Category: Properties

3 reasons to buy a house this year

Buying a house is a big investment and people give a lot of thoughts before deciding to buy a house. The prices of the house keep on fluctuating. You should look at the market trend and find out the best time to buy your house. This year is just perfect if you are thinking of buying a house. These are the reasons for it.

Low interest rates

The mortgage interest rate is quite low this year. On average, it is only 3.86% for a 30-year fixed loan. It is predicted that the interest rate will increase next year. So, your mortgage payments will be a lot less if you buy a house this year.

Lots of properties available

There are lots of properties available in the market this year. So, you have lots of choices as a buyer. You can get a property according to all your preferred criteria. More properties in the market have also stabilized the price of the houses. So, as a consumer, you will be a winner.

House rents are increasing

It is not necessary for you to live in the house you buy. If you already have a house, you can still invest in the property market. The house rents are increasing and you will be able to get good returns on your investment every month by renting out the property.

A property will not only give you a place to live but will also become a driver of income generation. As the interest rate is low and the inventory is high, this year is the best time to buy a property.



4 things you should know before renting a house

 

It is quite hard to rent a house nowadays. The rental prices of properties are rising and people find it difficult to juggle between their budget and need. Renting a house according to your preference can be a challenge. Before you rent a house, you should consider the following things.

The costs involved

You should be prepared to pay the deposit and the first month’s rent upfront. The amount of deposit varies, but on average you may need to pay the deposit for 6 weeks. If you have contacted a real estate agent for renting the property then you will have to pay them for their service. All these payments must be made before you even move into the new house.

Utility bills

You should consider the utility bills such as gas, electricity, water, etc. Sometimes, the landlord covers some of the bills. So, you should check your agreement to make sure the bills you will need to pay every month.

Check out the electrical goods

Some homes you rent are furnished, whereas others are unfurnished. In furbished homes, the landlord usually provides the basic electrical items like a refrigerator, washing machine, kettle, oven, etc. You should check out what electrical goods are available before you move in. Otherwise, you will have to buy the necessary items yourself and it may affect your decision of renting the property.

Consider the neighborhood

It is very important that you choose a house in a safe neighborhood. You can check out the crime rate of the area you are about to move in. You should also make sure that transportation, hospital, school, shopping malls, parks, etc. are nearby. Sometimes, you will get a house whose rent is low, but you will actually be spending a lot on your travel expense as the house is probably located in a remote location. You might save money by renting a house at a higher price in an area where public transportation is easily available.

Considering all these factors will help you to set up a budget for your house rent. You can be well prepared to cover all the hidden costs involved in renting a house.



Why is it a good idea to buy a land and then build a home from scratch?

[Meta Description: Though it’s a common practice to buy a ready-made home, many people are now considering buying land and then build a home.]

Though it’s a common practice to buy a ready-made home, many people are now considering buying land and then build a home. Well, there are some good reasons for doing so.

1. Customization

When you build a home from scratch, you will be able to actually have your dream home. You will build the home according to your design and preferences. You can have enough space to create a garden or a huge backyard space. The floor plan will be according to your choice. You won’t have to compromise on any feature of the home. This is not possible in case of existing homes.

2. Energy efficiency

As everything will be new in your home that you build, you will have better HVAC system, insulation, etc. So, you will be able to save a lot of money on your energy bills.

3. Better resale value

The upfront cost of building a home will be more compared to buying an existing home. But as your home is new, you will get a better resale value.

4. You can get discounts on building materials

If you know local suppliers then they may offer you discount for purchasing materials. You may have a friend who is an architect and would like to help you. You may arrange your own team and get discounts in many places. So, the total cost of building a home may not be as much as you think.

Building a home from scratch can be hectic. It needs lots of planning and time. However, if the end result is good then you won’t regret the effort you have given in building the house.