The real estate market is showing signs of good health and there has never been a better time to buy than now. If you are still not sure whether you should commit your money to buying property, here are a few reasons why you should get off the fence and make up your mind to buy real estate property:
Home Prices Are Constantly Increasing
Property prices are increasing every day and they show no signs of coming down. It makes sense to get into the market now before property prices soar out of your reach. Properties might look affordable now but they might be very pricey 5 years down the line. There is no point waiting to buy tomorrow what you can buy today at a cheaper price, so it’s time to get off the fence and get into the market.
Buying Is Cheaper Than Renting in The Long Run
Buying is costlier than renting no doubt but when you add up the cost of renting over the years, you will find out that it costs more to rent than to buy in the long run. With the high rental prices in most cities in the country, it would definitely pay you more to buy right now in order to avoid the huge burden of renting. If you can afford to buy now, now is the time to make up your mind and become your own landlord.
It’s Better to Pay Mortgage Than Pay Rent
Buying a house is not beyond your reach as there a range of mortgage financing options available for you. If you can afford to pay the 20%-30% down payment, it would be a wise decision to buy a house now. Depending on the house, the annual rent might be within the same price range as the annual mortgage payments you might have to make if you decide to buy. If you continue paying rent, you will end up paying money to the landlord endlessly but if you buy a house, you pay your mortgage for a certain period of time while your property appreciates
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