Building Your Own Home: Pros
Your Home Is Your Empire
This is one feeling you will never achieve from renting—your home, your castle. You can do whatever you want without worrying about your landlord or lease. Paint a wall another color, work on your landscaping, or renovate a certain room; anything, because it’s all up to you and your family.
You Have a Sense of Security
What feels more secure than knowing that your home is yours for as long as you want it? When you rent your home, you run the risk of getting attached to a home that you don’t own, which means that when your rental agreement is done, your landlord can deny you the right to renew it. But when you own your house, you can really start growing your roots—in your home, your local community, and your neighborhood.
It’s a Long-Term Investment
If you make a good choice with your home, you will have a long-term investment slowly growing faster than the rate of inflation. Who knows—you might be able to sell your home in 20 or 30 years for double the price that you bought it.
Mortgages Are Great Ways To Save
When you become tied to a mortgage, you become forced to put away a bit of money every month to pay it. In a way, it teaches you the discipline of saving money every month. Instead of living month to month, you are slowly putting money into a secure, reliable, long-term investment.
Renting Your Own Home: Pros
You Can Change Your Home for Your Family
Perhaps the best benefit of sticking to renting is that you aren’t tied down to a single home for the next decade or two. If you end up growing your family—new kids, or your parents or other relatives moving in with you—you can simply wait out your lease and then find another home that better fits the new size of your family. You can stay flexible and make changes without any big struggle involved.
You Can Move Around
Moving around is a huge advantage of renting your own home. Sometimes we don’t want to live in the same neighborhood for the next ten years, or not even the same city or state. By renting, you don’t tie yourself down to one place. You can still move with your career or your heart, keeping your options open always.
You Don’t Have to Worry About Maintenance
When you own a home, every crack, squeak, and issue is yours to deal with. When you rent, none of that is your problem. Repairs and general maintenance are your landlord’s responsibility, while you can just live life without caring about all the little things a homeowner has to think about.
You Save Money Right Now
While owning a home means you’re building a long-term investment, it also means you have less money in the here and now. By renting, you get to keep so much more cash in your pocket right now. If your career is still starting out or your business has just begun, you don’t have as much freedom to think about long-term financial security, so is it really a good idea to get tied up in a mortgage? By renting, you keep that major stress off your back for now.
What many homeowners don’t realise is that there is another option in the “buying vs renting” debate, and this is known as rentvesting. This is when you choose to continue renting your home, while buying a separate property as your investment. There are a few reasons why you would want to do this, and these include:
You Get Tax Benefits
While you might be spending more, you do get tax deductions to help you out. The investment property’s costs such as the mortgage will end up being a tax deduction for you, and if you need even more help, negative gearing is always an option.
Live On Your Own Terms
We might not always be able to live in the best neighborhoods because we can’t afford the homes there, but that doesn’t mean we can’t rent those homes out. By rentvesting, you can have the best of both worlds: building an investment property while still living in a great place through rent.
Invest In Cheaper Options
Maybe you want to start sinking money into an investment property, but you can’t afford the mortgage of a home big enough or nice enough for your family’s comfort. Rentvesting allows you to continue renting a home you are comfortable with while paying for an investment property over the long-term.
Buying vs Renting: Which To Choose?
When all is said and done, the choice you need to make is the one that will best benefit your family. Think long and hard about you and your family’s needs, because it’s not the structure that makes a home; it’s the people in the house that make a home.
Thinking About Building A New Modular Home Or Granny Flat?
Call or email Hoek Modular Homes today! With a wide range of designs and add-ons to suit every need, building your very own home has never been easier.