Buying a house can often seem more difficult than renting especially if you live in the heart of the city. Putting that initial 20% deposit together can often seem like a more difficult task than it is worth. However, with falling house prices and new government schemes it might be a good time to reconsider buying a home. Here are some of the reasons why it’s a great time to purchase a new home.
Falling House prices
With house prices continuing to fall at a rapid rate a mortgage may now potentially be lower than the amount you are currently paying for rent. This gives you extra funds to then reinvest into something else such as stocks which have also fallen heavily. Additionally, once you pay off your mortgage you won’t have to pay for rent or loan repayments and will have much more money to invest. This makes buying a home much cheaper in the long term than renting and also much more rewarding.
You Can Sell and Make a Profit
Even if you were planning to buy a house to live in permanently, that doesn’t stop you from selling it for more money than what you bought it for. Properties can also be bought as an investment if prices are likely to grow in the future whereas renting will never give you a return. With property prices at the lowest they have been for some time and likely to fall even further now is a great time to buy at the bottom. Then once the market recovers you will be able to sell your property for a much higher price than you bought it.
With the property market crashing and property prices likely to drop further there has never been a better time to buy a new property.
If you would like to learn more about why now is a great time to buy a new property and how a broker can help you, please get in touch with us today.