The statistic shows that 60% of young people need to get help from their parents even their grandparents to make down payment of purchasing a house before their marriage. it seems renting a house is less popular.
What is the difference of buying or renting a house? And why so many people are crazy about buying a house? Well, let me tell you something about it. Buying a house is an investment action in a long term, it is a fixed asset, you can get profit instead of losing the rent fee. Buying is ownership of the Property. You can do anything you want with the property you own but you can't do this if you're renting. If you own the property you can paint the walls add tiles and change anything you want. You can paint inside and out with colors that you want. You can dress up the house according to your taste. You may feel comfortable knowing your house is a reflection of your personality and style. We often call this pride of ownership and it's what America is all about at its core.
Another advantage of buying is the building up of equity. The money you pay towards the mortgage can be used if necessary to pay off other expenses by using some of the equity. The first and most obvious disadvantage to renting is that you lose the opportunity to create equity. When you pay rent what do you get in return? Well, of course, you get a roof over your head and a place to sleep but where does the money go? It moves straight into the savings account of the landlord. Your money is used by the landlord to reduce his home loan and benefit from the gradual build up of equity. Instead of benefiting the landlord why not take advantage of building your own equity by buying a house instead of renting. Over time, the house increases in value and instead of paying the landlord who gets the benefit of creating equity, you enjoy that benefit.
In emotional and mental view, buying a house acquire more feel of security, for human being, house mean stability and security. the idea is so deeply rooted in people’s mind.. living in your own house is quite different from living in a renting house. When you live in your own house you will always carry much about it and you may enjoy the sweet and warm atmosphere while ,in the renting house you may feel disappointed because it is just a temporary palace to stay in and it is not the home.I think this can explain why more and more young couple prefer to buy a house by taking out the long term mortgage rather than rent one. Own a piece of the American Dream by buying a house. Once you have read this article, you will have to agree that renting a house can never compare to owning a home.
Another disadvantage to renting is that rents continue to rise and they always will. You can count on that.
Owning a home is the best way to protect against rent increases. Then as your income grows you can plan for your future knowing that your house payment will remain steady. This benefit may seem small but eliminating the fear of rising home costs over a long period of time helps give many families the security to plan well for the future. In addition , what I want to say is that a house doesn’t only mean a house it is also a symbol of identity and wealth. Why many young girls dream of marrying into purple? The answer is obvious. I think most of the girls are expecting a house of her own when they are married.
Every coin has two sides, buying is no exception. As for the disadvantage of buying a house, first ,it is known to us all, the price keeps rising all the time, and such high housing price have rendered many young people mortgage slaves. Without any doubt, the large mortgage payment is a burden to them. Second, there is also no clear guarantee that house values will always improve. This may be because of poor maintenance or market factors beyond your control. As recent reports show, housing values in general have dropped, thereby increasing monthly payments and putting homeowners at greater risk of defaulting on loans.
Buying or not buying that is a question. It rests with you to decide. I think you had made up your mind.