Renting vs. Buying a Home

Renting an apartment is a better option than buying a house for young people like myself that have not reached the point of financial, mental, and emotional stability that it takes to buy a home. Most things we want in life can be negotiated to get what we want, but when it comes to buying a home, every piece has to fit the puzzle perfectly to even consider it as a option.

I have also considered the most important point and goal of buying a home is being able to keep the home you bought because gaining when knowing there is a chance to loose is considered as “setting yourself up for failure” and only a fool would set there only self up to fail. Renting an apartment over buying a house is the only option I have because of lack to prove the three qualities necessary needed for any bank to consider me as a qualifing candidate for a home loan.The first of three qualities I lack as a candidate to obtain a home loan through any bank is not being able to provide proof of sable employment history with same same company for 2 years. I have had the option to commit to focusing on school only instead of focusing on working and school at the same time.

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I chose to focus on school only to keep unnecessary stress-ors to a minimal for myself at this point in my life. Due to my choice, the consequences have left me without any work history to present to a bank when wanting a home loan to buy a home.The bank wants to see, no complications arising that can prevent you with problems paying the home loan back that you desire before considering you as a trust worthy candinadate for a home loan. All banks need proof of steady monthly income at at-least two times greater than the monthly mortgage payment you are considering to become considered as a qualifing canidate worthy of a home loan.

With me not having steady income it would be impossible to let myself to consider buying a home and expecting to have the resources to keep the home.The consiquences of having not ever worked brings the reality to light that it is impossible to provide a bank with any proof of receiving steady monthly income. All banks have to feel that you are a responsible adult. I consider these road blocks as proving of my lack the financial stability that is needed to obtain and maintain a home.

The last requirement to be considered for a home loan is a bank being able to verify that you have good credit. This requirement stands to not be negotiable with any bank.Banks will not except considering anyone with bad credit for a home loan. As this last requirement being the most important to all banks when considering if a person is worthy of a home loan, I defiantly would not meet this requirement.

My credit is far from being considered as good due to many reason; the major reason being why did I let my credit score drop so low? The reason for this happening is because I was never financially educated on the importance of maintaining my debts to avoid the harsh consequences that come with delinquencies on my credit report.My ignorance lead me to not even consider needing a job to maintain my debts which is impossible to consider fixing until I receive my degree because receiving my degree will allow me to get a good job and start fixing the problems that I have created for myself and stand in my way to consider buying a home. Not being capable to provide these requirements to a bank leads me the fact of realizing that I am definite far from the stage of learning the importance of mental stability needed to buying a home and maintain keep the home.My last opinion towards the fact that renting an apartment is a better option than buying a home, stems from personal pre-fence of achieving emotional stability before I am able to consider having all it takes to purchasing and maintain keeping the home I brought.

I am considered as a “free spirit” meaning that when I feel obligated to any commitment, I get a overwhelming, uneasy feeling due to the the pressure I put on myself worrying my oblations.I love the freedom of traveling to new places because I gain valuable benefit that is key to my growth and education to gain the knowledge I need to when I am ready to pick the place I want to settle down and buy a house. Emotional stability will come with time, I am sure when I do have children I will become emotionally stable and what to sit at home and enjoy my family. A home comes with stress and hassles that I am not capable or prepared to deal with at this point in my life.

Under my circumstances and considering my age renting my apartment is the only option I have verses buying a home. When I do reach the stage of gaining financial, emotional, and mental stability then I will feel confident and conformable with stress and hassles that I am not capable or prepared to deal with at this point in my life. I am perfectly comfortable and happy with renting my apartment giving me freedom to leave all unnecessary stress-ors caused by obligations, outside my front door.

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Renting vs. Buying a Home. (2017, May 13). Retrieved from