Question

Ken is moving to a new city and considering whether he should rent or buy an apartment. What factors should he consider in his decision

Answer 1

Ken should look into buying an apartment if he has enough money to make the down payment and the EMI is not too much. It's advised not to go for an EMI which is more than 50% of your salary.

In case Ken cannot afford the EMI or he do not have enough money to make down payment, he has to go for the option of rented apartment.

Answer 2

His Budget

How long he plans to live in the city

Financial Stability of the housing market

Explanation:

• In recent years, rent rates have risen, and it can be economical to own in some areas than to rent. In particular, if you plan to make money in your budget available to pay off loans or other obligations or even to save for a nice thing like travel, make sure you compare the cost of rent to ownership. First time buyers appear to neglect the fact that buying a house entails extra expenses over and above the mortgage payment. Amongst other costs, you must consider property taxes & insurance. For example , if you purchase a place with more room for air conditioning, the energy costs will be more costly. Get an idea of which way you can get the most out of money.
• "Homeownership" is also an emotional choice, guided by lifestyle preferences in large part. Household means that you are the boss and are the most influential in your way of life. Suppose your children are in public school and you won't risk changing classes, since your landlord won't extend your lease. Owning a house would minimise a lot of the fear of moving. Have you pets from whom you don't want to separate? The complexes of apartments can be irritant  with dogs , cats, rabbits & other pets, but usually you can be the master of your menage if you own your home. 
• The realtor's mantra is among the most convincing reasons why you should waste money on rent when you can purchase a property. That was a good advice for the seven decades after the end of the Great Depression and the Great Recession. During this time, house prices were mostly stable or increasing. Still, if  you buy today, you will probably appreciate the value of your house, especially if you live in an area with a strong local labour market. Never, however, can you depend on quick assessment. Even if your home value is stable, you'll have another form of capital investment in your home: a mortgage is a forced savings account that effectively allows pay yourself every month.

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What is the advantage and disadvantage of permanent house ...

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