Buying vs Renting Essay
996 Words4 Pages
Buying vs Renting The economic decline has possible home buyers, especially first time home buyers, scared to invest anything into the housing market. With the fear of another depression in the back of everyone's minds, some businesses are attempting to clarify the pros of home ownership.
“When you rent, you write your monthly check and that money is gone forever. But when you own your home, you can deduct the cost of your mortgage loan interest from federal income taxes, and usually from your state taxes” (Home Buyers Guide, p4). Buying a home can be alarming, if you are not prepared, whether for the first time or even for the fifth time. If you take time before going into the process to gain the knowledge needed, one might see that…show more content…
But on the other side, if you are renting, unless you damage the property, you don’t have to pay for fixing repairs.
When you own your home, you have the luxury of not answering to a landlord, and the ability of decorating the inside and surrounding property as pleasing to you. But as a renter you have the flexibility to move when desired instead of staying stationary in a purchased home. As you see there are definitely pros and cons when deciding if renting or buying is right for you. When you rent, you don’t have the responsibility of maintaining the home, you aren’t worried about improving the interior or exterior of the dwelling, you don’t have to pay taxes on the home, and you aren’t faced with the possibility of losing the capital put into the housing market, or the possibility of foreclosure if a mortgage payment is missed (Should you rent or own). But on the flip side, when owning a home the equity in the home can be converted into money if refinanced or sold. Over the years, if kept well, real estate property increases in value and therefore this asset will up in value the longer the property is held (Should you rent or own). Timberwoods Townhomes has recently converted from a co-op into a first time home buyers community. “A housing cooperative is a form of home ownership in which people join to form a cooperative corporation which owns the building in which they live” (Cooperative Housing,
I have an essay on this subject:
Many people prefer to rent a house rather than buying one. Describe the advantages and disadvantages for renting.
Nowadays many people prefer renting a house to buying one, because they think it is cheap and they don't have to spend several years, saving money to buy a house.
I am sure that most people can afford to rent a house and after they move in the house thay needn't worry about furnishing, painting and repairing the house, because it has already been done by the owners. However, most people don't realise that renting a house can cost as much as buying a new one. Moreover if there is a damage such as a cracked wall or flood they will be responsible for fixing the problem. If you add the loan and all kinds of expenses for one year you will get the total amount of money you spent on living in a rented house and you can see whether it is worth it or not.
Personally I think it is better to buy your own house, but after you are confident that you have the required money for all taxes. I am sure many people experienced moving to another city or a country and they were forced to live in a rented house, because of lack of money or low paid job.
My final advice is that if you have friends or relatives I strongly recommend to live with them if it is possible and after you save enough money for buying a house you can pay favor back.
All of this leads me to the conclusion that it is not necessary to rent a house, but if you don't have any other options then it would be better to rent a small and cheap house in order to have the opportunity to save money to buy a house.
I am sure that (don't use words like this in essay, you can start by saying, "most of the people prefer to..." )most people can afford to rent a house
most people don't realise that renting a house can cost as much as buying a new one: I am not agree with this, as buying a house is a good investment whereas renting is waste of money. ( just a suggestion.. debate point of view.. if you feel bad I am sorry about that)
I am sure many people experienced moving to another city or a country and they were forced to live in a rented house , (Its a personal choice, but you can say that they can prefer to rent instead of buying a house to save money) because of lack of money or low paid job.
I think, you should concentrate on your sentence structure. Try to write simple sentences so that you can explain your ideas. (just a suggestion)
Hope this helps:)