You should spend about 40 minutes on this task.
You have enough money to purchase either a house or a business. Which would you choose to buy?
Give reasons for your answer and include any relevant examples from your own knowledge or experience.
Write at least 250 words.
Both purchasing a house and a business are the most important financial and life goal for most people. There are many dimensions to the decision of buying either a house or a business. People shed light on many considerations when making these decisions. However, the prime factor to be considered is individual’s preference and need. In this stance, if I have substantial sums of money, I would like to spend on house since a house is utterly needed right now.
Currently, I am living in a rented apartment. There are many problems to be a tenant. First of all, each year house rents escalate in considerable amounts. I am facing an increase in my monthly house rent as soon as my current lease ends. Secondly, I cannot paint or decorate the apartment without the owner’s permission. For example, last week I put in a request with my landlord that I want to change wall’s colour as it has been faded. But still, I have not got any response from him. However, more importantly, when you rent an apartment, your payments only provide you with a shelter to live, but will not provide you with an asset that you could sell it in your need.
On the other hand, purchasing home means belonging to an asset. Besides, homes rise in value anywhere about 5% every year. So, it may be a good investment. Moreover, I do not need to pay to landlord and I would be able to decorate or remodel my home as my please and requirement. Furthermore, it will offer me an opportunity to settle in a community as I will more likely to stay there for years. It will allow me to involve in some volunteer projects that would be an excellent way to contribute to the society.
In fine, there are several risk factors lie in buying a business comparing home. Besides, right now I need home first as I already have a lucrative business. That is why I want to buy a home when I have enough money.