Renting Verse Buying a Home

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Renting a Home Verse Buying a House ENG/130 July 29, 2013 Renting a Home Verse Buying a House Buying or renting a place to stay is one of the biggest decisions to make in life (Cox, 2012). Buying a home is a better investment and should not be taken lightly; however, renting a home does not have the same privilege as buying a home (Cox, 2012). It is important to consider the benefits of renting and buying a home because people should examine their personal situation (Cox, 2012). Saving enough money to make a down payment to rent or buy is the first step to moving forward in life ("Renting Verse Buying: Advantage and Disadvantages", 2012). Buying or renting a house can be a wonderful experience, but a big down payment is required when buying ("Renting Verse Buying: Advantage and Disadvantages", 2012). People usually do not have this type of money; however, they are required to take out a loan that is called a mortgage ("Renting Verse Buying: Advantage and Disadvantages", 2012). Even though people are considered homeowners, the bank has a lien on it ("Renting Verse Buying: Advantage and Disadvantages", 2012). It takes a person 15 to 30 years to own a house, but it usually costs less than renting ("Renting Verse Buying: Advantage and Disadvantages", 2012). During the first five to eight years of buying a house, a large percentage of the mortgage payments is going towards the interest of the loan ("Renting Verse Buying: Advantage and Disadvantages", 2012). However, homeowners are not throwing the money away in the same way as when renting (Cox, 2012). Assuming that the house does not lose value, some of the money paid toward a mortgage is retained ("Renting Verse Buying: Advantage and Disadvantages", 2012). Monthly payments while buying, should be made directly to the bank until the house is paid in full ("Renting Verse Buying: Advantage and

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