For anyone who’s thinking about starting a family, finding or having a house is of utmost importance. Should you get a mortgage, build a new house, or just rent one? Being able to buy a home has been a standard in measuring how financially sound and stable someone is. But with recent years of inflation and the rising costs of properties, especially in large urban areas, this option seems like an impossible dream for many.
So which is better? Building your own house or renting one? Find out why one may or may not be better than the other.
Buying Your Own Home
There are many strong arguments to be made about buying your own house. One of the best ones most people use to justify their decision is that it offers security. Once you’ve finished the mortgage, the home is yours and you no longer need to worry about many expenses. Hamlet Homes notes that this idea of freedom after a particular period (for some it may be years) is valid and quite a strong one, which is why many states, including Utah, have seen a lot of new home construction projects in the last few years.
Additionally, a real estate property is one of the few investments that appreciate as the years go by. The money you put in can equal the amount your home will be worth one day. Besides, you can use tax credits to your advantage if you choose to go this route.
Renting a House
Buying a house is ideal, but for some people, this option isn’t available at the moment. That is why they end up renting properties, such as a house or an apartment. Most people, however, think that paying rent is equivalent to throwing away money because, in the end, you won’t end up owning the property. This is not true.
When you rent, you get a place to live in exchange for the money, which most people would consider as not a waste of money. Also, maintenance costs and other problems are not your responsibility anymore.
Your choice will depend on your current financial situation. Just remember that doing research should help you make a more informed decision.