Making Automobile And Housing Decision Essay

http://guides.wsj.com/personal-finance/buying-a-home/how-much-you-should-spend-on-a-home/
According to the wall street journal, buying a house has been a trending issue for most of the families in the world. The process of acquiring a house requires full dedication and high level of financial sacrifice. According to the author in the wall street journal, the first step is to decide the most convenience option between buying and renting a house. The author outlined that spending a lot on buying a house would affect important goals. For instance, it would affect college funds, retirement among others. The journal has given tips to determine the appropriate measure to consider when buying a home. Buying a home is convenience for people planning to live for several years in the specific area. In addition, the cost involved in buying a home in addition to maintenance, taxes and other costs should not be more than 28% of the monthly income. The article explains the advantages of renting a home as compared to buying a home. A person renting a home has the liberty of moving from the rental house at any given point. Renters do not incur costs such as maintenance or home repairs. When buying a home, the responsibilities of fixing any breakage in the house or maintenance of the house are entitled to the owner of the house.
Renting a house is the best option for the people indenting to live in a place for short time. The cost of buying a house including taxes, escrow fees and cost of closing always take time to complete. When planning to stay at a place for longer time then buying a house is the best option. The equation of renting a house verses buying a house can be affected by many factors. They including trend of employment, value of homes in the area among others. After settling to the option of buying a house, the next step according to the wall street journal is to decide the value of the house that one is interested to buy. That would depend with the monthly income of the buyer.
The next step after getting the possible price range, check and consider the important factors. They include schools, impending constructions, crime statistics and any other thing that might increase or reduce the value of the house. In the journal, the author advises buyers not to assume that the actual cost of purchasing and selling a house. Buyers should consider the cost of getting a land and building a house in that same area. It is prudent to conduct though comparison of the land and the cost of buying a home to determine its affordability. It is advisable to get an appraiser to assess the situation on behalf of the buyer.
Relating to the topic in class, all the process given by the author helps in managing personal finance and getting the best deal in the housing market. In a personal perspective, the topic has had a positive impact. The comparison of buying and renting a home has been covered in a systematic manner. Making it easier and able to settle to the correct choice of whether to buy or rent a home and the costs associated with the two. In conclusion, the topic has helped in knowing the right decision to make and the factors to be considered when buying or renting a house. In addition, the situations that would lead someone to rent or buy a home should be taken into account