Buying house is better than renting an apartment Term Paper

Buying field is better than renting an apartment - Term Paper ExampleMoreover, the residents do not have to worry well-nigh moving from one rented apartment to another, if the landlord decides to sell it or rent it out to someone else. Buying a planetary house is alike a favourable option due to the current frugal situation. The dip in the property price has enabled many people to invest in a house, which is a far better option than renting an apartment. Keywords buying, house, renting, apartment, property, investment, owe. Buying a House is the Winning Choice Did you know that you can purchase a house for $100k and have a mortgage of $900.00 dollars, which is less than average rent? According to World Time News Report, the national average two-bedroom fair grocery rent is $928 a month (2009). During the same year, the median sales price for those homes was $223,800 while the average sales price was $257,500, which is roughly about $800 per month. (Wyndham Capital Mortgage, Inc ., 2009) This similitude of the average monthly rent and the average monthly instalment, in case of buying a house explains why buying a house is the pleasing choice. Buying a house is a long term investment it gives financial security and a sense of ownership. Home ownership is not an user-friendly task though yet it is extremely beneficial in the long run in a number of ways. The current situation in authoritative state market gives one an optimum chance to invest in a house as, home prices have fallen approximately 10% year-over-year in most markets... (Lynn, 2009, p.5) Home ownership provides an investing advantage. Every payment one makes towards the mortgage, guarantees ownership. Any major updates or changes that one desires to make to the property will maturation the value of the house. Under normal circumstances, home resale values tend to increase over the years. According to statistics provided by U.S Department of Housing and Urban Development, homes that were sold for $90k in 1990 are now worth about $150k despite the fact that in 2005, those homes where at about $250k. (2011) It is a relatively easier way to buy a house by paying only 5% or as less as 3% down-payment of the total price. If a person has an FHA loan, which are secured and protected by the government, then buying a house becomes an easy process. This way, a person can get a slow-start and gain ownership. On the contrary, renting an apartment requires at least $3000 upfront- which is a lot of money In other words, a house that is worth $100k can be purchased with $5000 down-payment and a monthly mortgage of about $950. However, the same house shall be rented for approximately $1200, exclusive of the initial deposit. Thus, buying a house is a viable option, particularly in the current economic situation and the state of the real estate market. Buying a house is considered as an opportunity to make profit out of the oscillating prices of the real estate market. A person can even get a chance to sell out the house if a potential buyer offers a high price than the actual price at which it was bought. Thus, it proves to be a sound financial investment as contrasted with renting an apartment. Buying a house also gives a sense of financial security as one is aware of the fact that he/she shall have to pay the same amount of monthly mortgage for the nest thirty years. This is of high significance, as it allows the home owner to plan his savings and expenses, accordingly. On the