week 2 assignment - Buying a home would be more of an...

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5. Renting an apartment is a better option than buying a house. It depends on your situation and lifestyle whether if buying or renting a home is the best option for you. Although it is cheaper to buy a home in the long run than it is to rent a home, not everyone can afford to buy a home, at least not right away. While buying a home, you would have to purchase homeowners insurance which is more expensive than renters insurance. Keep in mind that you will be able to own that home one day but if you were renting you will never be able to own it. Renting a home would be a good option for you if: you want to move to a different location in a year to three years or if you are just starting out in life and trying to save up to buy a home. If you were to buy a home, however, you will have to keep in mind that it is more permanent than renting a home and it would be harder for you to move in two or three years.
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Unformatted text preview: Buying a home would be more of an option for you if you were going to stay in the same location for five years or longer. The biggest disadvantage, to me, of renting a home is that the homeowner can sell it right out from under your feet and you would have nowhere to go. Also with renting a home you would have to get permission to do anything with the home or landscaping, but if you were to buy the home you could do what you wanted, when you wanted to the home or yard because it would be yours. While renting a home, your landlord would be responsible for all of the repairs needed to be done to the landscaping and home which means you would have to wait until they get ready to do it. If you were to buy a home, you would be able to do the repairs needed to the house or landscaping as soon as possible, however, you would be paying for it....
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This note was uploaded on 02/28/2011 for the course SCI 162 taught by Professor Ebonywardlaw during the Spring '10 term at University of Phoenix.

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