Strayer University Comparison between Buying and Renting a House Discussion

For many Americans, buying a home is a goal. But it is also expensive compared to renting. Explain some of the advantages and disadvantages of buying a home compared to renting. What are some of the key issues a first-time homebuyer should consider?

Additionally, describe a housing-related goal that you may have for yourself. What types of financial information might you need to be able to create a starting point for reaching this goal?

Also, please respond to at least one classmate’s post.

part 2: Respond to

Hello Professor and Classmates,

Buying a new home is a commitment but it is also an investment. Some advantages of buying a new home are it helps establish your credit. Your monthly payments are stable they never alternate because it’s on a fixed rate. It allows you to build equity. You have the authority to make any changes to your home versus renting you couldn’t modify the home as you want. Some disadvantages of owning a new home are the cost of repairs and maintenance could impact your savings. The money needed upfront for your down payment could be a bit high. You have to pay property taxes on the property you are owning. You have to put money toward your escrow account on top of paying your mortgage every month.

Some key issues a first-time homebuyer should consider are making sure you save enough for your closing cost. Make sure the location you are moving to is a great fit for your family and you. Determine how you are willing to pay for a new home or used one. Make sure your credit is at a good score and make sure you maintain it. One housing-related goal I have set for myself is purchasing an inground pool for my backyard. I would need to know who has the best rates to get a loan or some kind of help to fund the project.

Marquita