Chandler Orlandi Paul Christensen Tiffany Nilson Math Project Part 3 Chandler Orlandi Paul Christensen Tiffany Nilson

Careers Chosen Accountant – (44,599-58,000$ per year) Mechanical Engineer – (60,000 – 72,000$) Math Teacher – (45,000 – 64,000$)

House Prices Chandler - $214,900 Paul – $250,000 Tiffany - $168,000

Insight We each chose a house that we would be able to afford with the yearly salary we would receive within the respective career choices. We also agreed that buying a house was a better option than renting a house in most cases.

Buying vs. Renting

Pros of Buying a House Pros: Potential to live “rent-free” Likely to get money when selling You get more than just a deposit back when you move. Do not need landlord approval to make changes to the property Investment potential can be very lucrative

Cons of buying a house More money required to move in….down payment required. Expenses of home-ownership can be very great. Value of house can go down and original investment can be lost. Principle loan balance does not decrease much in initial years. Less freedom to move if desired, sale of house is generally needed.

Pros of Renting Much freedom to move, possibility of a month-to-month lease. Can be much cheaper than buying. Landlord generally pays for any necessary repairs. Can find a place to live even with “poor credit.” Inexpensive to move in, relative to buying.

Cons of Renting Landlords can be neglectful and difficult to deal with. Money paid in rent goes entirely to landlord, never to be seen again. Freedom to change anything about the property is generally limited. An affordable place can often be a less than desirable place to live. “Pride of ownership” doesn’t happen when renting.

More Insight We all seem to agree on the pros and cons of buying vs. renting, and we are all of the mindset that when the down payment is there and you find a place you like, you are better off buying rather than renting. The process of completing this project has not changed how we feel about buying vs. renting.