The rent-to-own option can benefit people interested in buying a home that have checkered past, because of the way it is set up. Rent-to-own means that a home buyer can rent the house for a set amount of years, usually three years, and then has the option to buy it. People interested in buying a home, but have bad credit history, could get their credit up by paying the rent. They can also wait for about three years to decide if they are ready for this kind of commitment. The benefits of renting-to-own are that people have time to decide whether they want to buy the house or not, available to people with bad credit, can raise credit if payments are made, cost of the house can be reduced by rent payments, people have the ability to lock in purchase price, and people can get to know the neighborhood before buying …show more content…
If they do not like the neighborhood, then they can decide to not buy the house. If somebody makes the decision to buy the house right off the bat, then they will not be able to back out as easily if they don’t like the neighborhood. I think this is beneficial for people because they get a chance to know if they actually want to live in that neighborhood before they make the decision to buy the house. When people move into a neighborhood, they like to know what the neighborhood is like before they move in. People don’t want to be forced into moving into a bad neighborhood. With rent-to-own, they have a chance to learn what kind of neighborhood it is before buying the house. Renting-to-own is beneficial in many different ways. One of the most beneficial things about renting-to-own, is that a person can with bad credit has the chance to own a house. Renting-to-own is a good option for people that aren’t sure if they will be able to afford a house. Renting-to-own gives people a lot of leeway and is a wonderful choice for people to
First, you can qualify for lower interest rate and monthly payments on purchased such as a house or a car. Even if you do not buy leasing a house or a car requires very good to excellent credit. For example, when I leased my car, I had to get my dad to co-sign because I did not have any credit at that time. In other words, the dealer did not trust me and wanted someone trustworthy and responsible. The same goes with renting a house.
If the government were able to lower rental costs, would it benefit those who cannot afford an increase in rent? This would be the immediate benefit. People would be able to better afford where they live. The issue is that the overall outcome is not considered. Rent control leads to unjust opportunities for those wanting to rent. The current residents would likely stay because of cheaper rent. It discourages landlords to repair or improved rental facilities since they no longer have a financial incentive. It also encourages the landlord to abandon current properties because of
Denise Dipasquale’s article opens up with an introduction to the condition of America’s housing market. She explains that the rental housing market was put into a difficult situation along with the foreclosure crisis. Denise Dipasquale highlights some of the hardships faced by the rental housing market, such as rising vacancy rates and lower renter income. She argues that “the largest issue facing rental housing is the credit crisis and its implications for the multifamily mortgage market” (65). To support her argument, Dipasquale uses government
Living in a neighborhood that has a Homeowners Association is not for everyone. If you buy a property with a Homeowners Association you are required to pay an Association membership fee, which may increase. The Association may also enforce new rules that you may find too restrictive, like what type of bush you can plant or the type of fence you can have in your own yard. There are places where it is becoming more difficult to buy a house that is not governed by an HOA, especially in newly developed areas. There are pros and cons to living in a community with a HOA.
A reflection on this quote is that they have been wishing to live in a house of their own for along time. They are tired of having to change to fit what other people want them to. They get to do the things that they want to without worrying now that they have their own place. It also shows that they do not have to worry about getting the rent in on time to the landlord so they do not get kicked out of their home. “They always told us that one day we would move into a
Leasing may also be a better option if you don’t have very much cash saved for a down payment. Usually a leaser requires a “drive off” o...
With the desire of immigrants to own homes they have an easier time settling into their communities. The wish to buy a home will positively impact the economy of the future, as immigrant children also carry this same
The investors and new incoming homeowners gets to make more money than what they actually brought the poverty for. The way they make their money is by flipping the houses which means they renovate the houses and then sell the homes for a higher price. In the York and Fig series, they mention Steve Jones, a man who is known has a house flipper in Highland Park. A section in the series, The Gentrification Machine, stated “He bought it for $280,000, he tells me, put another $140,000 or so into the rehab, and sold it for – now he’s laughing – “$530,000! Oh my gosh!”. These prices on the houses are allowing old residents to leave and new residents to come because the price is good enough for them. Steve Jones has people invest in his house flipping projects. The idea of house flipping isn’t a bad thing because it makes the houses look nice and fancier than before, but driving old residents out because they can’t afford the houses isn’t right. This idea causes big changes and is another reason why old residents are
It consistently affects the urban development of neighborhoods. Even though there are positives in gentrification such as social and economic development of communities but there are also negatives specifically lower income families are forced to move out of their homes because of high rent prices. This also causes people to become homeless because they can’t afford the newly inflated rent prices. In my opinion, I believe there should be some sort of system where apartments and houses are made based of what you can afford so families have places to live. Landlords shouldn’t raise their prices just so they can get people they desire to live in their homes. Even though it's understandable that landlords want to make more money but they shouldn’t force families out. There should only be a legitimate reason for families to be evicted out of their homes. Even though Gentrification has been around for a long time, hopefully there is some positive change in the
Nevertheless, the previous researches were either focused on the role of affordable housing associating with residential stability or educational improvement for children and employment outcomes for the adults (Manturuk, 2012). Others also emphasized that affordable housing could contribute to community-wide economic development, both for troubled and vibrant communities (Lubell et al., 2007). In addition, even the past researches started to examine the impact difference from various categories ownerships versus; however, the subcate...
Overall, they argue that the goals of rent control can be reached if they are
When someone makes the decision to buy or rent a home they must consider the advantages and disadvantages of each. In buying a home the primary advantage is that you actually own it. You can do whatever you want with it. Also, you are building equity as the years go by. “People today have problems saving for their future” (CNN Money, 2014). However, when they buy a home, the money they put down for a down payment is an investment. When the person sells the home they get back the down payment and the amount the property has appreciated in value. When looking at the advantages of renting it is easy to see the disadvantages of buying for some people. Even though you don’t get the money back that you put into it, renting could be a more satisfying option for some. This is because renting allows for flexibility. The person can move wherever as soon as there lease is up. Renters may see buying as “a reduction in lifestyle, moving to a smaller place, and perhaps a less expensive neighborhood.” (CNN Money, 2014). For example someone who rents an apartment enjoys how the complex keeps up the area and all the amenities it has to offer, and it is in an upper class part of town. However, when they buy they looks all the benefits, they have to do maintenance themselves, and move to an area they don’t particularly like to fit their price range.
For many people, housing is more than a shelter; additionally it provides for and helps families meet many of their needs for safety and security, social interaction and self-esteem (Merrill, Crull, Tremblay, Tyler, & Carswell, 2006; Schwartz, 2006) cited by Andrea Lynn Bentzinger, (2009). Although it is known that homeownership is sought after by most families, and thought to have more positive outcomes for the household and the community, questions remain regarding the actual benefits of becoming a homeowner, especially for low-income families Shlay, (2006) cited by Andrea Lynn Bentzinger,
...problem is solved now, but in the long run landlords and the economy loses. Some of the negative effects caused by rent control are: it hurts the ones who are suppose to get help, gives landlords less incentive to maintain or to improve their rent controlled apartments, reduce investment on building and buying apartment in order to rent, discourage the construction of affordable houses to all in need, and increase the construction of luxury houses for those who can afford.
I know what you’re thinking “I am young, what is credit?” Your score may not be good it maybe great but it is very helpful to know. There are many sites that are free to check your credit score such as Credit Karma or Credit Sesame. More than of the time the landlord will check your score and look for evictions. If you know your own numbers then you will have the confidence to strike a great deal. If your score is bad don’t give up there are options for you too. There are private landlords or even public housing. Public housing is an option for low-income or displaced people. There is also income-based housing that can be good if you need a more affordable apartment. They tend to be more family friendly