Article Review – Article Example
YourFirst YourLast 07 May Home Ownership The article gives the pros and cons of owning a home at this particular time of the year. According to the author, spring is usually regarded as a time for fresh starts and, therefore, some individuals may decide to own a home. However, owning a home involves many interrelated factors that must be put into consideration before the decision is made.
According to Sheri Lannetta, buying a home has many advantages. An individual who gets to own a house has the freedom to change whatever features he sees fit at whatever time of the year, an element that is not available to individuals who rent houses. However, the process of ownership is quite daunting, according to David Crook of the Wall Street Journal and there are some financial dynamics of ownership that need to be considered to arrive at a conclusive decision.
When deciding to own a home, an individual should consider the next best alternative available, which is usually referred to as the opportunity cost. Owning a home needs huge capital investments, which might be very expensive to individuals, and, therefore, an individual should factor all other expenses for disposable before committing to buying a house.
An individual should also consider the extra pleasure and contentment that he or she would derive from owning a house and the price they are willing to pay for the extra satisfaction contrasted to renting a house. It would be cheaper to rent a house as compared to owning one, for the same level of satisfaction. Owning a home comes attached to extra costs that have to be met. Even though there are government, incentives in terms of low rates for homeowners, mortgages tie ones finances for long periods and, therefore, an individual should be able to meet the extra costs associated with the tag of ownership.
Crook, David. Why Your Home Is Not The Investment You Think It Is. Yahoo Finance. N.p., 2015. Web. 7 May 2015.
Lannetta, Sheri. Better To Buy Or Rent?. Adviceiq.com. N.p., 2015. Web. 7 May 2015.