Lately, I have been giving some thought to this question. Why should anyone buy when there are so many rental properties available, with rents that are way below the actual value of the home? I had to put myself in the place of the person who is looking for a home and how she feels about her choice.
If she rents, everything in the apartment or house cannot be changed without permission of the owner. If she comes to love the place in time, there is always a chance the owner may decide to raise the rent or to move back into the house himself. He may also want to sell it. In time, it may need refurbishing and he may not want to spend the money.
After a while, all markets change. What starts out as a buyer’s market, may sooner or later become a seller’s market and the decision to finally buy will be met with higher prices.
Over time, real estate is a good investment. If it has some downturns, if you hold on to it long enough, its’ value returns and then some.
Pride of ownership, having it represent your own personality, making changes and improvements makes your life more enjoyable. The stability of staying put for awhile and setting down roots creates great communities and gives families a sense of belonging, of having a share in the wellbeing of the town or city.
The desire to own a piece of real estate is a natural human feeling and home ownership is here to stay.
Today, there are some terrific buys in every neighborhood. Homes are more affordable than they have been in several years and interest rates are low. It is a good time to buy.
I would love to hear your opinions. Please contact me.