With all the current information available, first time buyer can experience somewhat overwhelmed. Sometimes, all the hype may create fear in potential customers preventing them from following their desire home or condo ownership.
The actual question is this: Has become fun to get a house? While it is true that renting will be less than buying today, rents will increase. That's fact. The same reason you should buy is the same reason the rents go up--Appreciation.
Homeownership gives you a larger net worth. A couple result in the same amount of money, say $60,000 each year. The renter carries a net worth of $25,000 along with the homeowner includes a value of $300,000.
Just how can this happen? One reason is "forced savings." Because you pay on the mortgage, the primary will be paid down and also the equity rises. This can be forcing a regular monthly savings. Another reason may be the long term investment. With property values rising approximately 6% annually, you're going to get a much better rate than by using most savings plans by possessing your property for five or more years. Real estate property values have always increased, regardless of whether there could be periods of slowing. Long lasting owning a home means an increased net worth.
Whether you own a home or a condo, there's normally a feeling of pride that a majority of renters don't have. Homeowners like having the liberty to complete with their property just about anything they wish, simply because they own not merely the structure but the property it can be on, too. They're able to change the shutters, or paint the surface or plant shrubberies without needing to get permission from the landlord, first. Even condo owners cost nothing to paint interior walls or alter the carpets or reface your home cabinets without getting permission. Condo cannot normally affect the outside of their condo, but that is one reason use condominiums: The convenience of lacking to worry with yard work or exterior maintenance.
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