I. Attention Getter: Should I buy a home or just keep renting? This is the most important question prospective home owners consider before buying a house because owning a home isn’t for everyone.
II. Motivation for Listening: In most instances buying a home is a dream come true but for in other cases it’s the total opposite. Buying a house is a major decision, so careful consideration should be given before making this decision. It’s important to know what are your options.
III. Establish Credibility: According to US News, the great American dream of owning a home appears poised for a comeback. Real estate company Trulia reports that in many parts of the country, rents are rising while housing prices are falling, making buying a home more affordable. Trulia found that in 98 out of 100 major metropolitan areas, including Detroit, Atlanta, and Cleveland, buying has become more affordable than renting.” I think the mortgage catastrophe of 2001 left prospective home buyers afraid of buying a house without being extremely certain that is the right decision.
IV. Thesis Statement: Buying a home has many advantages and disadvantages but for many people the good overpowers the bad.
V. Preview of Speech: I will discuss some of the advantages and disadvantages of buying a house.
Transition: Most people are so happy when buying their first home
Body:
I. Establish the Problem
a) Analysis: But sometimes buying a house isn’t the best choice. It’s a long-term commitment that requires the homeowner to have a stable and secure job. If you default on your mortgage, for example being late on your payments or even missing payments the mortgage lender can take your home away. Then the lender can sell your home resulting as a foreclosure. Foreclosure also affects your credit making it harder or almost impossible to purchase a house in the future.
b) Analysis: There are also maintenance and repair costs that must be done in other to maintain your home. Some people do not buy houses because of this responsibility. They prefer to rent or live in condos where an association is responsible for the hassles. The problem is association fees are not fixed and frequently increase costing you a lot more than you bargained for.
II.
Purpose: To educate first time homebuyers on how to properly plan and prepare for buying a home and what to expect throughout the home buying process.
The economic decline has possible home buyers, especially first time home buyers, scared to invest anything into the housing market. With the fear of another depression in the back of everyone's minds, some businesses are attempting to clarify the pros of home ownership.
Some prefer renting to buying because they believe that the renting might seem to cost less than buying a house. The tenants can possess a stable shelter without a high-cost per month, which provide the benefit to the renters within 10 years (Andriotis, 2014, p.4). Renting a
If you are unable to make your mortgage payments for whatever reason, you may be facing some undesirable scenarios. Unfortunately, sometimes Foreclosure may be your only option. With the condition of the market and lenders' tightening of their standards, many lenders are refusing to negotiate with homeowners. Strange, but some lenders seem to prefer to proceed to foreclosure rather than working things out with a struggling homeowner. In this case, as hard as it is, you may have to choose foreclosure. You are not alone. Thousands of homeowners are facing this situation right now. It is not the end of the line for you and your credit. You can take control of your life and find another home that will meet your needs. Here's how:
Until every home loses value, buying a home will continue to be a good investment for those who can’t buy stocks or bonds. Purchasing my home was a huge milestone in my life as well as an investment I could make for my future. Adalberto Aguirre also believes that “For many Americans, homeownership is synonymous with success, independence, and the achievement of the American Dream.” Homeownership is seen as a pathway to aspects of the American dream; for instance, the ability to pay for a college education, providing start-up capital for a family business, or funding retirement plans (6). Owning a home, like earning a college education, is something I thought we are all supposed to want for ourselves, friends, and family. Helping others attain the American Dream certainly took a backseat to profits in the minds of many mortgage brokers and lenders during the 2000 housing boom.
It is not surprising that after having lost their homes either in foreclosure or short sale, “foreclosure victims” were hesitant to purchase new homes. Losing a home, a place of stability, safety, and family, is just as mentally taxing as economically. However, as the world economy is recovering from the 2008 financial crisis, so are the victims of the housing market crash are slowly opening up to taking up mortgages and becoming home-owners once again.
Home prices are increasing, but personal incomes are not keeping pace (Myers, Painter, Zissimopoulos, Lee, & Thunell, 2017). Faltering incomes and a shabby labor market that produces only low-paying jobs are key culprits to home ownership for the young (Myers & Simmons, 2017). Surveys among renters show that 65-72% would own rather than rent, if they were financially able (Fry & Brown, 2016). The problem is more extreme for the poor. Prior to 2008,
The market crashed several years ago leading to the foreclosure crisis which forced Americans out of their homes. Since then the real estate market has not been the same nearly since. We all know market has not been the same over the past several years, but home buying is still crucial to Americans because like I stated earlier having a place to stay is important. There are always going to be immigrants coming to this country as well every year and they also need a home or two, so the real estate market is still sufficient. Which is why my family has stayed in the same house for over ten years. Past homebuyers are probably petrified about containing a home nowadays due to all of what has happened to the real estate market over the past few years, but the past has actually laid down some differences in home buying these days. The real estate market knows that there was a crisis that happened to them several years ago, so in that case the
Is it really a “dream” to own a home, if doing so means being saddled with debt and undermining one’s financial security? Perhaps, in light of the risks of homeownership, one might consider renting, instead. This point of view is articulated by one columnist, who writes, “more Americans are consciously choosing to rent over buy” (Sullivan). Even among households making over $95,000 per year, the homeownership rate “declined from 87.3% in 2000 to 80.6% in 2012” (Sullivan). This downward trend in homeownership among those who would most easily able to afford a home indicates that Americans do not perceive homeownership the same way that they did before 2008. Now that the ugly underbelly of the mortgage lending system has been exposed, the prospect of homeownership is no longer as attractive as it once was. This does not mean that homeownership is suddenly undesirable. Rather, individuals are beginning to reconsider whether or not homeownership is a financially sound decision. Having equity in property can prove to be financially beneficial, but not everyone pays off their loan and takes true ownership of their home. During the Recession of 2008, nearly seven million Americans lost their homes to foreclosure (Wheelock). Therefore, the current shift towards renting is both economic and cultural. Americans are no longer buying homes for two main reasons. Either they simply cannot afford
House, a shelter for people which is one of a basic requirement for human survival in today’s world. According to Andriotis (2014) and Shlay (2006), homeownership is regarded as an aspect of the American dream for a long time (p.1). The American dream, a pursuit that a large number of US citizens seek, require individuals work hard to achieve it. In other words, there are a vast of people hard work in order to afford their property. People has possession of the house if they have enough money to afford the payment on a home and be willing to purchase it. Otherwise, people need to rent a house to guarantee that they have a relatively fixed shelter. However, there is the limited right for tenants, and they have to depend on the decision of owners whereas the landlord have the power to make a decision on the property since they have the housing ownership. Thus, whether buy or rent have become a fundamental problem that plagues the individuals. Elsinga and Hoekstra (2005) point that the homeownership not only in favor of personal, but also benefit the community (p.403). Therefore, buying a house is over than renting since it brings tremendous benefits to individuals. Specially, purchase a house is a desirable option that generates tax benefit, build self-confidence for owners, and profits the construction of community harmony rather than renting a house.
When someone makes the decision to buy or rent a home they must consider the advantages and disadvantages of each. In buying a home the primary advantage is that you actually own it. You can do whatever you want with it. Also, you are building equity as the years go by. “People today have problems saving for their future” (CNN Money, 2014). However, when they buy a home, the
Foreclosure is a sad development in our depressed economic conditions that we face in the United States today. Decent people, who for one reason or another, that once could afford their homes now unfortunately cannot. Due to circumstances beyond their control they lost control financially and momentarily overextended themselves and their financial ability. This does not have to be their proverbial ‘swan-song’. Committing financial ‘suicide through filing bankruptcy can only compound their troubles, making their matter worse for a minimum of seven years.
Even though buying a home has a lot of steps, it can be a smooth sailing ride because everything is lined up and ready to process being able to buy the home. There’s other cases where in order to get the home, there are obstacles ahead that the person has to deal with. Sometimes there are even times when everything has gone great and then the person gets hit with situations that leave them with a decision to downsize ending up putting their house up for foreclosure. Foreclosure is when a homeowner’s rights to a property are forfeited because of failure to pay the mortgage. When the owner can’t pay off the debt then the house becomes the property of the lending institution.
Why spend money that is really needed for other things? Why live uncomfortably? Why be trapped in this hole called a home that belongs to another person? Why not live free and peacefully? When a person rents he or she usually throws away money that could be used to purchase something that belongs to them. Money is not easy to come by so why pay out hundreds toward something that is not benefit to the person paying it out. There is no good explanation for making a decision like this. The best option in a situation like this is to buy a house. Buying a house is a better option than renting an apartment.
“Buying a house is a better option than renting an apartment.” In this essay I will discuss about the major benefits of buying a house rather than renting an apartments. While it can be costly it is a safer place to live that has long term-investment and tax advantage. Buying a house may be difficult and it can be a confusing process, even for veteran buyers. Here are some tasks that housing experts say before getting into the buying a house. Get financials in order. Buyers should check their credit score, taxes, 401(k) s and other aspects of their financial situation to determine the maximum amount they are comfortable affording for their monthly mortgage, utilities, maintenance, taxes and insurance. If one’s credit score is low, he or