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
Your Home
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
Your Home
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.
Building
Your Home
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.