My name is Sam and I'm a Real Estate Consultant, with over 17years experience. Many people ask me “what type of home they should buy?” I generally advise them to ask themselves what they want and need first. Real estate can be the biggest asset or liability you will ever be involved with but below are Ten reasons why you should seriously consider buying Real Estate.
Stop Renting - Why contribute to the mortgage payments of another, when you could be paying off your own? With common market increases in rent it can sometimes be cheaper to own than it is to rent and there is less fear of your mortgage payments suddenly increasing by 5%-10% in a year.
Investment - The price of real estate generally increases over time, therefore purchasing real estate is one of the safest long-term investments a person can make. If you had the choice between putting money towards a new car or a new house, a house should win every time as it will appreciate in value over the years whereas a car does the opposite. Once you own one house and build some equity you may also be in a financial position to buy another as an investment.
Low Interest rates - We have historically low interest rates which will help you get into the market and help with home ownership. It is a great time to get into the market and lock into a low interest rate to build equity.
Equity - One of the best things about buying a home is that you are building equity, which gives you more freedom financially as you can access a home equity loan. You may then borrow against the equity you have built in your home for a wide variety of reasons including home improvements, paying for school for your children, medical reasons, or even starting your own business.
Freedom - You are free to do what you want in your own home, whether you want to paint the walls in pink and purple polka dots or put mirrors on the ceiling. You have the freedom to express yourself and your personal tastes and change the house to suit your needs. You can hang as many pictures as you want and do renovations as you please. Just keep in mind that when you are ready to sell your home, not everyone may like what you do.
Privacy - When you own your own house, you don’t ever have to worry about the owners checking up on you, since you are the owner! You will gain much more independence and privacy when you have your own property.
Security - You don’t have to worry about your house being sold out from under you to investors. If renting and faced with this scenario, you could find yourself faced with an unreasonable increase to your rent, thereby leaving you potentially homeless. These increases could continue indefinitely so the investors can make more money or so that you will feel forced to leave.
Positive Mental Health - The correlation between a stable home environment and lifelong success has been proven again and again. A stable home promotes positive mental development in both children and adults. It may not cure the symptoms or onset of dementia etc. but those who remain in a stable home environment for over 20 years have on average, 10 extra years of positive cognitive use over those that are more transient.
Pride - One of the main reasons people buy properties is the pride of saying they own something. Even if it is a little starter home or apartment style condo, it is yours and you can do with it as you please, and for that, a person should be proud, as ownership is an accomplishment.
Connection to the Community - Owning a home gives you a feeling of belonging in a community and gives you the sense of stability, of putting down roots and getting established. There are also many community groups that you can become involved in, and if you have children it may be of benefit for schools and friends.