10 reasons to buy a house
While the real estate market gives clear signs that it is a good time to acquire a home, with the CSO reporting a 12.3% increase in house prices to December 2017, and there’s no sign that this year will see any slowdown in rising home values.
Buying a house is always one of the most important decisions in a person’s life. Today this decision has become, more than ever, a dilemma, with certain memories of the global housing market crash still fresh for many people.
So, is buying a home a good option at this time?
Leading experts in the sector provide 10 reasons why buying a home makes perfect sense.
- The time is right
The current housing market offers many accessible and attractive options, which encourages the acquisition of a home. There is greater willingness of banks to finance now that the previous crisis has passed. In addition, the disembarkation of funds is seen as a sign that the time to buy has arrived.
- Good prices
The important adjustment of the prices, following the crisis, represents a great reason to buy. There are still many homes for sale below the market cost. The significant drop in prices has also reduced investment risk. And recently, expectations of continued rising prices have been strong, supported by the recent CSO data.
- Broad offer
The great showcase of homes for sale such as the Mornington new homes development in Co. Meath, is another factor to be taken into account. The buyer today can choose a house to their liking. There are all kinds of properties for sale, in all areas and with the most varied and affordable rates. This is one of the great advantages of the moment, finding something that suits what you are looking for is very easy.
- Change of economic cycle
The change of economic trend is another key aspect. The economy has already hit rock bottom, and the cycle is turning around, which makes buying a house today at a good price point a smart move.
- Bargaining power
Buyers still have the upper hand in negotiations, which allows them to obtain a good price. However, expect more buyers and greater competition to appear in the market soon, which will then reduce this advantage. Act now!
- More credit and more affordable
The banks seem to want to reopen the credit tap, according to the latest commercial and advertising campaigns. Recently, something has started to move in the mortgage market, it is easier to sign up for a mortgage and this has to be exploited. The attitude of banks has changed, and they need to return to loans and mortgages.
- Profitability via rental
The profitability of housing through rental attracts many investors. According to analysts, this business still offers a gross annual profit in excess of that obtained from many other investment asset classes. There are many flats that are rented and produce regular income which is a lot more attractive than some other financial assets.
- Bargains on the table
Some banks still have unsold property (repossessed) on their books, many offered with large discounts, but this will not last forever. This policy of aggressive discounts has an expiration date.
- Cheaper than rent
It is cheaper to buy than to rent. The amount of interest paid on a mortgage is less than rent.
- The entry of funds
The unloading of funds and institutional investors in search of brick has not stopped, which has resulted in large operations. For many, it is the best sign that it is time to buy. It’s not only the speculators who should take advantage of the post-crisis drop in prices.
A final point … the security of possession cannot be overlooked. This is linked to the deep-rooted property culture in Ireland. The Irish mentality makes the factor of “security” a bulwark in favour of home purchase. Owning your own property offers a greater tranquility for families, who continue seeing the house as a patrimony.