The views of this article are the perspective of the author and may not be reflective of Confessions of the Professions.
Building vs. Renting A Home
Are you a renter interested in buying a home, or a homeowner wondering whether renting makes more sense at this point in your life?
If yes, then it’s time to evaluate and know all the relative costs, benefits, and drawbacks of owning versus renting your home.
- Renting is Dead Money
It’s very clear that once the money is spent on rent, that money is never going to be seen again.
- Buying is future investment
If you go for a buying option then surely it will serve you as a perfect future investment.
- Renting does not build equity
One of the biggest problem or disadvantage with renting is that, it does not build any kind of equity or financial benefits for your future.
- Safety and sustainability
Safety comes first in every regards. Therefore, if you buy and build your own house then you can easily fit all your desired priority list in your house, which is not possible in the case of a rented house.
- Rent money versus mortgage payments
In several cases, the amount you pay for the mortgage is as equal to that of your renting bill, than why not buy your own property.
- Building grants
Depending on your location and state policy, you can easily apply for various government grants while buying a home.
- Create your dream home
Building your own home is an opportunity to build a home according to your preference and builders like coral homes allow its clients to customize the existing plans according to their desire and preferences.
Here is an infographic which will give you a deep idea about the benefits of buying your own property.
Click to open / Right-click for save options
BUILDING A HOME
WHY IT’S BETTER THAN RENTING
You might be asking yourself, should I rent or save up and build?? The answer is a no-brainer! Here’s why you should definitely build…
RENTING IS DEAD MONEY
Of course renting has its place in the short term but unfortunately the money is probably never going to be seen again. It’s great if you just need somewhere to live in the short term but doesn’t provide you with benefits for your future.
IT’S AN INVESTMENT FOR YOUR FUTURE
If you want to spend your money on something that’s going to be an asset for your future, then building a new home is the way to go.
RENTING DOESN’T BUILD EQUITY
One of the biggest disadvantages to renting is that it doesn’t give you any financial benefits for the future when you decide to leave. Building your own high quality home allows you to build financial equity.
SAFETY AND SUSTAINABILITY
New homes are built to the latest safety standards with the best finishes and materials. This means you can make your home as green and eco-friendly as possible, which is sure to save you money in the long term!
RENT MONEY VS. MORTGAGE PAYMENTS
In some cases, mortgage repayments are not much more than what you would be paying in rent, except a mortgage is paying for a brand new home that you own!
CREATE YOUR DREAM HOME
Building your own home is an opportunity to create a home that’s truly yours according to your specifications. Builders like Coral Homes allow you to customise your existing plans to reflect exactly what you need, so you can really put your stamp on your dream home.
information provided by Coral Homes