I need some paragraphs on the choice of choosing buying instead of renting a house. Weegy:
There are many people who are unable to decide whether they should buy or rent a home. [ Both renting and buying a home have their benefits, therefore it is important that you compare the benefits and drawback of buying and renting a home.
Renting a home is usually cheaper than buying a home. When you rent a property, you don't have to pay your monthly mortgage dues and you don't incur expenses on repairing the appliances and home. However, the rent that you pay could increase from time to time. When you have taken a mortgage at fixed rate of interest, your mortgage payment is fixed and will not increase.
When you apply to get a home loan, you are required complete a lot of paperwork. When signing a mortgage contract, it is important that you understand the terms of the contract. Most contracts are for a period of 30 years and if the terms are not in your favour, repaying the mortgage could be a big headache. One of the most important reasons why people default on their mortgage is because borrowers don't understand the terms of the mortgage. On the other hand, terms of rental agreement is easy to understand.
One of the main reasons why people buy homes is because they expect appreciation in prices. Because of the housing bubble burst the property prices may not rise in the short-term. However, in the long run people investing in property can expect high returns on their investment. When you rent a property, any appreciation in property prices will benefit the landlord.