essays on renting vs buying a home

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Flickr/houseofjoyphotos When it comes to deciding whether to rent or buy your next home, it all boils down to the golden rule of real estate: location, location, location. Renting can make complete sense in one city, while it would be a money drain in another. And the length of time you plan to stay in that area has a big impact on the bottom line as well. But in general, housing values are becoming a much better investment than they were just a few years ago. And if you're looking to settle down, it's probably best to seal the deal. It depends on your local market, said Brendon DeSimone, a Zillow real estate expert.  There's no one answer for the whole country. Here's what you should think about before you sign the dotted line on a lease or a mortgage. Location You first need to dig into data on your local market. There's no one geographic area that's taking the housing market by storm, but many areas of the manufacturing-ravaged Midwest are a good bet. Trulia points to Detroit, Toledo and Cleveland as some of the most attractive areas for home buying right now. It's also wise to check Zillow's Breakeven Horizon index, which takes into account the price of a down payment, purchase costs, and utility and maintenance fees in different cities. According to the index, it would take 8.3 years before buying a home makes more financial sense than renting a home in San Francisco. But in Tampa, that number is much smaller, at 1.6 years. The New York Times also has a great rent vs. buy calculator.  The bottom line: Don't commit to buying until you check local data. But even in urban areas, buying is often a better deal right now. Longevity Renting is ideal for someone who plans to live in an area for fewer than three to five years. If you were to buy a house in that time, you might not get the return on your investment. If you buy a house and sell it within a couple years.
Only available on StudyMode Read full document → Save to my library Renting versus buying a home, what are the pros and cons? I: In todays’ economy, renting is a better option for some families. With the downfall of the economy and the loss of so many jobs, renting a home is a less expensive way for some individuals. Either families had to sell or foreclosure was the only option they had when the economy took the downward turn. Therefore, renting a home became the most convenient option available to those families hit hard from the economic change. One of the most important ideas to keep in mind when looking for a new home is, is this a suitable place. They always have to think about, where the kids will go to school, is this neighborhood safe, and most important will they be happy living here. There are some positive notes to renting versus buying a home. However, there are some cons also. II: The pros to renting a home can be positive. The cost to renting a home is typically less expensive than buying a home. Their monthly rent is less expensive than mortgage payments, and they will not have to pay any property taxes. Property taxes will be the property owners’ expense. They will also have the ease of moving. If they choose to move, they will not have to worry about having to sell their home. If they sign a lease, they can move after their lease has expired. One other pro to renting can be the fact that they will never have to worry about paying for any maintenance or repairs. This will be the property owners’ expenses as long as the tenant was not neglectful and caused any of the problems. The security deposit that they pay upon moving in is what takes care of things that may have happened while living in the home. This is where the property owner will subtract monies when renter moves out for wear on the home. III: There are always cons to renting versus buying a.
Enter Your Search Terms to Get Started! Comparison Between Renting vs. Buying a Home Should I sign another lease or take the plunge and buy a place I can really call home? This is a question that millions of Americans ask themselves everyday. This question is also an important one for me, as I am currently trying to make this decision. To answer this question consumers need to consider a few factors. A couple of these factors that need to be considered are their lifestyles and financial situations. According to the 1990 United States Census, there are approximately three million people in the state of Texas that live in owner-occupied housing and slightly over two million that live in renter-occupied housing. There are numerous reasons that people may choose to rent over actually buying a home. Making a choice between renting and buying is made easier in this day and age, due to the amount of information that is available on the World Wide Web. I have done a great amount of research through the use of the Internet while working on this report. There is an unbelievable amount of information on purchasing a home. The following is some information that is available to help with the home buying decision: Step-by-step instructions on the home buying process, mortgage calculator (helps to compare cost of buying vs. renting), on-line loan applications, on-line mortgage companies, on-line Fannie-Mae forms, on-line real estate companies. Through the use of the Internet the home buying choice and the actual home buying process is made much easier. A consumer can actually apply for a home loan, obtain pre-approval, and buy a house on the Internet. In addition to the amount of research gathered on the Internet, two interviews were conducted. The first interview was conducted with a real-estate agent. This real estate agent was able to provide some helpful information from a.
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