They say that getting or building your own house is a good investment. When you have your own home, you get to build an asset which is equity, instead of spending your hard-earned money on rent. However, buying a house is a long-term investment and would be costing you property taxes, maintenance fees, utilities and other expenses. If you are reading this, you are probably considering whether to build your own house or keep renting. Here, we will help you decide which option is the best for you:
- Do I have enough money to spend?
Before buying a new home, you should consider if you have enough budget for down payment. Careful planning and budgeting will help you maintain the house in the long run. Aside from the down payment, you will be spending on closing costs that would be used for appraisal and inspection. So before investing your money on a property, take note of the costs you would be paying upfront and if you would be able to afford these.
- How much are the expenses in the place I want to live?
Real estate prices differ from city to city. So before deciding on purchasing a home, check out the mortgage prices in the city as well as property taxes. You can compute beforehand what the estimated expenses will be based on the property’s assessed value. Have a professional assess and confirm the prices in the area in which you want to reside.
- What are the costs that come with owning a house?
Though not paying rent is a big advantage, the expenses in owning a house would be covering it instead. Aside from mortgage and property taxes, other costs would include the monthly upkeep and maintenance, as well as repairs every now and then. The size of your home would also equate to bigger costs. Other things you should consider are the monthly utilities. Some questions you should ask are, “Am I willing to spend money for these expenses instead of rent?” and “Will I be able to keep up with the monthly expenses?” If you are on a budget but would still want to invest in a long-term home, why not settle with alternative options such as relocatable homes?
- Do I plan to stay for a long time?
When purchasing a home, another thing you should keep in mind is how long you are planning to stay there. You should also consider your lifestyle, family as well as your job. A good place would be somewhere in the vicinity of your workplace. If you are working remotely, then there would be vast options. Ideally, the place would be one where you could keep in touch with family and friends and do other things such as your hobbies. If you plan to stay for a long time, it would be building value to your home and when you decide to sell your property, it should be able to cover at least the cost of the sale.
However, if you are moving every now and then, renting is a better option to save up on costs. If you are considering getting a new home, why not opt for these affordable relocatable homes in Brisbane instead? With relocatable homes, moving is easy and hassle-free with professionals handling the relocation. Some relocatable homes even come on wheels to help you move with ease. These homes also come with no mortgages.
- Do I plan to renovate or reconstruct the house?
When you are renting a home, your options to renovate or decorate the space are little to none. But with getting a new home, you have the freedom to make renovations and redecorations as needed. Traditional homes already have their own rooms and designs provisioned. Keep in mind, though, that if you plan to add additional rooms or change the interior, you would be allocating a budget for the expenses here as well.