...Renting an Apartment is a better option than buying a House (Week 2 Day 7 Assignment) Is renting an apartment a better option than buying a house? My argument is buying a house is a better option than renting an apartment. The point of view will support my topic by including facts, statistics, examples and details. The point of view will include the pros of buying a home versus the cons of renting an apartment, such as buying a house is an investment versus throwing money away, buying a house can be a tax deduction, buying a house is an investment you can live in, having a fixed mortgage rate in buying a house is a better financial option than having to deal with the inflation of rent every lease renewal, last but not least buying a home will allow you to update and upgrade as you wish, inside and outside. My point of view will also include facts and evidence against the opposing position. An argument cannot be one sided. Including evidence such as an apartment is rent and rent is money that is not an investment, you can add up all the rent you have paid in the past twenty –five years and have nothing concrete to show for it versus paying a mortgage for the past twenty-five years and could own the house in another five in most cases. In an apartment you cannot upgrade as you wish, you may risk rent increasing every year upon the lease being renewed and new management can take over and you lose your apartment. With a house, you get a garage, with an apartment you have...
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...Why Renting in Today’s Economy is better than Buying a House Matt Harrell COM/156 November 7, 2010 Karen Campbell Why Renting in Today’s Economy is better than Buying a House Foreclosure crisis is at an all time high across most large metropolitan areas in the United States. Seattle- Tacoma- Bellevue metro area registered the sharpest annual increase, 71% or one in every 129 households received a foreclosure notice. California, Nevada, Florida, and Arizona remain the hotspots for foreclosure across the nation according to RealtyTrack Incorporated Rick Sharga a senior vice president at RealtyTrack quoted “The epidemic is spreading from the states at the ground zero of the foreclosure problems out into areas that had not been previously affected.” One of the latest signs that the foreclosure crisis is worsening across the nation is, high unemployment, slow job growth, and homeowners are uncertain about falling home prices. Concerning housing, he or she has options. He or she has an option to rent and an option to buy. Renting an apartment is a better option than buying a house both renting and buying has many advantages and disadvantages. By explaining these advantages and disadvantages, I will persuade him or her into renting over buying. While renting he or she can save money, instead of spending money. “A survey conducted by Harris Interactive for the National Apartment Association in May 2010 found that 76% of those surveyed now believe that renting is a better...
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...An apartment is a self contained housing unit that occupies a part of the building (Bevan 2008. p.53). An apartment is valued by its structure. Apartments may possibly be possessed or rented by tenants. In some countries like the US apartment dwellers own the apartment and share the ownership of their public space. Hancock (2008) indicates that the largest acquirement people will always make in their life is buying of a home. It is to this date considered as the ‘American dream’ up to this date. The income tax code too provides advantages to home ownership. The considerations for renting an apartment are the same to those of buying a house. Majority of people consider owning a house to be worthwhile the model, age and design of the house notwithstanding. The option to either buy a house or to rent an apartment depends on personal preferences. Unlike when buying a vehicle, buying a car takes a long process (p.129). (Bevan 2008. p.53) explains that home owner take added care to their homes than renters, they remain in their homes longer than those who have rented homes. He reports that research shows home owners to report a high self-esteem than renters. Other than psychological comfort owning a home can be an option of tapping into house equity when emergencies arise. All the advantages of ownership can be lost once the owner gets difficulty meeting mortgage payments. Bevan (2008) further indicates that sometimes it may last for an over a decade to own a home. He indicates...
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...Individual Assignment COM176 University of Phoenix Buying a house is better than renting an apartment In today’s society, buying a house is better than renting an apartment. Buying a house is an investment that pays off in the long run. Whereas, renting is more in the “right now” and you pay a monthly rate depending on the apartment guidelines. Most people, mainly the average person, would purchase a home for many different qualities. These qualities would consist of or somewhere down the lines of having ownership, investments and payments. First, purchasing a house would give one the sense of having ownership. Ownership is having the legal right of owning something, in this case owning a house. Owning your own home allows one to have a piece of mind. Giving them the freedom to do whatever it is they may want to do such as creating a garden, building on to their home, or placing an out door pool in the backyard etc. Meanwhile, renting will not get you ownership. You are temporally renting a large amount of space. Renting does not necessary give you a piece of mind, but it allows you to sleep at night. Renting also does not allow you to plant a garden, build on, or place a pool on the lawn. Therefore, buying a house is better than renting because you own your own space and can do whatever it is you want the way you want. Secondly, buying a house is better than renting because of the investments. Investments are usually created by putting money and time...
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...write about in my final paper is, renting an apartment or house is better than buying. My point of view on this topic is just that, in today’s economy renting is much better than buying a house. Every day you here of more and more families losing their homes either due to rising interest rates or a lay off and they just can no longer afford to make their payments therefore they end up losing their home. In these tough economic times, why would anyone want to risk something as big as their family’s home? Although renting may not lead to home ownership, it is much less of a risk than jumping into something that you are simply not ready for. On top of the lesser risk value, renting can at the end of the day be quite a bit cheaper. For instance when you rent, if something goes wrong in the apartment/house the only thing you have to do is call your landlord and they will either come and fix it or call someone out to fix the problem which ultimately will save you hundreds if not thousands of dollars. Paragraph two: When writing my point of view on “Renting an apartment is a better option than buying a house” I plan to let the reader see my point of view on the situation. I think that persuading the reader with my argument, renting is the better option, will be rather simple because I am very passionate about this. I think that possessing an emotional investment will help me to be able to show my point and grab the reader’s attention. Currently, renting a home allows you to have much...
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...Home Ownership Versus Renting an Apartment COM/156 9-26-2010 Axia College of University of Phoenix Home Ownership versus Renting an Apartment The American dream for most people today, is to own his or her own home; even with the market having a downturn because of the heavy use of variable-rate mortgage loans. With house ownership the responsibilities are greater because the owner is responsible for all repairs and maintenance. This means that it is important to have savings established to be able to cover such situations as they arise. The ability to own a home for younger families that are just starting out is not always possible. So renting an apartment is a way to get settled, and to work toward setting aside the needed financial resources to purchase a house. For people who are working for a short time in an area renting is a better option, because they do not have to worry about maintenance costs as well as the steps of selling a house, the closing costs, and paperwork involved. This leads to the simple fact that in the market today owning a house is better than renting an apartment. There are several benefits to owning a house that have long-term advantages over renting an apartment. When a house is still under a mortgage the interest that is accrued is tax deductible with annual income taxes, this helps to put aside much needed income to provide for any unexpected maintenance costs. A responsible home owner should already have an escrow account in place...
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...RENTING AN APARTMENT IS A BETTER OPTION THAN BUYING A HOUSE Anthony Zambardino Axia Student COM/156 November, 2010 I. Introduction II. Renting A. Cost to Rent B. Responsibilities III. Cost of Homes A. Saving Money for a Down Payment B. Process of Getting a Loan IV. Taxes A. Maintenance Fees B. Property Taxes Introduction First of all, consider what we have learned in recent years about the economy. Even though it may seem that things are looking up, consider how many people have lost their homes, or are being foreclosed upon right now whether it is because of losing a job, investing in the wrong company, or using some kind of lending service that went under after paying all that money into it. How truly secure are you in your job, and what happens if after you have started paying on a house and you do get fired or laid off? How are you going to keep coming up with the mortgage payments? There are many different reasons why renting an apartment right now is much better than buying a house. For one thing, it is cheaper to rent an apartment in the long run. If you are renting an apartment for $700 a month for a three bedroom, that same home is going to cost you anywhere from $1,000 to $1,500 a month in mortgage, factoring in insurance and taxes. If you really want to invest in something, take the different between this rent and a mortgage payment and invest it in the stock market. Getting a loan for a house is a long and drawn...
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...Renting an Apartment versus Buying a Home Composition II / 156 March.20, 2011 Outline for my Essay Why should we buy a home vs. rent an apartment? There are a lot of factors to consider for both. There are a lot of steps to finding out what you would want if you buy a home and if you rent an apartment. The factors can be overwhelming and yet very important. So the first thing you need to do is get all of the information that you are looking for and put it down on paper. Then you need to weigh the pros and cons of them. Just to make sure you understand what it is you have gain and give up for each type of dwelling and how you want to own it. You also want to look at the financial part of it as well. Make sure you can afford what you are looking for or look for what you can afford. In the end you will be able to logically decide on what to do with your dilemma. So there are many factors however there are also the benefits and what you want to be responsible for and not be responsible for. So the choice is up to you and only you can make it happen. I am just giving you the information to make an educated decision. I rented for years before my husband and I decided to buy a home. It came years after and when our daughters were elementary age. I enjoy being a homeowner however I also enjoyed renting cause of not having to worry about doing all the stuff the apartment complex had to do because I paid rent. This is just a scratch on the surface of the renting...
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...HOW RENTING AN APARTMENT VERSUS BUYING A HOME BENEFITS ONE’S FINANCIAL PLAN TOWARDS PURCHASING A HOME IN THE FUTURE. How Renting an Apartment Versus Buying a Home Benefits One’s Financial Plan towards Purchasing In The Futu We apprehend a vast amount about renting an apartment versus buying a home. Each advantage and disadvantage is deluged with persuasion on the process of making renting or buying as uncomplicated as possible. Many individuals do not believe renting is the better alternative. Renting property whether it’s an apartment, condo, townhouse, duplex, or home does not allow the person to own while renting, or build equity within the property. The ability to purchase a home is a great milestone of achievement for any individual. However, renting to start off when you first move out from your parent’s home is the better option for an individual’s financial plan for today and the future. It too can better position an individual to purchase the home at a time when it’s most feasible to their budget for benefits financially. Renting should be considered from various aspects such as size, maintenance, relocation cost, and financial growth. Size is the largest contributing factor for reasons to accommodate all parties residing in the unit. It will demonstrate how buying a home in square footage in comparison to the mortgage would be greatly higher than renting. Generally, apartments are larger in square footage and cheaper according to price in essence to monthly...
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...The Advantages of Buying a House over Renting an Apartment Com/172 The Advantages of Buying a House over Renting an Apartment Buying a house for most is the American dream, but with today’s economy many people are unsure if the dream can be obtained. The main concern for most people would be the financial responsibility. Many people believe that the financial responsibility is overwhelming and they are just not ready. Although some people believe they are not financially ready to purchase a home, buying a house is a better option than renting an apartment for three main reasons. First, becoming a first time home buyer can be a very exciting experience that can have a positive long-term effect on some one’s life. Second, a home buyer can make any modifications or changes to a home. Third, and most important, you will eventually own your home. With those three examples, I will show the advantages of buying a house over renting an apartment. The first advantage to buying a home verses renting an apartment is that first time home buyers usually receive incentives or rewards for being first time home buyers. If the home buyer is purchasing a newly built home, usually the builder will give little incentives such as appliances in the home, a gift card to purchase new items for the home or even interior upgrades to the home. In recent years, there was a huge increase in the home buying market. This was the first time home buyers tax credit approved by the federal government...
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...Compare/Contrast Homeownership to Renting An individual in the market for a new home would benefit more from buying versus renting. With the current economic situation, there has not been a better time to buy; however, this requires an individual to have steady employment and financial stability. I will show the benefits and drawbacks of both buying and renting through comparing and contrasting four different areas: expenses, maintenance, flexibility and family. There are different financial needs for both homeownership and renting an apartment. For example, a three bedroom home in Lakeville Minnesota is selling for $255,000. The mortgage payment on this amount with taxes and insurance would be $1500 per month based on an interest rate of four percent. Closing costs and a down payment would be necessary for the purchase of this home. To purchase this home you would need to qualify for a bank loan with steady employment and an annual salary of $55,000. A three bedroom rental in Lakeville Minnesota is priced between $1199 and $1289 per month. An employment history report and a down payment of $1000 would be required to rent this apartment. It is going to require more finances in the beginning to buy a home than to rent an apartment. There is a difference in expenses between owning a home and renting an apartment. In the Lakeville home the utilities would be estimated to cost between $450 and $500 per month. In the Lakeville apartment, the utilities were included...
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...home, would it be apartment sweet apartment? Owning a house or renting an apartment is significant to many individuals who like the concept of coming to their living quarters and knowing this is theirs. There are many advantages and disadvantages to owning either a house or renting an apartment, but where they live relies on the personal needs. There is much to consider between the two because the area that one wishes to live depends on how flexible their life styles are. The main decision is left to you and the main idea is what is the best choice for you. Preferably I believe in the concept of owning ones house rather than renting from someone else because the property is mine and owning a home adds more stability in my life. Both the house and apartment are stable living quarters, but its how concrete one wants to stay with their property which lies the question. When owning one's house, he or she is in full control of the home and does not have to worry about anymore payments to the house. That stability allows he or she to control the inputs on what to put into the house but its all an option; a way of controlling all factors of ones house. "As a home owner, you have complete control over when you move versus moving when you may not want to, You will always have peace of mind living in your own home" (Should I…, 2007). Basically controlling all perspectives that an owner could have with their home. On the other hand, renting is a very flexible...
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...OUTLINE Renting an apartment is a better option than buying a house. Thesis: Choosing to buy is an option one has to take time to think about. Paragraph 1: Show reasons why buying is better than renting. Things to consider when deciding what is better for you. Paragraph 2: Buying is cheaper than renting. Lower interest rates. Fixed mortgage rates. Paragraph 3: Show what you can not do when renting and things that can happen when renting. Things you cant do when renting. Why one decides to buy versus renting, many are scared to comment. Paragraph 4: Reasons why renting may be better for some people. Show examples of reasons of why. Conclusion: These are reasons why buying is better for most people. I sequence my paragraphs in this order, because it made the most sense to me. Starting with reasons why buying is better, why buying is cheaper than renting, things you can not do when renting, and there are some people who should not buy yet. Doing it this way insures my essay to have less mistakes and make more sense. I think this outline gives me a good start and will insurer I stay on topic and in sequence with the way they should be. Starting with reasons why buying is better than renting just seemed to be the way to start, and will keep the readers interest. This is very important when writing or the reader will not read your story. Showing the outline this way keeps the flow and the paragraphs will go good together. The last paragraph states...
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...OWNING -VS- RENTING Principles of Macroeconomics Professor John Weber October 17, 2013 Low mortgage rates and rising apartment rentals all over the country has led some people to dive into homeownership more quickly than originally planned. There are many that are still waiting for the housing market to recover, even with incentives to buy. All rely on the personal financial situation in making this decision. Renting vs. Owning both presents a number of pros and cons: Renting: Pros Cons Flexibilty and free Can’t build equity Terms of lease Restrictions No maintenance and upkeep Approval by owner to paint or remodel Ownership: Pros Cons Build Equity Pay for Maintenance Tax Breaks Illiquid Asset Stability of Mortgage Property Taxes Investment Lose of Value Location Use of your savings for down payment Remodeling as you please Owners insurance is Mandatory However purchasing property can be for many reasons, such as, an investment for flipping, to fix up and resale or to occupy. Maintenance of up keep, roof, windows, snow removal, and credit score is all things to consider for purchasing a home. When purchasing there are many different options row home, single, development all are investments. There are many financial parts that play into the option of purchasing and renting. When buying you must be very aware of purchase costs which are the down payment and closing costs. Yearly...
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...services, such as fire and police; stresses on water and sewer systems; concerns about developer quality or experience; decreases in property values; various types of environmental degradation; and, perhaps least tangible of all, adverse changes in the character of the town.” (Bratt, et. al., 2012.) Many Granville residents have expressed similar concerns for Granville, especially having to do with decreasing property values. Later in the article, the authors discuss studies that have been initiated to investigate whether or not adding more rental options resulted in the concerns people had expressed. The study took place in a wealthy community in Massachusetts named Wellesley and comprised of building an apartment complex for those who could not afford the half a million dollar housing. Similarly to Granville, many of the municipal employees were unable to live in the town of their work place due to costs. The study found that the apartment complex had no affect on traffic accidents, environmental impacts, infrastructure impacts, or property values. Investigations such as this one can be applied to Granville by proving that...
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