Buying a home is more cost effective over time verses renting property

Buying a home is more cost effective over time verses renting property

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Buying a home is more cost effective over time verses renting property. Several individuals believe that by renting a piece of property they will end up saving money. Over time based on the information that I have gathered I will show that buying a home can save at least $745 over renting, which is $ 124 each year. Buying a home is a serious decision and one that should not be taken lightly. If individuals choose to buy a home, they can actually have more of an advantage to accomplish this goal. As of right now with several foreclosures buyers can now purchase a home for just a thousand dollars. Now this does not include closing cost, yearly costs, lost opportunity cost, or the selling cost of the home. There are several myths have made have renting seem like that better option then buying. In Chris Proctor’s, First Homes Pros. Com article he talks about myths that have detoured individuals from purchasing a home. He also goes on to say that buying a home may not be for everyone, but it is certainly worth looking into. For instance, if an individual rents a piece of property they can move whenever they like. Actually, in most cases tenants sign a contract, which states how much notice must be given to the property owner before leaving. Should a tenant choose to leave sooner, the property owner can sue, and more then likely win their case. The judge will go by the evidence, which will be presented in court as the contract, which the tenant has signed. It will clearly show a breach of contract which the tenant has cause by leaving early. Myth number two is, if an individual rents a piece of property they will not have to worry about repairs or maintenance. This is an only partly true statement. Repairs and maintenance are not the responsibility of the tenant as long as they are not the cause for them. For example if a tenant where responsible for knocking a hole through a wall of the property in which they were renting, they in turn will have to pay for the damages. Myth number three, it is cheaper to rent than to buy a home. This is actually not they case in the end. When an individual owns a home, they are building equity, and can
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 04/18/2011 for the course COM 156 taught by Professor Joansynder during the Spring '11 term at Southeast Missori State University.

Page1 / 3

Buying a home is more cost effective over time verses renting property

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online