Renting or Buying a House
Good morning, ladies and gentlemen.
The topic of my speech is renting or buying a house.
As we all know, Owning a house is a sign of achieving one of the most important financial goals. And it means more in our country, as usually, mothers in China prefer their daughters marry men who can afford a house before marriage.
But the rapid growth of house price in China makes it difficult to buy a house for lots of people, and renting a house for temporary residence ['rez?d?ns] maybe is the best choice for some people.
If you are considering buying a house, one of the first decisions you need to make is, whether buying a house instead of renting one is the right direction for you. Take a moment to review the following table to see how your situation fits in. Items in the green boxes are advantages and in the red boxes are disadvantages.
Which one do you think is the better financial decision? Many people simply
assume that it's always to their advantage to buy a home, and for most, it is. But in fact, to rent or buy a house greatly depends on your situation, the market you live in, and where you’re headed in life.
When to Buy a House
There are many advantages to homeownership and in many circumstances it is the smart choice. Often, it is a matter of timing. There are points in the life cycle that owning a home makes more sense than at others.
Owning a house is a smart choice when you have reached a more stable plateau ['pl?t
??] in your life. You’ve decided on a life path and are taking the steps you need to
achieve it.
But buying a home is one of the biggest investments that you will ever make. If you have excellent credit, a stable job, and plenty of cash in the bank, then buying a home may be a wise financial decision for you.
When You Should Rent
Although owning a home can be a wise decision for your financial future, there are some occasions when it makes greater financial sense to rent.
For those just starting out in life, buying a home may be premature [prem?'t???], as it is harder to move when there is a house to sell first. Therefore, it may be smarter to wait to buy a home until other life decisions have been made, such as career choices, the area that one wants to live, and whether one wants to marry and start a family.
Never buy a home if you are unsure whether or not you want to live in a particular area for an extended [?k'stend]（延长） time period. Many people buy homes thinking that they can quickly sell them or rent them out if they choose not to live there anymore.
Buying a home is a commitment [com'mit-m?nt]（托付） and a long-term investment. It is not something to be entered into lightly. You should never purchase a home unless you are willing to live there for at least 5 years.
Also, know your personal situation. If you’ve got debt up to your eyeballs or you’ve just gone through a big life change such as marriage, a newborn, divorce, or a death in the family, taking on the responsibility of owning a home might not be in your best interest.