How does the choice of whether to rent or own follow the pattern of life stages?
The choice to rent or own follows the pattern of life stages because when you're a young adult or when you are first starting to live on your own, you discover really quickly that you have to choose your housing situation based on your limited finances. You will find that renting is definitely more cost effective and cheaper than owning. Also, you will find that there many different types of renting situations that make work for you, depending on your age, personal preferences, mobility needs, liquidity needs, and your income. Once you have established yourself either through a career or a steady source of income, you can decide to continue renting or owning.
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There were some students who shared apartments and others who rented them by themselves. Also, while the students in the apartments had the option to pay rent monthly or per semester, we were only allowed to pay per semester in the dorms. Nevertheless, my decision to rent a dorm instead of an apartment paid off when I was first starting to live on my own was one of the best financial decisions I made because I graduated with less than $1,200 in student debt. In this way, my choice to rent did follow the pattern of life stages. Additionally, now that I am in my thirties and married and planning to have children before I am 40, our choice to purchase and own a home is following the pattern of middle life stages. However, once we become older and closer to retiring when our child or children have left the home, we plan to remain in the home and let our children return and take over the mortgage payments, since we our using the home as a homestead and would like to keep it in the family and pass it down to later
When you move into your own apartment you are an independant adult. (no need to rely on others)
Living in an apartment building it’s like you have to share with other people and you can’t keep any noise because the people next to you or downstairs can hear you. Also you can’t have a barbeque or a party because there is no space to have it. When you live in an apartment building this view is high because you are sitting on the balcony of the 10th floor. Living in a house the view is nice and it’s right there because you can just step outside whenever you want. You can decorate it and if your house is big enough you can have a get together or a party. When u step outside or look out your window you see all these beautiful houses and the pretty flowers that my mom planted. It’s kind of hard to explain the feeling when I stepped into this house; it was like stepping into a mansion. I was so happy and I enjoyed the house because it was such a perfect place to be for when it got warmer. My mom and I would just sit outside our porch whenever we felt like it and we would just sit and have a nice conversation, sometimes I would read a book or listen to music outside instead of being in the house all day. Living out here is a comfortable place to live and to be in because we feel like we didn’t have
Although the recent tech boom in San Francisco has been blamed for the increased housing demand and the lack of affordable rental housing in the City, the reality is that the shortage of affordable rental housing been steadily climbing for the last 35 years. Rent control is oftenat the center of the controversy regarding the affordable housing shortage. In response to high inflation, and escalating rents, San Francisco’s Residential Rent Stabilization and Arbitration Ordinance was passed in 1979 (Forbes, Sheridan, 1999). Rent control imposes restrictions on landlords in regards to rent increases and evictions. It is estimated that seventy percent of San Francisco’s rental units are under rent control (Marti, Shortt, 2013). Because of the limited rent increases allowed, tenants living in these rent controlled apartments seldom move out, which severely impacts the vacancy rates in the City. Although the vacancy rate among rent-controlled units is extremely low, there are occasions when a tenant may vacate a rent control unit (a job out of the area, the decision to purchase a home, etc.). When a rent-controlled unit is voluntarily vacated, the landlord is allowed to raise the rent to market rates (this is called vacancy de-control); then the rent control annual increase takes effect on the new rent. A landlord will often raise the new rent to the highest possible price the market will allow, in an attempt to recoup the financial loss he is incurring on the units still under rent control. Because of the new higher rent, the previously affordable unit is no longer considered affordable; which then impacts the inventory of affordable housing in San Francisco.
Housing can reach incredibly large proportions and have various on-site features such as large pools or perhaps the house has more than two floors. Obviously, only the wealthy class can afford a property with features such as this. Some may view it as unnecessary and excessive to own such a property. Thoreau described his home in “Walden” not having plastering or a chimney. He only used the home to protect himself from the rain and winters. Also there are different types of communities to move into. Housing a century ago was different in that there were only two types of areas to live in. Someone lived in the large and busy cities or in small, quaint homes in the countryside. Also housing was much smaller and it was less expensive for someone to make their own
One significant pro to millennials owning a home would be that they would have to learn fiscal responsibility. Millennials tend to have a habit of spending money as soon as they get it, so having responsibilities such as paying bills would force the young generation to better manage their money. In addition to learning fiscal
Often we can 't make a decision because we can 't clearly see which one will benefit our life more. There is a simple way to rectify this. Get a pen and paper and start writing. Write down your choices on a piece of paper and then write out the pros and cons of each choice. Take some time to really consider the pros and cons, and what you are left with is a scale of which decision would be the wiser decision for you to make.
When Young pays the mortgage, she added the degree of ownership of real estate on every purchases she made. Furthermore, she was able to make loans for the purchase of ownership in large amount and refinance at a favorable rate. Property owners will also be eligible to take a tax deduction. Out of the corner of the financial benefits, owning a condominium will offer Young creative control towards the condominium. It offers the ability to make physical changes when she feels there is an adjustment needed. Young should compare the benefits of owning a condominium with financial risk that will be taken against the current plans for
The Great Recession forced people to look at house ownership differently. People began to worry that their house value could drop, resulting in a loss of money. This concern was especially prevalent in Millennials who have currently been very slow to buy a house of their own. The fear of buying a house has held them back from living the American Dream, however they have some valid concerns for why they refuse to invest in a house.
I also take my future into consideration, I would like to buy my own house in a near future but with property taxes so high I might not be able to afford a home right after college graduation.
There are many people who are unable to decide whether they should buy or rent a home. Both renting and buying a home have their benefits, therefore it is important that you compare the benefits and drawback of buying and renting a home.
Overall, they argue that the goals of rent control can be reached if they are
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.
Being forced to move back home after college graduation is one of many obstacles students face while getting accustomed to the new debt they inherit after school. Imagine, upon graduation of high school the excitement one must feel about finally being away from the watchful eye of mama and papa bird. Headed to college to live on their own, freedom to be an adult and make decisions as such. If lucky enough to be one of the one’s who will make it through the entire four years of higher learning with a degree, evidence of long nights, dedication, and hard work, great rewards are expected, right? Wrong, many students in modern society will be met with a harsh reality and be bound to the nest which they took flight from four years prior. Student loans will become the new chain holding them captive to their parents. Unable to afford to live independently right after college graduation is a price some must pay for pursuing higher education.
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.
As I was always told, it is better to live on your own then it is with a roommate. These are reasons why.one. When you are living, alone you have the responsibility to take care of everything and not have to worry about other people getting in your way. Living on your own offers a great deal of freedom to act how you want and live the way you want. If you want to lie on the couch for days on end, watching there is no one there to complain about your behavior. You can listen to your music as loud as you can want or any kind of music for that matter because you do not have anyone nagging about what you are doing.