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Buy, Rent or Build: The Perils of Homeownership

April 03, 2012 | Comments: 0 | Views: 176

For many people, moving into a first place is more about the acquired freedom than it is about the structure. Whether it's a rented room in another's home, a one-room efficiency or an actual apartment, the stereotypical first place is just that - the first of what may become many. Although, in times of economic instability, the type of home we want may be eclipsed by the type of home we can afford.

Many adults get their first taste of independent living when they leave for college, secure in the knowledge their dorm room will be a fun and temporary precursor to a post-graduate apartment. Once steady employment is secured and subsequent financial increases appear, words like condominium and townhouse become common phrases. Ultimately, settling down equates to the purchase of a home, where many people are content to live out the rest of their days.

But what about when a person chooses not to follow society's well-established plan? What of the person who chooses not to purchase a home, but rather, opts to a non-committal life of renting? On the other hand, some people maintain a one-track mindset from early on against renting, determined to put their finances to the best use by investing in the purchase of a home. People who fall between these two ends of the spectrum tend to be people living in condos and townhouses who want the security of owning, but who also want the comfort of having neighbors close by.

In many cases, people may have a plan that never materializes, such as saving for a home but never having enough for a mature down payment. For these people, the brass ring remains just out of reach, with circumstances such as a fluctuating home-buying market, keeping their dream of homeownership just that, a dream that never comes true. Yet, these people are arguably better off having never realized their dream than people who lose their dream homes due to loss of employment or financial burdens.

Still, other people choose to balk the system by living modestly, saving aggressively, and ultimately buying land and building a home. These people are often envied, as they make the system work for them rather than being subjected to mortgage rates, foreclosures or evictions. Although, in the end what really matters most is a peaceful night's sleep - no matter in what type of home you rest your head.

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Source: EzineArticles
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