House Hunting Is a Task That Requires Both Patience and Time
You never imagined that you would be buying a home this summer, but a couple of different very unusual circumstances occurred that has sort of kicked things into high gear.
You and your husband have a lake house and two rental properties in town as well as the home where you raised your three sons. You have talked about retiring to the lake one day, but imagined that you would be in your current home for at least three or four more years. When the neighbor approached though and said that his son was thinking about building his own house on the property that is close to your lot, you and your husband joked that the son might as well buy your home instead.
What you intended as kind of a joke, however, has now turned into a serious offer on your property. This means that you are looking at buying a home where you can stay for the next three years until you retire. The fact that you can get into a smaller home and get away from the acre and a half that you have to mow at your current home is a real draw. Downsizing now before you head to the lake seems like a great idea and the neighbor’s son has made an offer that is pretty difficult to ignore.
Real Estate Property Serves As a Great Investment in Many Parts of the Country
Whether you are considering new houses or luxury townhomes, there are many places in the country where real estate is a very wise investment. Paying on your own home loan instead of paying rent to a landlord, in fact, is one of the smartest ways to invest in yourself. Not surprising, there are an increasing number of Millennials who are making real estate investment a priority. In fact, the top three reasons cited by for buying a new home by Millennials include getting married or moving in with a partner, becoming tired of their current living space, and planning to increase family size.
Also not surprising, these new buyers are fairly particular about what they are looking for. For instance, in a recent survey by Urban Land Institute, as many as 50% of respondents indicated that walkability is either the top, or a high priority, in where they would choose to live. Having a community that allows them to enjoy time outside and have space to exercise is important in a time when more and more Americans are concerned about their health and the health of their children.
Whether you are part of the 52% of first time home buyers who are looking to purchase homes in 2017, or you are ready to downsize after owning a home for a long time, it is important to make sure that you are willing to invest the time finding the right property even before you invest your money. Buying a home is a great investment that can help you reach your long term financial goals.