Renting a House & Buying a House - Essay Example

?Renting a House v. Buying a House Buying a house has its own advantages and disadvantages as compared to renting a house. Buying the house is a moreflexible option for those who do not intend to live a long time in the present house. Renting a house is considered to be a short term investment for most of the people. Most of the times the families and individuals who rent a house are not in a position to be able to buy a house, and therefore they go to the people who are prepared to rent out their own property for the sake of money and income. However, it has also been realised that buying a house is a more stable option for someone who is not looking at staying for long in a flexible position and wants to settle down in life. A house on rent would be the best option for a college going student. There are many college going students who do not live in campus. So for them the best options are either they take up PG in their nearest locality or rent a complete house to enjoy the benefits which come along with living in a house. The student community is not a permanent community to live in a house. For them the best option always is to rent a house for a temporary period and then move out as soon as the course gets over. Buying the house is any day a better option as at that time the person is the owner of his own property. However, there are families who are recently married and decide to move out of their parent’s house in search of a private home. For them, it rather depends on more than one factor whether or not to buy a house or to rent a house. The financial condition plays a huge role in determining what option to choose. So if there is a family who has the income to purchase a house then they should consider buying the property for a more lasting future and a stable life. There is no denying that owning a house is a much more stable option for families than renting a house. The feel good factor of owning the house is a much better feeling than being a tenant in someone else’s property. But on the other hand, if the family does not have enough finances then the best option is to rent a house for a few years and then buy the house when the finances are in place. This should be done to make sure that there is a stable life going on and there are no hiccups whatsoever. The family which is not in a position to buy a house may take a loan to own a house, and keep paying monthly instalments in return of the loan. A stable life only comes with a stable house and a stable locality. This is imperative for a long and continuous life which includes a strong base with respect to the place the family is living in. When the family has been able to garner enough money and resources, then comes the question of which house to buy and where to buy. This is the most important question which needs to be answered with respect to the purchase of the house. There are often times when the families buy the house when they are expanding in size. This could be due to a baby arriving in the family. Or otherwise, there are also times when the families decide to buy the house due to a promotion, change of a job where the members of the family start earning more. Financial conditions are the most important condition which is kept in mind before the purchase is made. This is done to highlight the significance of the role money plays in determining the placed of living for the families. In all such circumstances buying the house is the best option overall. The arrival of a new born is a significant approach towards the purchase of a new house. It is important to note that families tend to find new places to live for their new born as they think that the baby deserves the best environment to grow and excel in life, which means that the got to shift off their present location and find a more beautiful location to raise their new born. Apart from this, a new job is also a major criteria for families to buy a house. As a first time buyer of the house, it is important to chalk out the needs and objectives before moving into the house. The person has to decide what he wants from life and how much he sees himself living in the apartment he is going to purchase for his own lifestyle. Renting a house is best for people who are not yet stable in their life style and are moving from one place to another in search of jobs, or due to the work they are doing, financial restraint, less responsibility on their shoulders. However, for those families who have had a good job for a while, are going to have a baby, or have got a promotion in their career and are financially strong as well as having decided the kind of locality they want to fit in, should go for purchasing the house as it is the best option for getting a strong and stable future in their lives as well as the lives of their kids. Overall, buying the house is the best option for any individual. It is best for families as well as single people. However, a lot depends on how much finances the families have and that is where the decision is made. If the families have the finances then for sure there is nothing better than owning your property, and if they don’t have the finances then they can either take a loan, or wait for a few years before they save enough cash to buy a house. Read More