A new year, A new day. There are many reasons to look forward to the New Year. For some people, it’s buying a new car or a new Smartphone. Some people might even be celebrating their birthdays as the clock strikes midnight to hail in the New Year. For several people, they’re looking to buy a home for the very first time. It’s an exciting time to a future home owner, who is moving into his/her new home around the new year!
In several years prior, the market was stifled because of high-interest rates and more supply than demand for new homes. This in turn, scared off several people from actually buying an apartment or independent house.
2016 is expected to see sales of homes grow significantly than in prior years passed. According to the financial times, “Realty experts believe that the year 2016 will begin on a positive note for the sector and may witness a pickup in sales with an improvement in the number of unsold inventories.”
So, let’s look at the reasons why you should buy a home for yourself this 2016!
It’s easier to actually own your own house/apartment than it is to rent one. Renting an apartment is just another way for money to leave your pocket and go into the hands of the landlord/company that actually owns it. Logically, it would be better if the money that goes out every month is actually paying down on your property. Remember, the point is that it’s your property and yours alone.
Rental Rates Are Increasing
The unfortunate truth is that rent rates are actually growing higher every year. Throughout the country, landlords have actually increased the rent by 8% which is the national average. But a home loan may actually be a better option. They come in at fixed rates and rarely increase dramatically. Furthermore, the payment plan can be done alternatively between 5 – 25 years.
Even the banks are competing to give flexible rates to customers who need home loans. With the rate reduction, 2016 is guaranteed to have a better impact on the real estate front. This creates more opportunities for potential buyers.
The government wants you to buy a home. There is a deduction of interest which will only impact your income tax returns. Assuming you’re in the mid-range income bracket, this should be considered an added bonus. For a married couple, the deduction will be significantly greater.
This may actually be your second time buying a house. What better way to start the New Year than to get in on the ground floor of something exciting. Owning a second home is a boon and an added commodity. It increases your range of assets and provides an extra income for your household. The older generation saw this event as a life-changing scenario. The new generation sees it as an investment. As the years roll on, mentalities change and so do the minds of potential homeowners.
Stock prices may go up and down but the value of your property will only go up. That’s the added benefit of becoming a home owner. Since it is your own property, you can make several changes as you see fit. Those changes will only enhance the value of your house or apartment in the years to come. Owning a home will probably be the best investment you could make in your entire life.
You can take comfort in the fact that you now own a home. As long you make your payments, you can sit back and relax. Once the house is paid for, it’s only smooth sailing as you head into retirement.
So, why wait? Become part of the housing revolution that will take place in 2016.