If you are currently weighing up the options between whether to carry on renting a property or build your own house, you will see that a lot of factors matter. Also you have to consider the long terms benefits instead of thinking about just the temporary factors that seem appealing at the moment when you rent a home. So, we thought of putting together a short guide with some key points so that you will get to know most of the main the advantages of building a house instead of renting. Here they are:
1. The Value of Your House will Over Time Go Up
As the market changes and rental values rise, landlords will also be keen to raise rents every year to reflect this. But these market increases work differently on a house you own, with the same value increases to our own property your investment year on year will also grow.
2. You Have Freedom
A rented property comes with a lot of limitations. Even small things like putting a nail in the wall for hanging a frame can be a big deal for your landlord. With a house of your own you can decorate it just the way you like it.
3. You Can Build with the Best Materials
Rented homes are usually builder grade homes. They are built keeping in mind that the landlord isn’t going to live in such properties so a compromise on quality is usually made to save money. While constructing your own home, you can choose the best building materials.
4. You Will Learn a Lot About House Construction
While seeing your home built in front of your eyes you will get to know a lot of things. And you can use this experience in future if you plan to own more than one property.
5. You Have a Safe Place to Live
Rented properties can be unpredictable. Sometimes they don’t fit our needs which results in moving from one house to another. A home built just according to your needs won’t cause such problems and you can stay in one safe place for many years because no one is going to ask you to vacate the house.
6. You Will Have Financial Security
The mortgage you pay instead of rent makes your future secure because each month you keep on adding to your investment.
7. Owning a Home Can Make You Happy and Healthier
In your own house with a nice garden and no worries of compromising on needs, you can feel physically and emotionally stable. You also get to know other families in your neighbourhood, and can form life long friendships with them.
8. You Can Cut Down Bills by Building an Energy Efficient House
You can save energy and cut down bills in your own house. For example, if you consider proper ventilation and install insulation you can save some money on cooling.
9. You Can Do Renovations
Things staying the same can be boring and our preferences and needs change over time. In your own home you can do as many renovations as you like and upgrade it whenever you want. Just a change of colour can make a huge difference to the feel of a room.
10. You Can Have Privacy
Building your own home gives you an option to add as much privacy as you need so that you can live peacefully.