Whether you’re renting, buying, or having a home built is a decision you’ll likely have to make at some point in your life – and it’s a really important decision to make. Each option has a set of pros and cons, but there’s a clear winner. The answer might surprise you!
Let’s take a look at these three lifestyle choices.
Renting gets a bad rap. There is some truth to the notion that renting is equivalent to “throwing your money away”, since with renting you won’t walk away with a long term investment – or any investment at all.
Having said that, it is true that you have to live somewhere, and renting is better than nothing in the event that you can’t yet afford to buy a home, or if you simply aren’t ready to properly settle down yet. Renting allows you freedom of mobility – generally speaking, a rental lease isn’t longer than six months or a year.
Buying a home is often seen as a step up from renting. Your monthly mortgage payments are going directly toward owning your own home – that’s a major life achievement for most people, but even if it’s not a point of personal pride, it’s still a smart decision.
Owning your own home gives you a lot of peace of mind and helps build equity; however, this option isn’t without its pitfalls: when you buy a home, it’s the home that someone else designed.
If you want to live in a home that’s truly yours, building your own home is the only way to go. You can totally customize your home from the ground up. Modular homes have dramatically increased in quality over the years, and are a very affordable option for most people. Plus, modern modular homes offer a high degree of customization – often more than you’d think.
So, you understand that renting is only a temporary solution, and that buying a home means relinquishing the ability to truly make it your own. Building your own home, however, leads to the most satisfaction as a homeowner.