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Full marks for Task Achievement!
source: IELTS Ryan 2017年7月11日
Study with Ryan online: http://ieltsielts.com/study-with-ryan/
The essay in this video was written by IELTS Examiner C. This question was seen recently in Sydney:
These days many people prefer to rent rather than buy their own house. Why is this this so? Discuss the relative advantages and disadvantages of renting or buying, and give your own opinion.
Give reasons for your answer and examples from your personal experience where appropriate.
Here is the essay as it appears in the video:
In most major cities in the west, people are opting to rent a home instead of buy. This is mostly because house prices have increased dramatically while personal income has not, a trend that means mortgage repayments now account for a much larger share of income than in the past. Renters have more disposable income every week than buyers and this is a big attraction. However, in my opinion, this is a false economy and in the long run I believe that the advantages of buying a property greatly outweigh the short-term savings to be made by renting.
While it is certainly cheaper week-by-week to rent than pay a mortgage, the renter misses out on the large capital gains to be made when buying a home. When I took out my own mortgage on my two-bedroom apartment, my repayments on a $400,000 loan were about $600 a week, compared with $500 for rental value on a similar property. However, over the past three years my apartment has appreciated by more than $250,000, greatly outweighing the $15,000 I would have saved by renting. In addition to this, my mortgage payments secured an acquisition of property that will remain valuable for my family into the future. Financial growth of this sort is not possible through renting.
Renters do not only lose out on capital gains, they also lose in terms of security and peace of mind. The roof over their heads once their lease is over is always at the mercy of the landlord, who might at any time decide to sell the property. The landlord can also put up the rent when they feel the market warrants it. Further, unless the renter invests their savings judiciously, the money they save will be frittered on day-to-day life, leaving them very much poorer than the buyer once retirement looms.
In conclusion, while a first mortgage will cost more each week than renting, the advantages of buying, including capital appreciation and housing security, greatly outweigh the short-term savings to be made by renting.