Renting Is Better than Buying Essay Example | Topics and Well Written Essays - 1000 words

Renting Is Better than Buying - Essay ExampleRenting an apartment remains quite stinting as compared to buying one. With the passage of time, undertake proves to be cheaper than buying an apartment. It is always advisable to make a cost-benefit analysis while deciding whether to buy or rent a home (Vij). Where renting a domiciliate costs an individual as much as $500 on the average, the same house may cost an individual between $1000 and $2000 per month in the form of mortgage that further gets factored to accommodate tax and insurance. Also, in the recent years, rents ask barely budged while house prices in New York, Washington, Los Angeles and elsewhere have doubled, renting has become a surprisingly smart natural selection for many mass who never would have considered it before (Leonhardt). Whenever an individual has enough money to invest, it is advisable to estimate the difference of the mortgage payment and the rent, and invest that sum into the stock market. Benefits of r entingAcquiring the loan for constructing a house is quite a lengthy and tiresome process. An individual is supposed to possess excellent credit and a immense sum for making down payment. Good interest rate cannot be gained without a good investment sum. Buying a home requires an individual to owe the lender money for many years that follow. Renting the house provides the individual with the leverage to pay as long as he/she lives in it, and afterward decide as per convenience. When an individual owns a home, he/she essentially becomes responsible for all matters that concern the accommodations maintenance and appropriate functionality. ... When the sewer enclosure in house damages, it is the owners responsibility to fix it and bear all expenses. The plumber may need to dig up the earth in order to change the existing pipe or lay out a new one. Such activities consume a lot of money, which the owners have to pay. In comparison to that, people living on rent do not have to bear th e additional expenses of maintenance and fixation. If something becomes faulty in a rented apartment, the tenant makes a call to the owner to get that fixed, without having to pay for the job. Likewise, a person on rent does not have to pay for the maintenance of lawn or some other areas of the house. The renter only has to compensate for the damages that have been caused by him/her. Renting a house does not require the renter to have insurance because of overleap of ownership. All a renter is required to have at maximum is the renter insurance as it makes it cheaper for the renter. Taking all these factors into consideration, a working bod employed person enjoys far more benefits in renting as compared to buying a house. An analysis in light of economic break In the contemporary age of economic recession, a lot of owners are selling their homes in order to meet their daily living expenses. The widespread economic recession has caused a lot of business entrepreneurs to downsize their workforce in order to minimize the overhead charges and maximize the profits. Renting proves to be the most convenient and flexible option for such employees, whose jobs are endangered and who can be fired any time by their employers. Such people want the facility to shift anywhere anytime as per the need of the employment. However, it is always advisable to acquire a short term lease in order to escape