Without a doubt, buying real estate is one of life’s most monumental milestones. No other investment gives you a more satisfying and accomplished feeling than the purchase of a home. The purchase of a home signifies financial independence as well as stability and is the final slate on your progress towards adulthood.
Before finalizing your decision, it is best to widen your options and know what you are truly looking for in a home. List down the features your residence should have. Ideally, the location should also be one of the key aspects when deciding where your property should be located—a house and lot in Lucena or a townhouse in Makati?
Why invest in a house and lot, when you can simply buy a condo unit. If you are still hedging regarding the purchase of a house and lot (versus any other type of property), here is a list of reasons why this would greatly benefit you.
1) It appreciates over time
Real estate is one of tangible properties that has a long-term and stable growth in value. Unlike other worldly possessions like gadgets, cars, and other material possessions that depreciate, real estate is the only tangible thing that appreciates over time.
This remains true even in years which could be dangerous for housing. You would be surprised to find out that values are still up on a cumulative basis. This is because there is a continuous demand for housing.
2) There is pride in ownership
As we have stated above, buying a house and lot gives you a sense of pride and accomplishment. In fact, it has been shown that pride of ownership has been the reason why homebuyers yearn to own and purchase a house and lot.
Having your own home gives you a wide leverage when it comes to design and renovations as opposed to owning a rental or a condo unit. You can tear down walls at your own liberty or paint the ceilings however you want. Finally, it gives you and your family a sense of stability and security. In essence, it is making an investment in your future.
3) You can get a good deal
Depending on how you play your cards, buying a house and lot can guarantee you a good deal—even if you choose to play hardball. This means we are not about four to five years into the biggest housing bust in modern history. And prices have come a long way, which are about thirty percent from their peak.
4) You will get a better home
More often than not, scouring properties for rent can be a real hassle. The best property to rent would be a condominium unit. But as monthly rentals are steep, renting one for an indefinite time is not exactly a practical route.
When it comes to looking for a place to settle in—especially for a long period, it is best to buy off property instead of renting it. Apart from it having that fresh new feel, houses and the way these are built are getting more sophisticated over the years.
5) They are not making any more of it
Although technically, real estate developers are making more houses, land is not something that the world has in abundance of. This is why investing in a house and lot is a sound financial decision.
Land is an extremely valuable resource. Land is that one finite asset that the world would run out of someday, and owning a piece of it can be financially advantageous. If you invested in property as well as the land and intend to hold on that for the long term, you will be surprised that it can be a potential gold mine—much more profitable than any luxury car.
Finally owning your very own home is a lifelong dream most individuals have. In the long haul, renting just does not give you the same advantages as owning your very own property. So, start listing the reasons why you should own your very own house and lot today and use them to complement the reasons given above.