Home Ownership versus Renting an Apartment
[ August 29, 2010 ]
The American dream is to own your own home. For some this could be an impossible task to tackle. For others becoming a home owner is as easy as 123. Then there is the select few who prefer to rent over becoming a home owner. If you were to think of the differences between the two options, you might change your mind. Whether you prefer to be a home owner versus a renter, or vice versa, taking a look at the other option might change your mind. Many people would believe that owning your own home is incomparable to renting; ultimately that decision could be determined by an individual's circumstances. One of the main reasons a person would choose renting a home rather than owning a home, could completely rely on the individuals own personal need for a whole house compared to an apartment. When individuals think of homeownership, they probably think of children, and the family lifestyle. There are grown adults starting families that were raised financially aware that home ownership is the way to go in life. "Home ownership makes financial sense for many families" [ (Fletcher, Yearns, & Swanson, 2008.) ] Then for some people this may not be immediately needed or they are not financially able to become a home owner. One must take into consideration all costs that are associated with being a homeowner. Looking beyond the purchase price in your home ownership decision" (Fletcher, Yearns, & Swanson, 2008.) "It's possible that all the other costs of owning a home -taxes, insurance, utilities, maintenance, and perhaps, additional transportation costs, could equal or exceed mortgage payments" (Fletcher, Yearns, & Swanson, 2008.) Before you could even start to consider owning a home, you must make sure that you have a down payment. "The down payment is the initial amount of cash you put towards...