How is buying a house better then renting a apartment Essay

How is buying a house better then renting a apartment - Essay Example The purpose of this paper is to compare and contrast the alternatives of buying or renting a home. Homeownership is part of the American dream. A home is a place where people spend the majority of their time. Being a homeowner is a status symbol of success in life. Home ownership has many virtues. When a person decides to buy a home they can select a home that has all the attributes they are looking for. A person can buy a home or apartment that is already constructed or they can purchase a piece of land and built their own home. Due to the rising construction costs most people prefer to purchase a home that is already build. In the renting marketplace a person is limited to the houses or apartments that are available for rent in their region. Typically a person that owns a home has more space available than a person that rents. Homeowners do not have to comply with strict rules due to that fact they do not have to report to anyone. Sometimes renters have problems with landlords who attempt to impose rules that affect the renter’s freedom. When a person owns a home they can invite people to their house and have parties without worrying about what the landlord thinks. Buying a home has several economic advantages. The interest rates of the mortgage are tax deductible on the primary home of residence. If a person purchases a second home as an investment, then the homeowner does not have the privilege of deducting interest. Due to the fact that banks utilized compound interest formulas for mortgages during the first years the amount of interest paid are very high which implies that the deduction tax privileges are also high. An advantage of becoming a homeowner in 2011 is that the housing market is currently a buyer’s market. In the state of Florida the median price of homes is just $123,000 (Cnn). A lot of homes are selling for less than their actual value. Under such circumstances the buyer of a home can increase their wealth in terms of equity fro m day one. A great advantage about home ownership is that it creates wealth for the owner. As time passes by the homeowner will increase his wealth in terms of equity. The equity a person accumulates on a home can be put to good use in the future. If a person ever needs a large sum of money to pay for large expenses such as the college education of their children they can use the equity of the home to get a second mortgage. Another way that homeownership can benefit a person is by using the extra space on the home to rent out to a person. Many people rent the basement, attic, or an extra room of their homes to make some extra money. Renting out space can help a homeowner cover a percentage of the mortgage payment. A person that owns a home can invest additional money to improve the home. Renters do not have that privilege because they cannot construct on something that is not theirs. Being a homeowner provides a person with an extra sense of security because there is not contract in place with a landlord. Landlords once the contract expires can kick a person out of their home for whatever reason they like. Also homeowners pay a fix mortgage payment. The renters are often faced with price hikes once the contract expires. Typically renting contracts only last a year. The one year contract norm benefits the landlord because the person can raise the price of the rent on a yearly basis. Despite all the advantages associated with home ownerships there are also disadvantages. The

Employer-sponsored Retirement Plans Research Paper

Employer-sponsored Retirement Plans - Research Paper Example The compensation issues will have been put to rest. As a human right policy, it means that every individual’s contribution to the national development is highly valued and that this valued contribution will be equitably compensated. Moreover, for workers in the same job family, there should never be a huge disparity in pay and compensation structure especially if workers are employed under the same skill qualification (Human Resources and Skills Development Canada). In the second question, analysis established that there is a violation of Equity Pay Act on policy-capturing. This is so because studies on the over three hundred job families, there was a disparity on the point-factor in the study found out that there exists disparity in jobs with similar job content features. Such features include the level and span of supervision, education level, analytic reasoning and experience. These features clusters job families into similar compensable factors that will be used in determining point-factor pay by use of relevant weight factors. Irrespective of this methodology, it was found that there is a disparity in pay and compensation in female and race-dominated classes. This creates biases that violate the Pay Equity Act as there is no structure that sets the maintenance of such envisioned internal equity. Even after employment there is no quantitative evaluation system of the job tied to a unified wage structure that will guard against subjective in equity from occurring. These include promotion and wage increment as gender and race-based prejudices sets in and prevent upward mobility of women and workers from other minority races (Chen, 98). Specifically, the law, Equity Pay Act 1963 prohibits any gender-based discrimination in a work establishment. This is so for men and women who are working on essentially similar skill and experience. Congress, in its wisdom, contemplated equity if the