Buying a Home Is a Better Option Than Renting an Apartment

Buying a Home Is a Better Option than Renting an Apartment

Latacha P. Grant

University Composition and Communication II

January 30, 2011

Falculty Instructor, Mary Menke

Buying a Home Is a Better Option than Renting an Apartment

Purchasing a home has greater long term benefits as opposed to renting an apartment. Being a homeowner is still the American dream, despite the rising numbers in foreclosures. Home ownership gives people a sense of pride, value and accomplishment. Homeowners can make their homes a foundation for memories for generations that come after them, and it adds to their feelings of well-being and gives them roots. Just as buying a home has advantages; there are also some advantages to renting as well. Renting would be a better option for someone who is just moving out of his or her parents house for the first time and has not established enough credit, does not have family, or a who travels frequently maybe because of work or personal reasons. Owning a home comes with a long term contract to pay for the property until it is fully paid off, or until the owner decides to sell. People who rent are not obligated to any long term contracts. If renting, one would have to only commit to renting a house or apartment for a short period of time, and a renter has the flexibility to move from location to location.

Generally speaking, owning a home will provide more freedom and space for one's family. Homeowners have fewer restrictions on things like how loud music can be played, or the loudness of children that maybe living in the home. These are things that have to be considered when renting an apartment. Being a homeowner also allows the option to, within restrictions of zoning, change the interior and exterior structures of the home to portray a particular style or floor plan. The remodeling and decorating possibilities are endless (keeping in mind the money spent to make these changes will be beneficial when the homeowner decides to sell). Whereas, when renting, the landlord decides what style and floor plan one can rent. Even though the advantages to freedom of space and style are great when owning a home, there is also the responsibility for all home maintenance, which can average about 1% of the home's value per year. When renting, the landlord or management is responsible for all of the maintenance (www.genniemae.org "Buying-vs.-Renting Comparison").

Even though owning a home is one's dream, there are a lot of misunderstandings regarding the financial aspects of owning and buying a home (Society for the Advancement of Education, 1998.) Myth one: People think there is a lot of money required in order to purchase a home. Granted everyone can not afford to purchase a home, but the majority of American families can. Lower-income home buyers can start out with a house that does not cost a lot, but still suit the needs of the buyer. They can also apply for a state low-income program for first-time homebuyers, or rent to own through the Federal Home Mortgage Corporation. Myth two: People think that there has to be a 20% down payment o purchase a home. That is the