It’s such a difficult game to play, the property investment game, but as opposed to just getting onto the property ladder, there are various underlying reasons and causes why other people want to start purchasing homes.
Right now, it has never been more difficult to purchase a house, and when you think about the people who are the prime targets in the real estate market to start looking, it is young people and young families. Unfortunately, the modern world and the inability to raise enough money for a good down payment means that they are struggling, and end up renting for most of their lives. So, with this in mind, this begs the question, do we all know what we want in a property? Sometimes we’re trying to go for a property that is as large as possible because we think that suits our needs, but you might be able to buy it a property if you assess what you really want. So, with that in mind, let’s have a look at the main reasons, and let’s see if your beliefs align with these.
A Steady Investment
Because real estate continues to rise with every passing year, it means that people are becoming far more limited in what we can purchase, and so while there are many real estate ideas for you to consider, it does depend on your personal circumstances. For example, a single bachelor who works from home is not going to need a home with good transport links or even a garage! The investment in a property is a sensible choice for anybody to make because your house will accrue value over the years. Compare this to something like a car, which will depreciate in value over the years, and you’ve got your answer for what makes a great investment.
Not just in the financial sense, but also in the emotional sense. If you are a young family renting a property, who’s to say you are going to be in that property a month from now? There are a lot of people in the western world, especially British people, who view owning their own home as a badge of honor. In addition to this, maybe your rent will increase once your contract expires and you sign a new one, it can increase indefinitely over time.
The Sense Of Pride
Lots of people buy properties because of the pride associated with owning something. The task of owning a property now is more difficult, so it makes that victory much sweeter. In addition to this, you have your own sense of freedom; you can do what you want, as opposed to contacting the letting agency to ask permission to put a nail in the wall in your rental property. And also, owning a property in a specific neighborhood helps to establish your roots. If you are renting a property in an area where everybody else owns their home, and you start to build friendships and relationships with your fellow neighbors, that can all be lost if you have to move out.
So, these factors will determine if you want to buy a property or not, but instead of aiming for the stars and getting the biggest possible property, by addressing these little points, you may be able to find a property well within your price range. So think about this before playing the property game.
This is a collaborated post.