Answer to Question #305914 in Finance for Kelsey Jand

Question

Planning to Buy a Home

For this discussion discuss the pros and cons of buying a home. Compare the costs and benefits. Include your alternatives.

Create a list:

• Pros/Cons
• Costs/Benefits
• Alternatives

Use this list as an original post and explain how this list might influence your overall decision to buy or not buy a home.

Context Link: https://saylordotorg.github.io/text_personal-finance/s13-buying-a-home.html

Answer 1

pros

its a store of value and possible equity growth

lifestyle choices

decorating/renovations choices

pride of ownership

cons

substantial financial obligation

significance annual expenses

less liquidity

less mobility

The cost of buying a home is way too high than when one is renting. However, there are numerous benefits when buying a home than when living in a rented apartment. The house itself if you're the owner, its a store of value and you can decide to either decorate or renovate if you so wish.

The alternatives to buying a home can be opting for either a cooperative house or a manufactured house so long as you have the full ownership of the place. Nowadays many people are opting to having their own place or house rather than renting.