Maybe in the past, you’ve thought about owning a house but you’re not sure if it’s right for you. Well, aside from owning your own home instead of renting, one consideration is that it’s a sound financial investment. Here are 4 reasons why homeownership is a good investment in New York.
There are many kinds of investments out there – from stocks to bonds, from funds to art – but one of the best investments out there is real estate.
It’s a stable, solidly performing investment. If you are curious about whether it’s right for you, here are 4 reasons why homeownership is a good investment in New York…
Reason #1. It’s a Real Asset
Some investments, like stocks, are just “paper” assets. That is, they represent an investment but they don’t have any real value themselves. If the company collapses, you’re left with nothing but a worthless piece of paper. However, with real estate, you have a real asset (something you can touch and see) and it has real value.
Reason #2. Upward Trend
One of the things that make real estate a great investment is that the price tends to go up. Sure, the price might fluctuate depending on the economy or what else is going on in the neighborhood, but in general, real estate prices tend to rise over time.
Reason #3. You Can Increase Value
A very powerful reason why real estate is a good investment is that you have control over the value of the property. If you buy a house for a certain price and them improvements, you’ll increase the value of the house.
A new paint job or an upgraded bathroom can raise the resale value of your home. (This is preferable to a stock, which you can’t really improve with a paint job!)
Reason #4. Stability
If you’re currently renting a place to live and not sure if a property will give you a good return, then consider this: one often-overlooked return is the stability you get from living in one house that you own.
And that stability translates into a better credit score. And that credit score is a valuable outcome that can improve your ability to borrow, and even your ability to find a job (since some employers will check your credit score before hiring you.)
So just my moving into a home and staying there for a while, you’ll get some stability and be able to increase your credit score.
If you’re currently renting and debating about whether you should buy a property, then think about the return you could get on that property. Real estate is often a solid investment and here are 4 reasons why home ownership is a good investment in New York.