After years of an up and down market, house prices are beginning to normalize. Since 2013, housing prices have been rising at a rate comparable to income or mortgage rates. This is great news for people who are looking into taking the plunge and purchasing their own real estate, because it means that property values are sustainable. It is a perfect time for people interested in purchasing their own home to finally take the next step. Here are a few reasons that you should end your lease and look into getting your own place.
It's an Investment
Many people don't think of it as such, but a house, or any type of real estate, is an investment. It is one of the most important investments that most people will make in their entire lifetime. With renting, the landlord is profiting from their investment, while you are not. When you buy, some of the money you pay each month is going to pay off the loan on your house. You are essentially buying the house, a little chunk at a time, while you're living in it.
It's Cheaper in the Long Run
If you're planning on staying in your home for a while-at least a decade-the overall price of your home is cheaper than the amount of money that most people spend on renting a standard apartment. Even though you are now assuming the responsibility of providing maintenance and upkeep for your home, and it is associated with more upfront costs, purchasing would put you on top in the long run.
It's an Opportunity for Turnover
You've heard of flipping houses before; it is becoming a more viable option in the stable housing market. This doesn't mean you have to flip your house. But when moving in, it should be a serious consideration. If you are not happy with the neighborhood, the house itself, etc., owning a home means that you can sell that home again for a profit.
It Gives You Creative Control
This might seem like a given, but when you own it, you can do almost anything you want to it. When owning real estate, you don't have to keep in line with the landlord's or apartment complex's rules and aesthetic. You have freedom to paint the walls or landscape the yard in any way you please.
Despite purchasing a home being in most respects a sound investment, it is still an important financial decision that should not be taken lightly. When considering purchasing your own home, look for a real estate agent you can trust. Don't let just anyone give you advice on this crucial choice in your life.
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