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Renting versus Buying a Home Essay Example

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Renting versus Buying a Home

Renting versus Buying a Home. In fact, you can go ahead to build other permanent structures on the compound such as parking lot, without necessarily having to request for approval from any other party. Renting a house denies you this opportunity as the decision to conduct such modifications is the prerogative of the landlord (Hanson, 2010). In fact, most landlords expect you as a tenant to maintain the existing standards of the house and if any repairs are needed, you have to contact them so that they can carry them out, a process which may end up inconveniencing you. Say for example there is leakage of water from the roof and the rain continues to fall, waiting for someone to rectify the problem at his or her own pleasure may turn out to be discomforting.

Buying a home is recommendable as the current markets indicate that it facilitates capital appreciation (Brown, 2006). This means that a person may buy a house at a cost price of $ 200 000 but after a certain period of time for example 10 years, the price of the house may go up to $250000 or more depending on the market conditions. This implies that those who opt to rent, instead of buying, lose the opportunity of doing viable business as their landlords are the only ones who benefit from the appreciation. However, some may be argue that it is not always that capital appreciation is realized as sometimes it does depreciate. In such but rare circumstances, the tenant is not affected but all in all, having an entrepreneurship mind is considered to be a strength, which everyone must possess in order to succeed in the contemporary world. This means that one should not fear taking a risk just because he or she is not sure about the future.Human beings are sometimes faced with difficult financial challenges, which necessitate borrowing money from financial institutions such as banks. These challenges are for example high medical bills, the need to expand businesses or acquisition of more assets such as a motor vehicle among others. However, these institutions require such customers to have assets, which can be used to secure those loans in addition to showing that they are capable of paying up the loans. Renting versus Buying a Home.

References

Brown, R. (2006) Home Buying for Dummies, 3rd edition, Wiley

Hanson, D. (2010) Buying vs. renting a Home, Wiley

Irwin, R. (2008) Tips and Traps When Buying a Home, McGraw-Hill

Pestalozzi, T. (2002) Life Skills 101: A Practical Guide to Leaving Home and Living on Your Own, Stone Wood Publications

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preview essay on Renting versus Buying a Home
  • Pages: 5 (1250 words)
  • Document Type: Essay
  • Subject: Family & Consumer Science
  • Level: Ph.D.
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