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Buying a Home or Renting an Apartment

Essay by   •  September 8, 2011  •  Essay  •  954 Words (4 Pages)  •  2,646 Views

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Persuasive Essay Final paper

Buying a home is a better option than renting an apartment, owning a home provides many benefits that renting an apartment cannot offer; long term capital growth and tax deductibles are just some of these benefits. Being the landlord grants the authority to make decisions over the property, unlike tenants who depend on the decisions of the owner. Our country is going through an economic crisis and our welfare depends on the assertive decisions made, we cannot afford to lose rather than win, decisions must be based on the future; buying a home is an investment in which most cases house values increase over the time, it is a long term capital growth. Buying a home builds equity and a credit history, which are both very important and helpful for future needs.

Owning a home and renting an apartment can bring similar commitments but different advantages and disadvantages. Although buying or renting a house involves monthly payments; there are several advantages of which a tenant cannot enjoy. One of the major advantages of buying a home instead of renting an apartment is tax deductibles; this is an advantage that only landlords can enjoy, For example Interest is often a landlord's single biggest deductible expense; a landlord can deduct interest paid on mortgages, interests on loans used for home improvements and even interests paid on credit cards that were used for goods or services of the house. There is also a deductible that benefits for repairs made to the house like repainting, fixing gutters or floors, fixing leaks, plastering, and replacing broken windows.

One of best benefits from being the owner of a house is the benefits that can be obtained from home equity and capital growth, this means that only landlords would benefit if the price of the house rises while they are the owners, and this is very likely to happen because according to an online financial publication buyers can, on average, benefit from property doubling in value every 9 years, how profitable is to buy a home, live in it, pay a monthly fee and double that money every nine years or at the time the landlord decides to leave the property it would take advantage of all the benefits that selling would bring and As long as the owner have lived in the home for two of the past five years, it can exclude up to $250,000 for an individual or $500,000 for a married couple of profit from capital gains, this is a great benefit because you would be able to receive all the profit gained without having to pay any taxes, this means more to gain, less to lose; This is an advantage that someone who is renting cannot enjoy because if the owner



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