Renting Is Better than Buying Essay Example | Topics and Well Written Essays - 1000 words

Renting Is Better than Buying - Essay Example Renting an apartment remains quite economical as compared to buying one. With the passage of time, renting proves to be cheaper than buying an apartment. It is always advisable to make a cost-benefit analysis while deciding whether to buy or rent a home (Vij). Where renting a house costs an individual as much as $500 on the average, the same house may cost an individual between $1000 and $2000 per month in the form of mortgage that further gets factored to accommodate tax and insurance. Also, in the recent years, â€Å"rents have barely budged while house prices in New York, Washington, Los Angeles and elsewhere have doubled, renting has become a surprisingly smart option for many people who never would have considered it before† (Leonhardt). Whenever an individual has enough money to invest, it is advisable to estimate the difference of the mortgage payment and the rent, and invest that sum into the stock market. Benefits of renting: Acquiring the loan for constructing a house is quite a lengthy and tiresome process. An individual is supposed to possess excellent credit and a considerable sum for making down payment. Good interest rate cannot be gained without a good investment sum. Buying a home requires an individual to owe the lender money for many years that follow. Renting the house provides the individual with the leverage to pay as long as he/she lives in it, and later decide as per convenience. When an individual owns a home, he/she essentially becomes responsible for all matters that concern the accommodation’s maintenance and appropriate functionality. ... When the sewer line in house damages, it is the owner’s responsibility to fix it and bear all expenses. The plumber may need to dig up the earth in order to change the existing pipe or lay out a new one. Such activities consume a lot of money, which the owners have to pay. In comparison to that, people living on rent do not have to bear the additional expenses of maintenance and fixation. If something becomes faulty in a rented apartment, the renter makes a call to the owner to get that fixed, without having to pay for the job. Likewise, a person on rent does not have to pay for the maintenance of lawn or other areas of the house. The renter only has to compensate for the damages that have been caused by him/her. Renting a house does not require the renter to have insurance because of lack of ownership. All a renter is required to have at maximum is the â€Å"renter insurance† as it makes it cheaper for the renter. Taking all these factors into consideration, a working class employed person enjoys far more benefits in renting as compared to buying a house. An analysis in light of economic recession: In the contemporary age of economic recession, a lot of owners are selling their homes in order to meet their daily living expenses. The widespread economic recession has caused a lot of business entrepreneurs to downsize their workforce in order to minimize the overhead charges and maximize the profits. Renting proves to be the most convenient and flexible option for such employees, whose jobs are endangered and who can be fired any time by their employers. Such people want the facility to shift anywhere anytime as per the need of the employment. However, it is always advisable to acquire a short term lease in order to escape

The fair debt collection practices act Essay Example | Topics and Well Written Essays - 500 words

The fair debt collection practices act - Essay Example First is hours for phone contact, contacting consumers by telephone outside of the hours of 8:00 a.m. to 9:00 p.m. local time is prohibited in respect to private time of the person to be collected. Next is failure to cease communication upon request, communicating with consumers in any way after receiving written notice that said consumer wishes no further communication or refuses to pay the alleged debt, with certain exceptions, including advising that collection efforts are being terminated or that the collector intends to file a lawsuit or pursue other remedies where permitted. This is in accordance to what has been stated in the written notice which is therefore considered as a mutual understanding between two parties. Causing a telephone to ring or engaging any person in telephone conversation repeatedly or continuously: with intent to annoy, abuse, or harass any person at the called number. Such act is indeed an act that goes beyond the realms of the collection process as it br eaks through the rules of decency and formality. Communicating with consumers at their place of employment after having been advised that this is unacceptable or prohibited by the employer. All company duly uphold certain rules and regulations among their employees and anyone who still insist of getting through these companies in order to collect is highly prohibited by this law.