Why Purchasing A Home Is A Wise Investment

Simply put, purchasing a home is a wise investment because

, generally speaking, investing in real estate of any type is a wise investment. Any type of home is considered real estate, whether it is a private one family home, a condominium, townhouse, or co-operative apartment.

Real estate is a safe investment because it rarely depreciates in value. If it does, it will pick up again. The investment can be increased slowly over time by updating your property with home improvements. This will increase its worth and also make it more appealing to live in to yourself and future potential buyers.

Mortgage lenders can help first time home buyers invest in the best home for their money and in their price range. Not only does the actual cost of the house or property have to be considered, but so do taxes, utility costs and homeowner association fees, if any. The mortgage bank can help calculate these costs to determine the home's affordability.

It is generally recommended not to exceed one's budget when purchasing a home and being realistic about costs. If at all possible, stay within a certain price range. Keep in mind any repairs or cosmetic work the house may need and if it is livable in the condition it is being purchased in. A real estate agent can be of assistance when considering or estimating costs, as well as leading potential buyers to reliable mortgage lenders, real estate attorneys, and even contractors.

Real estate is also a good investment because, at the root, housing is an inevitable expense for everyone. Why keep paying rent when you can buy? Often the cost of buying in the long run is not much more than renting, and can frequently be less. First time buyers are sometimes eligible for certain tax breaks and mortgage rates. Now is a wise time to buy due to the very low mortgage rates and overall reduction in the price of homes. It is truly a buyers market.

Real estate investment in one's home also affords the homeowner several tax breaks. A home owner can deduct real estate taxes and mortgage interest from their taxable income, which puts money back in their pockets. Purchasing energy efficient appliances will help reduce taxes as well.

Potential home buyers should enlist the help of professional real estate brokers and mortgage lending experts to assist in finding homes in desirable locations to further increase and help maintain their property's value. Unless the property is completely neglected, the odds of losing money on a real estate investment, over time, are very low.

by: Sam Khalil

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