Name Task: Renting vs.

Buying

Judge: “Good morning, everyone. Today we are here to discuss the advantages and disadvantages of renting
versus buying a home. Let's start with the plaintiff. Please explain why you believe renting is the better
option.”

Plaintiff: “Thank you, your honor. There are several advantages to renting a home, particularly for
those who are not yet ready or able to buy a property. First of all, renting offers flexibility. You can choose to
move out of your rented property at any time without worrying about selling the property, which can be a major
concern for homeowners. Additionally, renting can be a more affordable option, particularly for those who are
just starting out or who have not yet saved enough money for a down payment.”

Defendant: “I respectfully disagree, your honor. While renting may offer short-term flexibility, owning a home
provides long-term stability and financial benefits. When you own a home, you are building equity in your
property, which can be a valuable asset over time. As property values rise, your home may appreciate in value,
giving you the potential to sell it for more than you paid for it.”

Plaintiff: “While it is true that owning a home can provide long-term financial benefits, it also comes with
significant upfront costs. Not everyone has the savings or financial stability to afford a down payment or to qualify
for a mortgage. Renting, on the other hand, often requires a smaller upfront cost and can be a more affordable
option for many people.”

Defendant: “Your honor, while it is true that owning a home requires a larger upfront cost, it also provides
stability and security. When you rent a home, you are at the mercy of your landlord, who can choose not to
renew your lease or even sell the property. This can be particularly stressful and disruptive for families with
children or for those who have established roots in a community. Owning a home means you have a stable place
to live and the freedom to make long-term plans without worrying about the possibility of having to move.”

Plaintiff: “I understand the defendant's argument, but owning a home also comes with additional costs and
responsibilities. Homeowners are responsible for maintaining their properties and making repairs when
necessary. This can be a significant financial burden and may not be feasible for everyone, particularly those with
lower incomes.”

Defendant: “Your honor, while it is true that homeowners are responsible for maintaining their properties,
renting a home does not absolve you from all maintenance and repair costs. Renters are responsible for taking
care of their rental properties and may also be responsible for certain repairs, depending on the terms of their
lease agreement.”

Judge: “Both parties have presented valid points. Ultimately, the decision to rent or buy a home depends on
individual circumstances and priorities. Renting may offer flexibility and lower upfront costs, but owning a
home provides long-term stability and financial benefits. It is important to consider your current financial
situation and long-term goals before making a decision.”

Plaintiff: “Your honor, I would like to add that renting a home can also provide access to amenities and services
that may not be available in a home you own, such as a gym, pool, or security services. These amenities can
improve the quality of life for renters and may not be affordable for homeowners.”

Defendant: “While it is true that some rental properties may offer amenities that are not available in all
homes, owning a home provides the opportunity to make changes and improvements to your living space.
Homeowners have the freedom to renovate and customize their homes to fit their specific needs and
preferences.”
 Judge: “I appreciate both parties' contributions to this discussion. In summary, renting a home can offer
flexibility and affordability, while owning a home provides stability and financial benefits. It is important to
carefully consider your individual circumstances before making a decision. This court is now adjourned.”

Use the provide arguments to help answer the questions regarding renting a home vs. buying a home
What is equity, and how is it related to owning a home?
Equity is the amount of your home that you own. Owning a home builds equity on your property.

What are three benefits of renting a home?

1- Flexibility

2- Amenities

3 - Accountability

How can homeownership provide long-term stability and financial benefits?

Property valve on your home increases, home appreciates in value, giving you the potential to sell it for more.

Imagine you are a young adult who is just starting out in their career. What are four factors you should consider when
deciding whether to rent or buy a home?
1 – Short term flexibility vs long term stability

2- Smaller vs larger upfront cost

3- Are you able to make repairs and maintain property

4 – Am I where I want to be long-term?

Name one situation where renting might be a better option than owning a home.
A college student moving to a town for a seasonal job.
Name one situation where buying might be a better option than renting a home.
A husband and wife looking to settle down and have kids.

What are three of the potential drawbacks of renting a home?

1 – no long-term stability

2 – your landlord can not renew your lease or sell the property

3 – maintenance and repair cost may still be on you

How does owning a home impact your personal finances and financial planning?
Promotes financial stability and builds wealth.

What are three factors that you should consider when deciding whether to rent or buy a home, and how do these factors
relate to your personal goals and values?
1 – Location

2 – Financial Readiness

3 – Total cost

Evaluate at least two advantages and two disadvantages of renting and owning a home from both a short-term and long-
term perspective.
Short term: Long term:
Smaller upfront cost Larger upfront Cost
Flexibility Responsible for maintenance

What is your final verdict? Do you agree with the renting defendant or the owning plaintiff? Explain.
I believe owning is better in the long run. You gain much more equity buying a house and its much more logical
financially.