If there is one thing that’s common right now, it’s that the housing market is all in favor of the seller. The pandemic has made the market boom and sellers are able to sell their homes at and above what they’re truly worth. People are heading into bidding wars and house prices are smashing through the roof, and considering all of that, the housing market is very intimidating right now.
If you have been renting for a while, you will know that there are certain struggles that renters face. If things break down, the landlord is supposed to fix things but they rarely do. Especially if it is something that they consider unimportant. In the end, you have to phone the hvac company yourself to get the AC fixed in the middle of a heatwave and pay for it out of your own pocket.
Does that mean that you shouldn’t buy it? Absolutely not! You should buy the house of your dreams right now even if you know the market is all in favor of the sellers. You don’t have to fear terms like locked in pricing and turnkey solutions. There is a lot of jargon floating around right now, but that’s also not a reason to worry. Here are five reasons you should choose to buy a house right now no matter what.
- The interest rates are really low right now. At the moment, the interest rates are incredibly low and if you buy right now, you will be paying way less to borrow more – always a positive thing! The rates won’t stay low forever, and there will likely be price hikes in the next few years. Forecasters make the best possible predictions, but they’re not always right, either!
- There is a great list of houses out there right now. There is enough evidence to show that homeowners are not as anchored as they used to be. They’re cashing out of their homes, which means that while we face a shortage in housing, the number of houses on sale is increasing. This leaves you far more choice than you could imagine.
- It’ll always be better than renting. Owning your own house will always be better than paying someone else’s mortgage and if you are able to save a down payment, you can buy a house that’s yours. If necessary, you could always move slightly out of the area and spend less money!
- You can add roots. Buying a house is going to give you a place for your family to lay down some roots. You’re doing more than building wealth here; you’re owning to live somewhere long term and that’s a good thing. Renting can take it out of you and even if the costs are predictable, you could be without a home at any time.
- Because…why not? If you are looking to upgrade your rental to a home of your own, you need to think about having the right deposit saved and an area in which you can shop for a home of your own. Owning your own property offers you security that you can’t find with a lot of areas of your life. You will have something that’s yours, an asset that you can hand down to your children. This alone should be reason enough to go for it and start to look at how you can own a home of your very own. Don’t wait around – the time is now.