Buying, Building or Renting a House: An Unbiased Comparison

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Finding a new home is usually one of the most important decisions people make in their lives. While moving involves a number of important choices, your main decision should always be whether to buy, build, or rent a house. Each choice has its advantages and disadvantages, so we’ve prepared a list of pros and cons for all three sides to make your decision a little bit easier.

Buying

To many homeowners buying a house seems like the best way to go; you can usually move into your new home soon after closing the deal. Even though the home you bought isn’t perfect, you can update all the unattractive features over time and profit from those upgrades. For instance, if you buy a home and make some appropriate upgrades, you can flip it and invest your profit into another house.

Being a homeowner comes with a huge financial responsibility including bond repayments, regular house maintenance, and some additional costs, such as rates, taxes, and insurance. Some of the biggest cons of buying a home are the necessary upgrades and updates. It’s neither easy nor cheap to change the floor plan or fix different pest, plumbing, and electrical problems. Every homeowner also runs the risk of not making any profit through resale. This is often caused by recession or high-interest rates, or simply because your location became less desirable.

Building 

Building your own home will offer you many advantages, but there are some very important decisions to be made before you start building. First, you have two choices: build a project home or a custom home. 

Project homes offer a variety of designs with options to introduce some new matches and upgrades. They are usually cheaper than custom-built homes and you can sleep peacefully knowing exactly how much money you’re going to spend. A custom home, on the other hand, will cost you more money but you will be able to create a perfect modern family house layout. You can use top-shelf materials, create your dream floor plan, and end up with a home that perfectly fits your needs. 

But, even if you choose the cheapest and simplest project design, you’ll still need to invest a lot of your time and effort into it. People usually don’t have enough time to be present during the construction, liaise with builders, and make decisions. A homeowner (no matter if you bought your home or built it from scratch) has less mobility when it comes to being able to move than a tenant who rents. 

Knock-down rebuild option

If you love your current location but don’t like the state of your old house, you can always opt for a knock-down rebuild option. This move is especially beloved by people living in areas with tricky real estate markets such as Australia since it allows people to keep their plot yet gain more space, better layout, and a more modern look of their house that will fit all their needs. And don’t worry about experts in this area. There are companies that specialize in this type of work and are ready to offer advice and consultations.  You can easily find a company that deals in efficient knock down rebuild in Sydney and get a practical and exciting design for your new home. Many upgrades you’ll gain during the knock down process cannot be achieved during renovation, so if you require bigger adjustments, this is your best option. 

Renting  

Renting a property allows you to be flexible which means that it’s ideal for those who could be faced with sudden changes such as job relocation. Renting requires no long-term commitment from a tenant, and is the best option if you don’t intend to stay in one place forever. Moving out is much easier for tenants than it is for homeowners as there is no stress of finding someone to take over the lease, or finding a buyer to purchase the property. 

But, tenants are bound by the rules of the lease, which limits their freedom to use or renovate the property. Renting also offers no return on investment. Additionally, there is no guarantee that a lease will be renewed after it expires.

Take all of these pros and cons into consideration when looking for a new home, but remember that the final decision is always yours. Choose the option that best fits your lifestyle, needs, and future plans, and make sure to always work with qualified and experienced professionals who will ensure everything goes as smoothly as possible. Good luck.

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