For some people, building a house remains their highest achievement which gives a true ontological dimension to the life of the worthy owner. Persons receiving / inheriting a house from parents / relatives will never understand completely the trials, sacrifices and level of frustration that someone who does not have their own home experiences.
But let’s review the practical benefits of building your house rather than rent.
Building a home is one of the most important decisions a person has to take in their life and there are many questions about it. “Should I raise a smaller house and avoid taking a huge loan? Or should I go for a bigger house and be willing to make sacrifices for it? Should I rent a home until I have enough money to build my own house? Should I build my house after all, or rent all my life?
It is good to have your home and here is why.
If you are determined to live in a certain place for the rest of your life, buying a house will give you and your family a good level of psychological comfort.
The fact that you are free to decorate your home as you like is an advantage that you miss if you rent.
Many will probably disagree, but there are many people who cannot save money because of the level of financial education they have. However, taking a loan from a bank and making the efforts to build their own house can change their behavior and make them more organized and responsible. For this kind of people, a house is actually a good investment.
This is true, when it is affordable to pay the interest rate. But sometimes, when you make a loan, you are also required to pay an upfront sum of money and this may complicate things. The truth is that for some people, renting is sometimes the only option; whether it is also the best option is another story.
Disadvantages of using your money to build a house
Liquid investments can be easily converted to cash and, if you invest your money in building your home, you must know that selling a house is not an easy process and it involves time, costs and taxes.
When you make investments, you must avoid placing all your resources in one place. When you put your money into the project of building your house, you do exactly the opposite.
We live in the age of globalization and there may come many opportunities to change your lifestyle, to move to another city or even to another country. If you live in a rent home, it will be much easier for you to make such changes. Be sure to check out all your options from a steel building company to consider for housing opportunities.