Buying a House Is Better Than Renting an Apartment.

Topics: Real estate, Taxation in the United States, Tax Pages: 3 (1066 words) Published: April 4, 2011
“Buying a house is a better option than renting an apartment.” In this essay I will discuss about the major benefits of buying a house rather than renting an apartments. While it can be costly it is a safer place to live that has long term-investment and tax advantage. Buying a house may be difficult and it can be a confusing process, even for veteran buyers. Here are some tasks that housing experts say before getting into the buying a house. Get financials in order. Buyers should check their credit score, taxes, 401(k) s and other aspects of their financial situation to determine the maximum amount they are comfortable affording for their monthly mortgage, utilities, maintenance, taxes and insurance. If one’s credit score is low, he or she may need to get it higher before applying for a mortgage. A bad credit score may not just affect the buyers’ rates, but may prevent them from getting a mortgage. Buyers should also get pre-approved by a broker or lender -- that means they get an agreement by a bank to lend the buyer up to a specific amount for a home, and the bank tells sellers that financing is already lined up. When a buyer finds the right house, he or she make an offer and apply for a mortgage. While every local market is different, most economists say buyers are generally in the driver's seat today this mean, buyers can ask to lower the price of prospected home. Fifty-three percent of homeowners believe a seller's market is still two or more years away, according to a survey of 2,003 adults between March 30 and April 2 by American Express. This market is very local. Homes in Chicago are getting multiple offers and going for more than 10% over the asking price, for example, while those in Fort Lauderdale are selling for 20% less than list price, according to Zip Realty. When a buyer his ready to purchase a house, they should have enough cash for a down payment, which can be a minimum of 10%, and extra funds for closing costs, including appraisal costs and...
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