Whether you buy, build or rent your property is a huge decision and there’s no easy answer to the conundrum. Here are the main benefits and drawbacks attached to the three options.
For so many of us, buying a property is still the main aim. We’re a society obsessed with home ownership, but why is that? There are both benefits and drawbacks of home ownership. We’ll start with the benefits though. Firstly, owning a home gives you a level of security, which is important for a lot of people when they’re looking to settle down and start a family.
Secondly, but just as importantly, it exists as a permanent asset that’s yours. That means you can live in it all your life without having to move around, and you’ll be able to pass it on to your family after you’ve gone. As it becomes harder and harder to get on the property ladder, this is a big deal for young parents.
So, what are the drawbacks? For some people, being tied down to one property is not the right option for them, and then there are the mortgage repayments to think about. It’s a great option for some people, but not for others.
Building your own home is something that only the ambitious among you will have any interest in attempting. It’s a huge project to undertake, and it takes a lot of time, as well as costing a lot of money. But the benefits of designing and building your own home can be huge too, so don’t rule it out.
You could use a specialist builder like Bill Beazley Homes. They build dream homes for people in specific neighbourhoods. The big benefit of using this kind of company is that they’re secure and reliable, and you won’t have to do as much of the hard work by yourself.
The other option is to jump in at the deep end and design and build the whole property by yourself. You’ll still need to employ an architect and contractors, but you’ll play a much more hands on role. The first step to take is to find an empty lot and secure planning permission, and then you can get down to the fun stuff!
Renting is something that a lot of us find ourselves doing even if we don’t want to. But that doesn’t mean there aren’t benefits to renting a property. For a start, you have a much greater degree of flexibility that you don’t get when you’re tied into a mortgage arrangement.
Renting means you can move house at any time and don’t have to worry about the stress of selling your existing property and buying another. But you have no fixed assets if you spend your life renting, and this is a big downside for a lot of people.
Choose which of the above options is right for you will depend on your circumstances, but making the decision will be one of the biggest you ever make. So, think carefully!