Owning vs. renting: which is better for you?
If you are considering upgrading your choice of house, want to become independent, are getting married, or want to start new, you have the option of renting or buying. It is a complicated topic, and one is actually not objectively better than the other. It depends on your finances, the market, and your goals. Is it better to own a home or rent? Let’s look at the benefits of both.
The Benefits of Owning a Home
Owning a home builds equity and is a potentially great long-term investment. Although land or a house is not as liquid an investment as other traditional investments are, it has potential based on the area. You have to look at the long-term benefits rather than the short-term circumstances.
Speaking of which, owning a home is great if you intend to ground yourself in a particular area for a long time, more than five years. If you would like to make your mark on the land, homeownership is a better way to do it than renting.
Another benefit would be potentially lower monthly costs than monthly rent. It depends on your area and other ongoing costs, such as home repairs. Also, those mortgage payments won’t last forever, while rent will. On the other hand, you do have to pay property taxes with homeownership. If you qualify, you can get tax exemptions on the federal and state level in Maryland.
The Benefits of Renting a Home
Renting is ideal if you are not grounded in the area. You might move within five years, or you want to keep your options open. You know that your living situation might be different in some years. If you are a solo, young professional, it might give you the opportunity to live with friends rather than alone.
Another benefit is the upfront savings. Buying a home requires a significant upfront investment, but renting lets you not worry about maintenance. You are not throwing your money away; in exchange, you are living in a nice place in a nice area with convenient access to work, school, etc. The only difference is that you have more flexibility to move somewhere else, and, on a riskier note, it’s possible for the rent to increase in the next lease term.
Which Is Right for You?
Whether you move at all, where you move, and how you move are big decisions. You don’t have to sweat it. If your dream is to build a custom home on your own land, there is nothing wrong with that, nor is there anything wrong with preferring an ownership-free life. If custom home building is for you, Shore-Line Construction can be your home-building partner in Maryland.
LEARN MORE WITH SHORE-LINE CONSTRUCTION!
At Shore-Line Construction, we know that your home is a reflection of you. That’s why we strive to make each home we build as beautiful as the family who will live there. We work with each of our clients to design a home that fits their needs. The end result is a durable, energy-efficient custom home that the family will enjoy for generations to come. Shore-Line Construction has been serving our customers for over 25 years, and we look forward to the opportunity to help you!
If you’re interested in learning more about what Shore-Line Construction can do for you, check out our website or give us a call at 410-574-6623. Keep up with all of the latest news by following our blog and social media pages on Facebook, YouTube, Pinterest, and Houzz!
