A person can either purchase or rent a house. However, these options will present numerous cons and pros. People should consider these issues before making their final decisions. To begin with, renting a house can be a major financial commitment. The expenses of renting a house can be extremely shocking.
On the other hand, the cost of owning (or purchasing) a home can be manageable. Every person should be prepared before purchasing a house. This argumentative essay examines the issues associated with renting and owning a house.
Pros and Cons of Owning a House
House buyers cannot complete the transaction without having a proper insurance. The cost is between $50 and $100 per month. The property owner will have to pay monthly taxes of between $80 and $150. House owners should also cater for association fees. Such owners will incur extra costs for utilities and maintenance.
They should also replace various appliances, roofs, and bathrooms within a period of 20 years. These costs are inevitable after purchasing a house. That being the case, individuals should analyze these costs before purchasing a home.
The individual will incur some initial costs for purchasing the house. Sometimes a person can use hire purchase to acquire a home. Someone who plans to stay in a region for more than 10 years can purchase a house. The initial costs will be extremely high. However, the costs will reduce significantly in the coming years.
The property will also appreciate within the specified period. The decision to purchase a home will reduce the actual monthly costs. This fact explains why a large number of people prefer to purchase a house.
Pros and Cons of Renting a House
Individuals who rent a house will not pay property taxes. The lease also presents some “terms and conditions”. Such terms indicate the costs to be incurred by the tenant. The tenant will also incur some costs for internet, phone cable, electricity, and gas. Some landlords expect their tenants to pay for house maintenance.
However, such costs are not always common. Maintenance is usually provided thus reducing the costs incurred by the tenant. Some individuals will be required to incur some insurance costs. Such costs will be between $30 and $40 per month.
The person renting a house will be required to pay a specified amount every month. The individual may also incur some insurance costs. After the end of the targeted period, the person will get his or her “security deposit”. This “security deposit” is refunded at the end of the lease period. Many people will use these issues and facts whenever making their decisions. Every person should analyze the financial issues associated with renting and purchasing a home.
The above analysis explains why every person should make the best decision before getting a house. The decision to rent a house will result in minimum costs. However, such expenses will increase after a very long time. However, a person who intends to stay in a specific region for a short time should not purchase a house.
This strategy will reduce the costs associated with owning a house. That being the case, people should create effective budgets before making their decisions. These two decisions will present unique advantages and disadvantages. In conclusion, a person can purchase or rent a house depending on the above costs.