Final answer:
Renting a home would be a better option for someone who wants to avoid maintenance and stable monthly payments. However, someone who believes in home as a financial investment might find buying a home a better option.
Step-by-step explanation:
For which person would renting a home be a better option than getting a mortgage? Renting a home would be a better option for someone who wants to avoid spending time and money on maintenance. When you rent a home, the responsibility for maintenance and repairs falls on the landlord, relieving the tenant of this burden. This is in contrast to owning a home, where the homeowner is responsible for all maintenance and repairs.
Additionally, renting a home might be a preferable option for someone who wants their monthly payments to remain stable for years. Unlike a mortgage where monthly payments can fluctuate due to changes in interest rates or insurance costs, rental payments typically remain consistent throughout the lease term.
However, someone who believes that a home should be a financial investment might find buying a home and getting a mortgage a better option. Owning a property can potentially offer long-term financial benefits through appreciation and equity building.
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