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Is Renting An Apartment Is A Better Option Than Buying A House?

1378 words - 6 pages

Is renting an apartment is a better option than buying a house?

During the course of this essay, you the reader will be taken through a whirlwind of information that buying a home is a better choice that renting. One of the sources I will be using is a mortgage chart on Lending Tree. Com. In order to show that with proper credit and choosing the right loan for your circumstances, you will come out ahead of the game by purchasing a home. Rather than renting an apartment of condominium. The main fact I will put forth is that when you are buying you are investing in your future. When you are renting you are investing in someone else’s.

I will also use the area I live in as the backdrop ...view middle of the document...

As well, apartment renters don't have to come up with the thousands of dollars in down payments, closing costs and fees for things such as building inspections, legal counsel, land transfer taxes and insurance.
The downside to rent is the fact that due to supply and demand on apartments rental rates can fluctuate greatly from not only season to season but also due to area growth and loss.
* If you know that you will be renting for the next couple of years it may be financially sound to execute a six-month lease on your next apartment home. The six-month lease would allow you to exit the high rent cycle of leasing apartments during the summer months and enter the winter low rent cycle. |

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* The downside to the above analysis is that apartment rents are usually more expensive when signing a six-month lease; however, this cost would easily be justified by lower future apartment rents due to being in the low rent cycle. * The reality is that the majority of apartment dwellers cannot afford to pay higher apartment rents on shorter lease terms. This makes it all the more important to seek professional apartment locators to find the lower rents in the local marketplace.The pitfalls of homeownership in the new millennium are many as stated in this except from Texas Attorney General Greg Abbott: “Home ownership lies at the heart of the American dream,” Attorney General Abbott said. “To better track and prosecute mortgage fraud, the Texas Residential Mortgage Fraud Task Force will form a strategic alliance between law enforcement and regulatory agencies. We are committed to protecting Texas homeowners and cracking down on mortgage fraud.” Effective Sept. 1, mortgage lenders, bankers and brokers are required to warn loan applicants about the legal consequences of knowingly supplying false information on a residential loan application. Additionally, with the consent of the local district attorney, the attorney general is granted concurrent jurisdiction to prosecute criminal mortgage fraud cases, including those involving money laundering, loan document falsification, and mail or wire fraud. “Mortgage fraud is a serious, costly crime, and legitimate home buyers end up paying the price,” State Senator Kip Averitt added. “Through the Residential Mortgage Fraud Task Force, we will form a strategic partnership with local, state and federal officials, enabling law enforcement and state agencies to better track and prosecute mortgage fraud and its perpetrators.”

Criminal mortgage fraud includes illegally inflating property appraisals; concealing a second mortgage from a primary lender; and concealing or stealing a borrower’s identity. Under the Deceptive Trade Practices Act, the OAG has authority to prosecute misleading practices and has recovered millions of dollars for Texans harmed by title scams, undisclosed costs and other unlawful mortgage-related schemes.Renting versus buying the financial frontier that...

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