Which Is Better? Renting Or Building

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Congratulations are in order if you are at a point where you are thinking about building a house. You have tried to think about the benefits as well as the disadvantages of both building and renting and you can’t seem to tell which one would be the wiser thing to do. It has been a topic that has been the center of debate for so many years. Well, let us try to establish which option would be better. So, which is better; renting a furnished apartments Calgary or building?

1. Value

If you choose to rent a house, the amount of rent that you are supposed to pay will be more if the value of the property goes up. If you however choose to build a house, the value of your wealth in general increases. If you happen to sell it you will make so much money and if you rent it out, you will be paid handsomely in rent.

2. Responsibility

The responsibility of maintaining the apartment when you rent is the landlords. Building a house means that if any maintenance needs to be done, you are the one who will be responsible for it. The upside however is that your investment goes up in value the more you continue making improvements and maintaining the house.

3. Appreciation

When you rent an apartment, what you are doing for the period of time that you will be there is helping the owner of the apartment to pay their loans. When you choose to build, the value of the property keeps going up as time goes by. It is generally a wise investment to build a house.

4. Bond repayments

If you are renting a place and happen to be sharing it with someone, the amount that you pay every month becomes much less than the bond repayments. If you chose to take a loan to build a house, you are in a much better place because you will have built equity in an asset. This is much better than just paying rent every month.

5. Power

Renting an apartment essentially puts you in a position where you have no control over the amount of time that you get to stay there outside of the rental agreement and your ability to pay rent. Stability and certainty are very important things in life. Building an apartment or house and having your own property means you can live there for as long as you would like.

6. Personalizing

Renting a place limits your ability to personalize it. There is not much you can do to alter the property to your preference. Building however puts you in a position to do anything you want to do to change the appearance of the property.

 

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