Buying Versus Renting

Topics: Property, Renting, Term Pages: 1 (348 words) Published: October 26, 2010
The purpose of this paper is to discuss the advantages and disadvantages that consumers have been renting versus buying a home. Information will help them make the right decision. Buying a house is one of the largest investments that many individuals make. It also needs to be a carefully thought out process making sure that it fits their needs as well as personal reasons. Renting is better when they are looking for short-term versus long-term the money that is spent on renting will double in the years to come if they continue to rent long term. It is some information that individuals need to gather when it concerns buying a house one of the first steps is to consider the cost of buying versus renting. If the individuals stay in new house 10 years, they may consider in owning their home. They also need to ask their selves how much they can put down on a down payment for their house. After answering the above questions, potential homebuyers should then look at the pros and cons of renting versus buying their home. When they rent a home, they have more flexibility.

When they are renting they can relocate to another residence when their lease is up. A person who is renting does not have to lose equity. However, it is generally less work and less cost for the renter in maintaining a home or an apartment. The property owner pays for this cost. The renter has fewer amounts of cash that they must provide before moving. Renting a home limits the renter the ability to personalize his or her home or apartment. No matter what happens with the value of the home, the renter will never gain equity. The property owner will gain all equity. Another advantage to home buying is the security, the feeling of acquiring a place of their own. Because of the importance of this decision, consumers should decide if it is the right decision for them and their family. Potential homebuyers should look at their short- term versus long-term goals.
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