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Contrast the advantages of renting and buying a home
Contrast the advantages of renting and buying a home
Comparative essay on renting a home vs buying
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Many potential renters evaluate which is the better option: renting an apartment or condominium or renting a house. It is a back and forth battle many consumers contemplate when deciding which route to go and it is important to examine the advantages and disadvantages of both. Essentially, both options are plausible; however, in order to make the most informed decision, it depends on the potential renter’s financial stability, personal preferences and personal lifestyle.
There are subtle yet important differences between renting a home versus renting an apartment. The most significant is the cost. Typically, apartments tend to be the most cost-friendly way to go. Because most apartment complexes are owned by corporations, the flexibility of
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Once the renter establishes a budget, his or her personal needs and wants are more flexible. Both apartment buildings and houses provide amenities that are appealing. The apartments provide a community feel through recreational areas such as basketball and tennis courts, swimming pools, and exercise rooms. Houses sing a different tune: the appeal of having a large spacious area with privacy is something many cannot pass up. While some enjoy privacy, others enjoy being close to others in case of potential danger, especially if the apartment structure is in a rough neighborhood. The lifestyle of the tenant ultimately decides whether renting an apartment or house is the best move. In essence, how one chooses to live or how he or she plans to live his or her life influences the decision. If his or her mind is dead set on being single forever and the city life is pleasurable, renting an apartment is a no-brainer. Those who prefer time to sit still and choose not to entertain the hassle caused by the urban population lean more towards renting a house. Both options are fantastic routes to take. In the end, what it comes down to is .the potential tenant’s wants and needs, his or her financial stability, and his or her preferred
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.
As stated by Richard F. Burns and Thomas G. Vaccaro in Unaffordable Housing: A Root Cause of Social Inequality, 80% to 120% of area median income—also struggle to find affordable rental units in all 50 states. This lack of “workforce housing” results in their inability to live in or near the places where they work. Not being able to live near work if results in higher cost of living because you end up having to pay for either a car or, you could rely on public transportation or even have to pay forward gas money to another person. Housing also ties(“is also tied to”) to cost of living which turns out is very expensive. According to DePersio, Greg in "How Much Money Do You Need to Live in Los Angeles?, As of August 2015, the average rent in Los Angeles is $2,296 per month. Even if someone is only looking for a one-bedroom apartment, the average cost sits at approximately$1,950 per month. A two-bedroom apartment averages slightly over $2,500. So as one can see that they have to make at the very least $13 an hour just to pay rent, this does not even include food or utilities let alone if they have kids forget it. Because of unaffordable housing has left millions without homes making them fall under the category of
There’s a lot that could be said to convince you that renting apartments in Oakland would be one of the best decisions of your life. Maybe you’d be interested in the fact that Oakland is a smart city; it’s one of the top cities when counting residents with bachelor’s degrees. Maybe you’d be intrigued by the fact that Oakland is known for its ethnic diversity, as well as its sustainability practices. Many more facts could be spewed at you, and they’d all add up to one thing—Oakland is an awesome, hip place to live.
There are people in the neighborhoods that can enjoy the neighborhood enhancements because they know they can survive the inflation of their rent. There are people that are oblivious to the fact that their rent will increase a significant amount, because they are excited that there will be shiny new locations arriving in their area. Once their landlord explains to them that their rent will increase – in New York it could be up to fifty percent – they will be struck with the sad reality of gentrification. Gentrification is similar to other social issues, primarily in the fact that one does not think about the issue until it affects them.
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.
#3 If I should need to move, I can be pretty sure renting or purchasing housing in an area which I can afford it in which I would want to live.
Buying a home can be an exciting experience for anyone. However, in some cases you just might be better off continuing to rent your home. There are many advantages to buying a home. However, it is not for everyone and buying varies from individual to individual. Currently more people are leaning towards renting but this could change in the near future.
The decision of Young to rent the condominium will provide advantages in terms of security deposit and rental payments for previous months because she did not face a significant financial commitment to pay for it. If she wants to buy the condominium, large amount of down payment needed to be paid by her. Monthly sales broker fees, closing costs, condominium fees, deed-transfer taxes and property taxes should be taken into account in the cost of a condominium fees. The rental fee is more cheaper compared to the purchase of a condominium. Young also a very professional person in investment banking after completing her studies in master. Thus, if she expects to pay at a higher price in the future, this will change the ability to buy and ability to pay the mortgage nowadays. Young consider to rents because it gives her chances to make a distribution and expand its
Apartments can be very affordable in a rent-controlled neighborhood, and are much more feasible for families, or students just starting out on their own; whereas, in the country, you may have to buy a home or find hard to find cheap rentals. Transportation costs, groceries, taxes, and utilities are common expenditures for any adult. But, many may find that a large amount of money can be saved on these living expenses in a city.
Affordable housing means housing is affordable to those households with a median or lower income as rated by county or state. According to the United States Department of Housing and Urban Development, the rental of affordable housing cannot exceed 30% of the monthly income of a low-income household.
In the early nineteenth century, during the Industrial Revolution, Americans gradually began selling their farms and trading the common suburban life with the adventurous fast-pace urban life. Today the majority of the American population chooses to dwell in cities, towns or suburbs; however, there are still many families living the country lifestyle. What influences an individual to select one way of living over another? The area in which one's home is located has effects on their way of life. Urban living and suburban living both have advantages and disadvantages, and these characteristics are what greatly influences peoples' decisions about where they should live.
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.
Students living on campus don’t have to worry about time because they live in the college. On the other hand, students who commute to school, have to worry about getting to class on time. Students living on campus don’t have to waste money on transportation or food since it is all covered under a plan. Unlike commuters, who aren’t covered under a plan, they have to pay more money to get to school as well as for food. Students who live on campus tend to know more people and they know more about what’s going on around campus. However, students, who commute, don’t have that advantage because they are home most of the time. Living on campus can be more beneficial than living at home in many ways.
A home is a place of residence for everyone which they use to take rest or to even gather with family. Most young people think about living away from home as the best part in their lives because they will have more freedom. however, they do not realize that living at home has more benefits compared to living away from home. Inside the differences between living at home and living away from home, there are similarities in both of them.