Real Estate Facts
Money isn’t the only thing to consider when buying a home. A house is more than just a roof over your head. It creates a sense of stability and identity for you and your family. It offers privacy, independence and self sufficiency. These are needs that money alone cannot satisfy.
Older homes appeal to many buyers, but newer homes may offer more for the money. Newer homes are generally more energy efficient, easier to maintain and include better plumbing, wiring and mechanical systems. Many features and accessories that are available today aren’t found in older homes, and could be costly to install.
Young people are not priced out of the housing market. Younger persons make up the vast majority of home buyers. The National Association of Realtors found the average age of first-time buyers to be 31 years.
Homeownership can be a good investment opportunity. Homeownership offers a combination of advantages not found in other investments: leverage, appreciation in value, financial security and the ability to use the investment (live in the home) while it’s working for you.
Renting does not protect you against rising occupancy prices. Rental units are just as susceptible as houses to rising taxes and insurance, utility and maintenance costs — and the landlord will pass the costs on to the tenant.
Homeownership enhances your overall financial credibility. As a homeowner, you prove yourself in a number of ways: you’re viewed as prudent, credit-worthy and self sufficient when you take on the responsibility of ownership.