Compare And Contrast Renting Vs. Owning A Home

As I walk into the room with my hot cup of coffee, I notice the full circle of chairs with bodies sitting and discussing with intensity the concept of renting versus buying a home. I listen for a while to see exactly what everyone is saying. Majority of the room claim that renting a home is better than actually owning a home for several reasons to include no property taxes, no maintenance problems, and no debt. Essentially they are arguing that it is extremely costly to own a home because when you buy a home you are taking on a massive amount of debt that usually takes anywhere from fifteen to thirty years to pay off. They are stating before you can even move into the house you are required to pay closing cost fees and a twenty percent down …show more content…
Ultimately, then, my goal is to demonstrate that although buying a home is expensive in the beginning as my peers explained the long term benefits outweigh the initial financial complaints. With this in mind, my objective is first to demonstrate how buying a home is not as expensive as everyone may think. For example, there are programs available to first time home buyers where they do not have to come up with a down payment for the home at all. Furthermore, home buyers can ask for and negotiate in the contract of the home that the seller be responsible for the closing costs of the home. Secondly, as far as the maintenance issues there are several home warranty companies that allow for home buyers to pay a small monthly fee to be covered for all appliances for normal wear and tear concerns. This is not to say that all maintenance issues will be addressed from the warranty company, but it takes majority of the burden off of the homeowner. Thirdly, people can decide if they want to move in areas where they are home association fees attached to the property or not because all homes are not associated with home association fees. In other words, what I’m trying to get at here is that buying a home is not that much different from renting a home from the …show more content…
For example, most of the programs are available only to first time home buyers or buyers that are with some sort of affiliation like a teacher, police officer, and military personnel. Moreover, buyers are held to certain stipulations like completing a homebuyer education class and one-on-one counseling just to qualify for those programs. Also many homebuyers mortgage changes on a yearly basis because of their property taxes whereas renters do not have to worry about property taxes. In addition, if the current owner refuses to pay the closing cost you as the homebuyer are still stuck with the closing costs to acquire the home. In regards to the home warranty companies that offer home warranties for appliances normal wear and tear what is consider normal wear and tear? Is there an age limit on the appliances a person has? To put it another way, if my garbage disposal was to stop working because I dropped rocks down it while I was cleaning the fish tank would that be covered? In short, there are too many what ifs and stipulations that come with just trying to purchase a