Buying a House is better option than Renting Amanda Newsome University Composition and Communications II November 5, 2010 Louisa Fordyce Axia College of University of Phoenix Buying a house is a better long-term investment into the future than renting an apartment. Being mortgage free eventually and having no obligations to pay. “Anyone trapped in a long lease would be wise to consider purchasing property (Cabinet Maker, 1998)”. When buying a home it comes with the property it surrounds. After time having a home the property value increases over time.
Also improving a home and fixing things around the house will too make the property value increase. “Even with a home, a person does not have to pay the capital gains tax when the value of the house goes up (Carla Bouchard, 2007)”. With having a house it shows a sense of stability and security.
Having pride in buying a home and also accomplishing a great long-term investment. Also with having stability it is easier to apply for loans. The bank or cash place finds stability and will know that the person getting the loan will pay the loan back.Seeing also that having collateral to be safe on. The bank also will make sure the other payments are on time since the owner has bought the house. When deciding to buy a house or an apartment there are many decisions to be made.
These decisions will not be so hard to make after comparing buying a house to rent an apartment. Owning a house is an investment for the future and will be paid off. When renting an apartment paying high costly rent every month and never being able to own a home.
Renters usually would not pay as much as buying a house, but if they are putting all their money towards rent, why would you not want to put your money towards something that can be owned and worth value. While if buying a house getting a loan and paying the fixed rate that is set until paying off the loan. Renting is something that will never be set in stone. The rent depending on your lease sometimes has inflation if the lease is up for evaluation. Sometimes the landlord will raise the rent if they are going to let the tenant stay there until another lease is up.They might charge more for staying there the second term of the lease.
In renting an apartment there is no investment and also no value of property. There are also not tax deductions when renting an apartment as well. While if going with a house there can have a tax deduction just for first time home buyers. Then after that as well they have tax deductions for improving the household.
Also with buying a home there is such a thing as having value for the property. When buying a house it is up to the owner what they want to remodel and what the owner may desire. Why- because you’re the landlord, that’s why (Bouchard Carla, 2007)”. Renting is another thing to look at when wanting to remodel or do things the way the renter may want them. Usually when renting the landlord does not want anything different than the way they have it already set up for the renter to move in. Renters do not usually have an option to doing what they want to the apartment, and if the renter would want to remodel they would first have to get an approval which tends to never happen.The second problem would be the renter would have to make sure everything is the way it was before leaving the rented property, and if the renter does not ensure this they are usually out of their deposit.
With all things considered buying a house is a better investment into the future than renting an apartment Work Cited Bouchard, Carla. (2007) Newspaper Real Estate Tips. Retrived October 20, 2007from http://proquest. umi. com. ezproxy. apollolibrary. com/pqdweb Commercial Real Estate.
Cabinet Maker. Issue 5100, p8, 1p. Retrieved August 8, 1998. Manning Publishing Ltd. http://web. ebscohost.
come. ezproxy. apollolibrary. com/ehost.