Most people, today, are looking forward to buying their first property. When individuals decide to buy a house those individuals would have to look at all their options and all the advantages and disadvantages that come from purchasing a house. The economy plays a huge role in the decision whether people will purchase a house, purchase a condominiums, or rent property.
An option for individuals look are looking to buy property have the option to purchase a house. The advantages are: “pride in ownership, privacy, own land, tax benefits, fixed rate, security, and can renovate to their desire. The disadvantages are: less flexibility, mortgage has interest, more stress about money, requires down payments, closing costs, and moving costs, need to have a fixed income/stable income, and bank may take over house if payments are not made” (Zillow, May 12th 2012 ). Pride of ownership is advantage because it gives those individuals accomplishment feeling and shows their hard work paid off and do not have to deal with landlords anymore” (Free Advise Staff, unknown date). Privacy is another advantage because it gives the homeowners the freedom to do whatever they wish and not worrying that they will break the rules. Owning land is an advantage because “every time you pay off your mortgage individuals are gaining equity and increasing your assets” (Chapman’s lecture, unknown date). Another advantage is individuals will get a “tax benefit which will help pay off the interest of the mortgage and increases income” (Kirlew, Unknown date). Security is an advantage because in the “long run if some individuals want to have kids those individuals do not have to worry about moving each year, but instead helps their children grow up in a ...
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This article explains how one should decide whether to buy a home or rent. Buying a home should be based on decisions of credit report, debt ratios, job stability or relocation, maintenance issues, and financial situation. It explains how not everyone should buy a house. Some people are actually better off renting.
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When we become adults — no jokes please, wink, wink — one of the universal passage rites is deciding whether to buy a home or rent one. Adulthood conveys stability and security. The financial means to make such a large purchase and keep it long enough to establish valuable equity (equity is like magic financial pixie dust, but more on that much later).
Buying and owning your home is part of the American dream. Although the dream itself has since changed, the home still remains the main focal point. Today owning a home doesn’t necessarily mean a house. People now buy duplexes, cooperative apartments, and condominiums. For some families it could take up to a couple of generations before it’s able to have the capabilities of buying a home. To many people it means a certain achievement that only comes after years of hard work. It is a life altering decision and one of the most important someone can make in their lifetime. The reasons behind the actual purchase could vary. Before anything is done, people must understand that it’s an extraneous process and it is a long term project.
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Making the decision to buy a home can be the greatest decision, or the worst decision depending on the circumstances. Being unprepared for the various costs of owning a home can be overwhelming. Obviously, numerous factors influence the buying decision, and often single individuals can't afford the financial obligation or obtain financing to buy a home. Securing enough funds for a down payment stops the dream of home owning for numerous families.
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In this paper, I will be investigating the advantages and disadvantages of buying a home compared to those of renting. Then, I will draw a conclusion of which option is the most beneficial in today’s real estate market. Finally, I will examine the role of conducting a title search when making a home purchase and discuss the importance of ensuring it is complete.
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