...Renting Vs. Homeownership Jasmyn Gould ECPI University Online Thesis: Most people would either like to rent or become a homeowner, but there are several factors that need to be address before making the decision; these reasons include financial status, lifestyle, tax deductions, privacy, commitment, savings, utility cost, and a whole lot of research. Today’s housing market is on the rise, so this is the time to jump in or is it? You are probably asking, what advantages do I have if I purchase a home or rent? What would be better for me financially? It is important to know some facts of renting vs. homeownership before making such an important decision. Homeownership is not for everyone. I believe it’s up to the individual if they want to rent or buy. In some cases people are just better off renting. Before buying a home, it’s important to consider how that purchase will affect your finances and your lifestyle. Homes typically increase in value by allowing you to build equity in it, which will offer an investment for the future. Every time a mortgage payment is made, it is applied to your balance which reduces the loan that was taken out. Your monthly costs are usually more predictable and more stable than renting because they’re ideally based on a fixed-rate mortgage. Which means, the monthly amount of your mortgage will not increase for the duration of the loan. An article from TurboTax said (2013), “You know that you can get an income tax deduction on the mortgage...
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...Buying Versus Renting Ashley Mawhorter 1/11/2011 Axia College of University of Phoenix Every American has dreamed of owning their own dream home, whether they are young or old. Still many Americans choose to rent apartments. Why is this? There are many more pros when individuals decide to buy a home. That is why buying a home is a better option than renting an apartment. Jumping right into the first home one sees is also not the proper way to buy a home. Much time and research needs to be done and many things taken into consideration before deciding the best decision. Do I want to have a landlord, or be the landlord? How much can I afford if I choose to buy a home? Where do I want to be located and what style home am I looking for? Are there any pros and cons to buying verse renting? How much would property taxes be yearly? These are all important questions to take into consideration, and that will be covered in paragraphs to come. First and most important is figuring out how much each individual can afford. On ginniemae.gov there are two calculators that can help to determine individual financial status. The first calculator helps individuals to determine the advantages and considerations of owning verse renting a home (http://www.ginniemae.gov). Using the calculator I have come up with an example. If I were renting a home that cost 800 dollars a month and I wanted to buy a house I found for 100,000 I would simply calculate the percentage of down payment, length of...
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...11002 Cook Ln Sacramento, Ca January 27, 2013 Attention Director of Consumer Affairs Jet Express Airlines 6001 Airport Highway Raleigh, NC 27134 Dear Mr. Donavan Johnson: CONCERNING QUOTED DIFFERENT AIRLINE FLIGHTS Jet Express Airlines has recently sold me a flight with 3 different quotes and although I paid the highest quote for the ticket due to the severity of the flight arrangements, I am requesting reimbursement of the expenses I incurred from the high end quote. On January 26, 2013 I called Jet Express Airlines and spoke with a representative named Joyce. I explained to her that I wanted to fly to ST. Louis, Missouri, on Sunday June 7 and on June 11 fly from St. Louis to Nashville Tenn. Returning back to Sacramento, Ca., on Sunday June 14. Joyce quoted me $790.00 and all I had to do was confirm with a call before midnight the next day. I called back within 24 hours to confirm my reservations, this time I spoke with Jonathon and he could not find my reservations at first then he found them and told me that the reservations had been cancelled. I assured him it hadn’t been 24 hours. Jonathon began to tell me he couldn’t get me the same deal as Joyce was able to find for me. He could do the same thing for $38.00 more. I agreed to the reservations and gave him my credit card information to guarantee the fights. Jonathon agreed and said he would email me the confirmation. Received the email 2 hours later and Jet Express did not include the June 11 leg from St. Louis...
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...2010 Individual Assignment COM176 University of Phoenix Buying a house is better than renting an apartment In today’s society, buying a house is better than renting an apartment. Buying a house is an investment that pays off in the long run. Whereas, renting is more in the “right now” and you pay a monthly rate depending on the apartment guidelines. Most people, mainly the average person, would purchase a home for many different qualities. These qualities would consist of or somewhere down the lines of having ownership, investments and payments. First, purchasing a house would give one the sense of having ownership. Ownership is having the legal right of owning something, in this case owning a house. Owning your own home allows one to have a piece of mind. Giving them the freedom to do whatever it is they may want to do such as creating a garden, building on to their home, or placing an out door pool in the backyard etc. Meanwhile, renting will not get you ownership. You are temporally renting a large amount of space. Renting does not necessary give you a piece of mind, but it allows you to sleep at night. Renting also does not allow you to plant a garden, build on, or place a pool on the lawn. Therefore, buying a house is better than renting because you own your own space and can do whatever it is you want the way you want. Secondly, buying a house is better than renting because of the investments. Investments are usually created by putting money...
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...Renting an Apartment versus Buying a Home Composition II / 156 March.20, 2011 Outline for my Essay Why should we buy a home vs. rent an apartment? There are a lot of factors to consider for both. There are a lot of steps to finding out what you would want if you buy a home and if you rent an apartment. The factors can be overwhelming and yet very important. So the first thing you need to do is get all of the information that you are looking for and put it down on paper. Then you need to weigh the pros and cons of them. Just to make sure you understand what it is you have gain and give up for each type of dwelling and how you want to own it. You also want to look at the financial part of it as well. Make sure you can afford what you are looking for or look for what you can afford. In the end you will be able to logically decide on what to do with your dilemma. So there are many factors however there are also the benefits and what you want to be responsible for and not be responsible for. So the choice is up to you and only you can make it happen. I am just giving you the information to make an educated decision. I rented for years before my husband and I decided to buy a home. It came years after and when our daughters were elementary age. I enjoy being a homeowner however I also enjoyed renting cause of not having to worry about doing all the stuff the apartment complex had to do because I paid rent. This is just a scratch on the surface of the renting...
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...Running Head: Choices Buying Vs Renting House English 107-110B-30 Margaret Draper AIU Online ABSTRACT When deciding on buying a house can be confusing. But it if it is a better financial option to move for a family than renting which requires a consideration of cost and options that people often neglect to factor on. Buying Vs. Renting House House is probably the largest purchase that you will have to make in your lifetime, but whether or not, it is very important to make sure you decide which option is better for your family. And making the right decision. Many people prefer the flexibility of renting, and others want to the security of owning their own homes. That is why it is very important to know the advantages and disadvantages of buying versus renting. While deciding to rent or buy housing can be difficult making a decision. This paper will discuss the pros and the cons of each and will have some good research on the personal experience and individual assessment. I believe that buying a house is a much better option. The unemployment rates have increased and therefore there have been a lot of foreclosures on houses. It can be difficult deciding on buying houses. Renting- Advantages * More fixed costs for the term of the house. * Not giving equity but not losing it either * When the lease is up, you can just move. * There is generally less work on maintaining a home or improvement. * Smaller amount of...
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...The Advantages of Buying a House over Renting an Apartment Com/172 The Advantages of Buying a House over Renting an Apartment Buying a house for most is the American dream, but with today’s economy many people are unsure if the dream can be obtained. The main concern for most people would be the financial responsibility. Many people believe that the financial responsibility is overwhelming and they are just not ready. Although some people believe they are not financially ready to purchase a home, buying a house is a better option than renting an apartment for three main reasons. First, becoming a first time home buyer can be a very exciting experience that can have a positive long-term effect on some one’s life. Second, a home buyer can make any modifications or changes to a home. Third, and most important, you will eventually own your home. With those three examples, I will show the advantages of buying a house over renting an apartment. The first advantage to buying a home verses renting an apartment is that first time home buyers usually receive incentives or rewards for being first time home buyers. If the home buyer is purchasing a newly built home, usually the builder will give little incentives such as appliances in the home, a gift card to purchase new items for the home or even interior upgrades to the home. In recent years, there was a huge increase in the home buying market. This was the first time home buyers tax credit approved by the federal government...
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...Buying or Renting: Which is better for you? Your Name Com/156 Current Date Your Instructor Buying or Renting: Which is better for you? Introduction Many times we are faced with the challenge of choosing between buying a home and renting one. There are various advantages and disadvantages related to each of these options that an individual has. It is the dream of each individual to own a home in a good environment which is secure and peaceful. There are two options that one can choose from when considering a home. One can either rent or buy. It is important to carry out a thorough investigation on each of the options and make an informed decision. The decision of buying or renting any asset is crucial and should be critically analyzed. Therefore, it is important for one to take into account the benefits and costs involved in each option before deciding on the one to take. One might choose to use a buy vs rent comparison tool such as the mortgage calculator that can be provided by a lender or real estate broker. The Rent versus Buy Comparator allows the user to compare their estimated financial position after 7 years of renting with their estimated financial position after 7 years of home loan repayments (Realtor.com, n.d.). This tool will allow the buyer or renter to compare the possible financial cost and assists in making the decision whether to buy or rent. Moreover, most finance calculators will take into consideration the rent, rent insurance, expect...
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...OWNING -VS- RENTING Principles of Macroeconomics Professor John Weber October 17, 2013 Low mortgage rates and rising apartment rentals all over the country has led some people to dive into homeownership more quickly than originally planned. There are many that are still waiting for the housing market to recover, even with incentives to buy. All rely on the personal financial situation in making this decision. Renting vs. Owning both presents a number of pros and cons: Renting: Pros Cons Flexibilty and free Can’t build equity Terms of lease Restrictions No maintenance and upkeep Approval by owner to paint or remodel Ownership: Pros Cons Build Equity Pay for Maintenance Tax Breaks Illiquid Asset Stability of Mortgage Property Taxes Investment Lose of Value Location Use of your savings for down payment Remodeling as you please Owners insurance is Mandatory However purchasing property can be for many reasons, such as, an investment for flipping, to fix up and resale or to occupy. Maintenance of up keep, roof, windows, snow removal, and credit score is all things to consider for purchasing a home. When purchasing there are many different options row home, single, development all are investments. There are many financial parts that play into the option of purchasing and renting. When buying you must be very aware of purchase costs which are the down payment and closing costs. Yearly...
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...Instead, develop a research question that lends itself to further exploration and debate—a question you genuinely want to know the answer to. Try to pick a research question that is neither too broad (covering too much) or too narrow (covering too little). It should be broad enough to be discussed in a short research paper. Part 1: Complete the Research Plan |What is your general topic or area of interest? | | | |Renting a house vs. Buying a house | | | | |What is it about your general topic of interest that interests |Will you save more money renting a house or buying a house? | |you? | | |...
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...Renting vs Buying There are advantages to buying your own house as well as advantages to renting a home. With that being said there are also disadvantages to each. The pluses and minuses can be financial, personal or simply a matter of convenience. Advantages to buying a house of your own could include the equity you are building, you can customize however you want, you can have some stability, and the value of your house can increase. When you buy a house you can build equity in the property. Simply stated, this is the difference between the value of the house and the amount you owe on a mortgage. This equity can be used if ever needed as a line of credit or eventually you will be able to put your house on the asset side of your balance sheet. When you own a house you can choose to tear down walls, paint the walls whatever color you want, or remodel the kitchen to your perfect specifications with no limitations, besides your budget. Also, when you buy a house, you don’t have to worry about the owner selling the property and the new owner wants you out of the house. There is no worry about your rent increasing, landlord not renewing your lease, or having loud neighbors if in a multifamily house. The last advantage is your home can increase in market value, possilbly making it worth more than you paid for the house. Disadvantages to buying a home could include paying for all the repairs, expensive mortgage payment, and value could depreciate. When you own a house...
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...1. Topic: Renting an apartment is a better option than buying a house. Renting-vs.-Buying In my opinion I think that buying a house shows home ownership and an excellent path to building wealth. My thought is that if you rent you’re throwing away money. Owning your own home is a forced savings plan. We have always heard statements like these plenty of times. On television, radio, the internet, and in casual conversation. Such sentiments are common in any discussion that involves home-buying and personal finances. Let’s take a look at some of the financial differences between renting and home-buying. Now for the purpose of comparing renting to owning in this essay, I’ll be using real-world data gathered from my Orlando area (West Orlando). Although most first-time buyers tend to move from renting an apartment to buying a larger, stand-alone house, as much as I can I will compare apples to apples. • For rent, I located a 3-bed, 2.5-bath, 1,840 sift house with an attached 2-car garage, on 0.2 acres. Monthly price: $1,495. • For purchase I found a 3-bed, 2.5-bath, 1,850 sqft house with an attached 2-car garage, on 0.22 acres. Price: $424,950. The two homes are located within two miles of each other in similar neighborhoods, and neither is located on a busy road. We’ll assume that our hypothetical homebuyer is a married couple with $85,000 in the bank to make a 20% down payment. To calculate mortgage payments we will use a recent 30-year fixed interest rate of 6.25%. Let’s...
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...faced with having to make the decision to buy or rent. After researching found I could buy a 4 bedroom house in a good area for same price of renting a 2 bedroom apartment. Also working for the government I knew the tax advantages I would get so I don’t have to tell you which decision I went with. III. Today I am going to show you that buying a house is a better choice then renting even in this unstable economy. IV. There are many programs that help people purchase a home. First time homebuyers even with bad credit can qualify. Do you know where to look? I will provide you with some internet sights that can be of assistance. V. There are many reasons why home buying is better than renting; the few that I will talk about are 1. Long term buying costs less on a yearly basis then renting. 2. Good financial investment and low interest rates and 3. Tax advantages Now that we are coming to a close on the semester some of you are going to be faced with the decision upon graduation as to whether you should buy or rent. I. If you have already decided that you will be staying in a certain area for at least 7 years it is shown that buying is cheaper than renting. a. On April 21st. 2010 the NY Times reported that if you remain in your home for 7 or more years you will save approximately $759/year over renting. b. Did you know you could also use the rent ratio to help determine what areas are better to buy in? To determine rent ratio you look...
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...Running head: RENTING V BUYING DECISION Renting a House v Buying a Home Decision By Odessa Millan CMB 513 – Advanced Managerial Finance Presented to the faculty of Cardinal Stritch University In partial fulfillment of the requirements for the degree of Masters of Science of Business Administration September 27, 2011 Table of Contents Executive Summary.……………………………………………………………………….….. 3 U.S. Housing Market Trends.…………………………………………………………………. 3 Waukesha Housing Market Trends... …………………………………………………………. 4 Factors in Buying a Home…. …………………………………………………………………. 4 Factors in Renting a House..………………………………………………………..………….. 6 Recommendations ……………………………………………………………………….…….. 7 Conclusions …………………………………………………………………………………….. 8 Bibliography ……………………………………………………………………………...…… 10 Appendix A – Home for Sale.……………………………………………………………….…. 11 Appendix B – House for Rent.…………………………………………………………………. 14 Chart 1 - Existing 1-Family Home Sales: United States ………………………………………. 15 Chart 2 - Share of Distressed Properties in Sales of Existing Homes …………………………. 15 Chart 3 - Number of Sales ……………………..………………………………………………. 16 Chart 4 - Median Sales Price.…………..………………………………………………………. 16 Chart 5 - Average Price per Sqft ………………………………………………………………. 16 Chart 6 – Number of Listings… ………………………………………….……………………. 17 Executive Summary This technical paper analyzes scenarios of renting a house and purchasing a home in Waukesha, Wisconsin. The format of this technical paper includes an overview...
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...Networks Networks Three types of cloud computing are infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS). IaaS is renting hardware, data center space, and servers. This is beneficial to the business because they can have access to the latest devices without having to pay the full cost for them, which will depreciate as time goes on. PaaS is renting a platform, hardware and software. The applications that run can be newly formed or off the shelf. SaaS is renting software that is accessed from the internet. The provider handles patches, bug fixes, and software licencing. Access to the cloud is beneficial to businesses in a few different ways. The depriciation of hardware and software does not fall on the business. Security issues are handled by the provider, which means the business does not have to pay for in house IT. Private cloud computing is where hardware, software, and storage are all dedicated to a single client or business. Public computing is buying a part of a server that is also used by toher client’s or business’s. This type of environment is usually for applications where security is less of an issue because the data being stored does not contain private or confidential information. When looking at cloud vs VPN the advantages seem to be with the cloud. A VPN requires the business to keep the hardware up to date as well as security issues associated with the hardware and access. In a...
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