Planning To Buy Your First House ? This Is The Number One Question To Ask
- Date: 2007-07-10 - Word Count: 346
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In case you are planning to buy your first house, congratulations! This is the number one question you would want to ask yourself before you buy a house...
Make Up Your Mind Just Why You Are Purchasing A House
While it may sound fairly straightforward, several people may have no definite reason why they are purchasing a house in the first place. You may buy a house to either ...
Live in the house yourself.
To rent it out
To sell the home after it appreciates in value.
As a hedge against inflation.
Or as some combination of some or all of the above.
Many people look at houses they believe they might be able to afford, and buy what they feel somewhat comfortable in, at the least price possible.
Well, that may turn out to be a wise strategy. But not always.
In case you are looking to buy a house for you to live in, then you might want to buy just about any house you take a liking to. Since it is you who will be living in it.
On the other hand if you are looking at selling the house later and making money from it, then that may not necessarily be the most profitable thing to do.
You see, it's not always the cheapest homes that appreciate the most. Surprisingly, the luxury houses may appreciate the most during several years.
Purchasing a house for investment is much like playing the stock market. You should know the real estate market like the back of your hand to profit from it. If you treat this like gambling, then guess what kind of results you will get to see?
In case you are planning to buy a house to generate either rental income or to sell it sometime later and profit, then buying a house just because you like it may not be a very profitable thing to do. You may want to invest in a house that the market is likely to value a lot...
And before you can make such a decision, you may want to learn as much as possible about the local real estate market.
Make Up Your Mind Just Why You Are Purchasing A House
While it may sound fairly straightforward, several people may have no definite reason why they are purchasing a house in the first place. You may buy a house to either ...
Live in the house yourself.
To rent it out
To sell the home after it appreciates in value.
As a hedge against inflation.
Or as some combination of some or all of the above.
Many people look at houses they believe they might be able to afford, and buy what they feel somewhat comfortable in, at the least price possible.
Well, that may turn out to be a wise strategy. But not always.
In case you are looking to buy a house for you to live in, then you might want to buy just about any house you take a liking to. Since it is you who will be living in it.
On the other hand if you are looking at selling the house later and making money from it, then that may not necessarily be the most profitable thing to do.
You see, it's not always the cheapest homes that appreciate the most. Surprisingly, the luxury houses may appreciate the most during several years.
Purchasing a house for investment is much like playing the stock market. You should know the real estate market like the back of your hand to profit from it. If you treat this like gambling, then guess what kind of results you will get to see?
In case you are planning to buy a house to generate either rental income or to sell it sometime later and profit, then buying a house just because you like it may not be a very profitable thing to do. You may want to invest in a house that the market is likely to value a lot...
And before you can make such a decision, you may want to learn as much as possible about the local real estate market.
Related Tags: real estate investing, buy a home, first time home buyer, buy home, purchase a home, rental real estate
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