To Rent Or Not To Rent, What's It Going To Be?

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Renting vs buying - Decisions, Decisions

To Own or Rent - Pros and Cons

Whether your family is expanding and you need more space or you are interested in moving to a new location, when it comes to finding a place to live, you have options. But how do you narrow your options down?

From renting to buying, how do you choose which is best? And which will provide you the best value?

There are some pros and cons to each housing option, and you’ll want to get educated so you can make the best decision. There’s also one more option to consider...read on:

Renting a Home

Many turn to renting for their housing needs because it seems like the easiest option. Renting offers a low commitment. All household maintenance, and sometimes even lawn care, is provided by the leasing office. However, renting doesn't always provide the best value. Rent is typically higher than the average mortgage for the same square footage, and all those rent payments go into someone else's bank account instead of building your home equity.

Buying a Home

Purchasing a home provides families with the ability to truly call something their own. Homeowners build equity and can enjoy the privacy of their own space.

But owning a home also means you are responsible for all upkeep and repairs. If you purchase an older home, you may experience that the home needs multiple upgrades and improvements, which can be costly and very time consuming.

Also, the housing market is competitive, and many buyers get into a bidding war. This can cause you to overpay for the home--or, on the other hand, you may not have the winning bid, and you will have to start your house search all over.

A Third Option: Building a Home

To many, building a custom home may seem like the most expensive and time consuming housing route. This is only true, however, when referring to typical home construction.

Building a modular home provides all of the benefits of a new-build without the high cost and long construction time.

Modular homes come in pre-made sections, allowing construction to move faster. Another benefit is energy efficiency thanks to the tight seams during construction, modern Energy Star windows, and other custom features.

One of the greatest benefits of a modular home is the affordability. Since most of the home is built off-site in a controlled environment, you save significantly on labor costs and delays.

Of course, in order to build your modular home, you must own land. If you don't already have land, you will need to purchase some.

Building a modular home is an affordable housing option that provides families with a customizable home. Modular homes are energy efficient, well-constructed, and increase in value over time which allows homeowners to build equity and have a great investment for their future.

Read more about modular home construction here.

About the Company:

Milam Anderson is the founder of Rochester Homes, Inc., a company based in Rochester specializes only in modular homes. In April of 1972, Milam Anderson turned the first shovel of dirt to create Rochester Homes. Since that time Rochester Homes, Inc. has been building quality homes with innovative designs.