Home Owning

In this essay I will not only discuss; but also show, how buying a home may seem to be costly at times, but that the end results will be more rewarding. One must consider the internal and external maintenance cost, how buying a home will add equity and how renters can overcome restrictions when buying a home. For families that are just starting out, this can be a great debate. Renting may seem less costly, however, as a family, buying a home can be an investment in "The American Dream."

Internal maintenance for renters can be cost free. At the landlord's expense and choice, he or she may obtain a refurbished appliance that would not last as long as a brand new appliance that the renter would choose. So as a renter they would find themselves unsatisfied with the conditions in which they may be living in. If they own their home, they believe they are secure in their environment. Feeling secure is one aspect of living the "American Dream"

Above all, internal and external maintenance cost for a home buyer gives them free rein on choices and can build equity to their home. While renting as a family, they have to make sure there is adequate room for everyone and this can become costly for a monthly rental fee. Therefore, they can use that higher rental fee for a monthly mortgage payment instead. Then they would have the freedom of adding on if needed, thus creating more equity to the home. Oppose to renting, in which those large payments equal no personal equity.

Renters are wasting their money every month. Michael BlueJay (2010) states "Renting is better only if your rent is very low, or if you plan on moving in a few years." Most families would need at least a three-bedroom apartment, in which rent would most likely not be inexpensive. So basically, a rent payment, for a family, would be the same as a mortgage payment. Another thing to consider is, a family buying a home instead of renting is settling down family roots. When they purchase a home they are less inclined suddenly to up and move their family to a different location. Then, years later after making all the monthly payments, a renter would have nothing to show, but as a home buyer they would be the sole ownership of their home.

Another fact to consider is the value of buying a home over renting is the satisfaction of knowing there is a payoff at the end. Renting is a never-ending cycle of monthly payments. As payoff time arrives, it would be likely that someone's retirement would be beginning. Unless paid off early. This would enable a family who owns their house to use their finances to help live their "American Dream" without a monthly burden of a mortgage payment.

Renters do not have a sense of security because their rented property could be sold with little notice. As a buyer you are in control of your living situation. With payments made on time there is no chance of foreclosure.

While renting,