Home Ownership Versus Renting an Apartment
Axia College of University of Phoenix
Home Ownership versus Renting an Apartment
The American dream for most people today, is to own his or her own home; even with the market having a downturn because of the heavy use of variable-rate mortgage loans. With house ownership the responsibilities are greater because the owner is responsible for all repairs and maintenance. This means that it is important to have savings established to be able to cover such situations as they arise. The ability to own a home for younger families that are just starting out is not always possible. So renting an apartment is a way to get ...view middle of the document...
There is the additional issue that comes with renting an apartment, and that is the fact that the landlord will come to inspect the apartment twice a year for damage. He or she also checks the smoke alarms to make sure they are working properly. When a person owns a house these responsibilities fall on the owners maintenance duty list.
This leads to another very important aspect of home ownership, the ability to modify and change the interior and exterior without seeking a landlord’s permission. This adds an advantage for people with disabilities as it allows for the complete modification of a house to accommodate for their personal needs. By comparison the number of apartments that are modified for such needs is very limited, and this leads to long waiting lists for those with specialized needs. According to resources by (David Hagner and Jay Klein, University of New Hampshire Institute on Disability) home ownership is a long sought after dream for people with disabilities for true independence. However, the financial process can make, it an intimidating challenge resulting in dreams that take a while to fulfill.
Renting an apartment has its advantages as well because there will always be people who do not have the desire to own a house. Most apartment complexes offer several utilities such as trash removal, water, Internet, cable, and heat that is included in the rental agreement. This helps to lower the cost of additional bills such as electricity and telephone service. It is not uncommon to see traveling business men and women rent apartments on short-term leases when they have to live in an area for less than a year. As it is cheaper than signing a full lease, which has heavy penalties for breaking it early. An annual lease tends to be heavily phrased to protect the landlord as well as the tenant against any legal issues that can arise from tenant disputes. If the legal requirements in a lease are not complied with by the tenant it can result in it being broken by the landlord. With home ownership this is not as common of a risk outside...