Renting an apartment is a better option than buying a house Essay - 3

Renting an apartment is a better option than buying a house - Essay Example There is also the freedom of being able to do whatever one wants with the house, for instance, remodeling, redecoration or making any improvement as he/she wants. Moreover, no one gives the buyer any restrictions (Mortgagecalculator.org, 2011, para1). Buying a house comes with many advantages. To start with, the buyer has tax advantages over the rental apartments. This is so because the interests and taxes can be itemized for deductions of tax. The cost off renting a house can be substantial than the cost of buying one. Again, when the buyer has completed mortgage payment, they can achieve a better credit rating (Mortgagecalculator.org, 2011, para4). When buying or renting a house, one should consider two key principal aspects: the practical matter and the heart matters. Matters of the heart vary from one person to another. One will like a house in urban areas while another will like a house in the rural areas, this are heart matters and can influence the decision to rent or buy. However, the objective is answering the question as to why people should buy houses. According to Lotich (2009), when one buys a house, it acts as an automatic savings plan. This can be demonstrated by the example of when a twenty-five old person gets a thirty-year mortgage; hopefully they will have completed the payment at the age of 55. This means that if one had not saved much for the future, their least concern will be the house payment. The benefit that comes with this plan is that over the 30-years the value of the home is likely to appreciate. He further indicates that a home is an investment that one can live on. Even when home value drops, the house will still offer the advantage of being able to reside in it, different from when one invests in stock markets – such benefits will by no means be provided. The house belongs to the buyer and the most exciting thing is that, there is the ability to customize the house, like painting the walls and