|
|
|
|
| Owning vs. Renting |
| In the recipe known as the American Dream, it's one of the main
ingredients: Owning your own home. With the real estate market
of America in constant flux, it's not as simple as it sounds to
obtain. For those who are just starting out in the credit world,
newly graduated with jobs, degrees, kids, or credit cards, the
steps towards making this milestone purchase are getting steeper
and steeper. The effects can be seen across the country, as more
Americans are settling for tract housing, condos, or living in
rentals much longer than ever before. Today many 30 and 40 year
olds, especially single, unmarried ones, are still living in
rental property because the cost of buying a home is 'just too
much.' Although the claim is often made that a good |
mortgage
won't cost you much more per month than paying rent, some
renters argue that theory. And they're right, in a way: the cost
of home ownership far exceeds simply paying the mortgage. What
about all of those day-to-day repairs, both little (leaky
faucets) and big (leaky roofs)?
Someone living in a rental property, whether it's a home or an
apartment, can reasonably expect their landlord to take care of
repairs in a timely fashion. If they don't, per laws in place in
every state, the tenant has the right to vacate the property.
The cost of property repairs falls strictly on the landlord, not
the tenant, provided the repairs were not brought about by any
act of negligence or otherwise on the tenant's part. So goes the
rule of rental: You |
|
|
pay your rent, and you keep things in good
shape, and if they break, it's not your job to fix them.
This is a convenience that is hard to ignore. Having someone mow
your lawn, take care of your furnace, and patch your roof...
well, it saves money. And work. But even with the massive costs
and inconvenience that can come from owning a home, it remains
an indispensable fact of life for most Americans. They want
somewhere to call their own. Even a leaky, expensive roof that
you have to pay for is better than not owning a roof at all.
In spite of the costs involved, the repairs, the down payments,
and the mortgages that can last for years, this longing for
ownership makes a great deal of financial sense. A homeowner in
today's market has |
far more pull than those whose biggest
financial asset is their car. Owning a home gives you property
value, something to borrow against, and something to leave to
your children for the future. As prices of real estate skyrocket
across the country, and show no signs of slowing, even a modest
bungalow in a small town is an investment that you can be
relatively at peace with making. After all, human beings are
always going to need a roof over their heads; ideally, one they
can call their own.
About the author:
Kirsten Hawkins is a real estate expert from Nashville, TN.
Visit http://www.king-of-real-estate.com/ for more information
on real estate, mortgages, and finding the house of your dream.
|
|
|
|
