62902 Discussions Discussion: Rent vs. Own This is a graded discussion: 10 point
ID: 1162275 • Letter: 6
Question
62902 Discussions Discussion: Rent vs. Own This is a graded discussion: 10 points possible due Aud 8 22 32 Discussion: Rent vs. Own Jordan Harless For many Americans, owning a home is a major goal. However, home ownership isn't necessarily for everyone. Many people in urban cities can't afford to buy, and don't want to move out of the big cities, so they just rent for their entire lives. Others don't want to be responsible for major repairs/maintenance that comes with home ownership. After reading this week's section on renting vs owning- what do you think you'd like to do (or what are you doing)? Do you want to rent forever? Do you want to own a home? Why? If you already own a home, are you happy that you bought? Has your investment increased in value? Initial responses should be 300-500 words. Please respond to one peer for full credit. Replies to peers should be 100-200 words. Search entries or author Unread Reply Replies are only visible to those who have posted at least one reply * Previous Next. od 5 6Explanation / Answer
Personally, I prefer owning a house rather than renting it for the following reasons.
Firstly, owning a house provides us with an asset on which others (government, landlords, builders etc.) have no claim, and also with a potential flow of return on selling the house/asset in future. Usually, the value of real estate spikes in the long-term and the value of land/house/commercial or residential spaces increase manifold in long-term.
Secondly, it is cost-effective to purchase a house because a fixed rent amount (lets assume fixed for the next 20 or 30 years) will be costlier to the tenant than the purchase price paid to buy the house.
Thirdly, buying a house provides full liberty and independence in the matters of repairs and maintenance, home decor, interior designing of the house etc. which is not the case when the house is rented because of the restrictions from landlord.
Fourthly, renting a house is a contractual process in which the contracts have to be renewed everytime after the contract period. It if quite often experienced that the landlords do not extend the contract forcing the tenants to shift to another facility or location, thereby leading to serious changes in the lifestyle and routine of the people.
Finally, an owned house can also be used as collaterals for various loans which the owners may want to take for different purposes which is not possible in case of renting a house.
Thus, I always prefer owning a house.
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