Buy, Build Or Rent: What's The Best Home Solution?

by - 8/11/2017 05:09:00 AM

For most young adults, the choice of accommodation is benign as the focus is set on ensuring that they can live near their first job. But what happens when you’ve been working for a little while and you’ve gathered enough funds to become a homeowner? Surprisingly enough, it’s exactly where most young adults choose not to take any decision. Where the generations of the past were quick to buy and settle in, the Millennials continue to ponder their choices. Should you buy, build or rent? It’s a difficult question that deserves a detailed answer.

Buying an old home is all charm and cost

When you buy, you are likely to buy a home that requires renovation work. Even if the property is in perfect condition, it’s likely that you will need to adjust it to your style. But more often than not, old houses are not in ideal condition. They do need some fixing, even if the previous landlords have improved it. The main question here is: Is the property worth the investment? Indeed, buying an old home means that you need to add the cost of renovation projects on top of its value because that’s the kind of money that you will need to spend to fix it. As long as you know what you are getting into, there shouldn’t be any problem. Issues tend to occur when first time home buyers get excited by the low house price and fail to consider the additional costs.
Buying to renovate means that you can pick a house with a personality that carries the charm of the past and bring it into the 21st century with smart renovation work. In this instance, falling in love with a property might indeed mean that emotionally it is worth the money. But you need to be able to finance the renovation work.

New builds can be expensive but low maintenance

New builds are the ideal first home for a young couple of active adults because, even though they can be expensive at first, there is no hidden cost. You pay for a new property that will not require any additional improvement and maintenance cost for several years. In fact, most new home builders add a 5 to 10-year warranty to their properties, so that you don’t need to pay for any repair work during this period. The main issue with new builds is that they can lack personality at first because they are nothing but a blank canvas. Admittedly, a blank canvas with all the latest technological features, but a blank canvas nevertheless. Some new build homeowners find it tricky to create a homely nest with these, and it can take several months if not years to establish a décor that will feel warm and friendly.

Rentals are easy to find but limited

Rentals are the third option and are perfect for people who are not sure yet of where they want to live. It’s no wonder that most young adults like to stick with rentals: It delays the decision of to settle, and it’s easier to fund than buying a home. But rentals too can be quite difficult to manage. For a start, tenants are not allowed to decorate their home as they don’t own it. For most people, it makes no difference at first. But you will rapidly feel like you can’t create a cozy that reflects your personality. On the other hand, you don’t need to worry about paying your mortgage back, and you are free to move in the next few years.

You still have to move in

In the end, whatever solution you pick for your next home, you will still need to move in and make it happen. Whether it’s a new build, an old house or a rental, unpacking your boxes always brings the same excitement. That’s the moment where you can redefine your new life. Everyone has a moving in ritual. Some people like to sit in the empty place and eat a takeaway curry or a pizza for the first night: They just want to enjoy the potential of the new start a little longer before they start organizing the home around their needs. Others will unpack until the darkest hours of the night just to make sure that everything is ready for their new life to begin. Finally, some work their way through the boxes, a room after the other: A slow and mindful progress to get to know the new home.

In the end, there’s no denying it: Everyone is different. Where some need a brand new home, others want it old and full of memories. The worrying element is the increasing proportion of renters vs. homeowners. Are we not able to plan a stable future anymore?

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