage of buying a home?

• Lack of stability

• Long-term financial commitment

• No tax benefits

• Limited personalization

Which of the following is a reason someone might choose to rent instead of buy?

• Desire for long-term investment

• Need for stability

• Flexibility to relocate

• Interest in home improvement projects

What is a common misconception about renting?

• Renting is always cheaper than buying

• Renters have no responsibilities

• Renting offers no tax benefits

• Renting is only for young people

How can buying a home impact your credit score?

• It has no impact

• It can improve it by showing responsible credit use

• It automatically lowers it

• It is only affected if you miss payments

Which of the following is a benefit of homeownership in terms of community involvement?

• Higher mobility

• Increased property taxes

• Greater stability and community ties

• Less responsibility

What is a lease agreement?

• A contract to purchase a home

• A short-term rental agreement

• A long-term rental agreement outlining terms and conditions

• An agreement to sell a property