House renting vs Owning Essay – Free Papers and …
Okay, back to reality. The best that you can hope for is thatyour incomewill rise faster than your expenses. Yes, maybe working a little harderwill impress the boss, but that's not one of the more likely strategiesto increasing your income. When I was living in Irvine, and confrontingfinancial reality, I was rather stuck. My wife had just had our firstbaby,and there was no realistic way for her to make enough money to pay ababysitter,and still come out with any net increase in income. (Not that either ofus was keen on that anyway.) I went out and found a moonlighting jobtakinginventories in stores. This was a job that started at 9:00 PM and endedtypically about midnight. After working all day long, this was agruelingexperience. The pay wasn't much--$7 an hour--but any increase in incomewithout a corresponding increase in spending is a win. Fortunately,another,better moonlighting opportunity came along a few weeks later, doingsoftwaredevelopment for $20 an hour. I did this for about five months, and theextra money provided the downpayment we needed for our first house.
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Secondly, although many buy as an investment, there is also the very real risk that a property will decrease in value over a period of years; Dunbar (1999:83) notes that many in the UK, during the economic recession of the early 1990â€™s, found that their houses were worth much less than they had paid for them, and that a considerable number of houses were re-possessed by the banks who had provided the mortgage. The decision to rent is one clear way of avoiding this very real danger. However, a final point, and probably the most fundamental, is made by Brockway (1989:113); renting requires very little capital investment. For those with limited access to money, or those who choose to spend their earnings in other areas (such as travel or entertainment), renting will be preferable to buying.
It's tempting to use this strategy for putting together thedown paymenton your first house. The problem is that increasingly, lenders won'tallowit--the money has to be a gift, not a loan. My mother was willing toloanus the money for our first house, and did so, but fortunately, by thetimewe were ready to plunk down the cash, the strategy above had cleaned upour debts to the point where we were able to pay her back, and do thedownentirely on our own.
Renting vs Owning a Home Essay ..
By examining the different types of ownership and evidence from historical to contemporary society, ownership correlates with one’s sense of self by either improving or diminishing it.
Buying A Home :: Process Essays - 123HelpMe
A final advantage of renting is linked to the amount of time an individual is willing to devote to his/her chosen dwelling. We have already mentioned the worries and cost that house-maintenance can incur. Looking after a house can also take up a considerable amount of time, particularly for older properties,