The real estate market is often iffy at best and when the market crashes, you’re left paying full price for a home that simply was never worth the original asking price. Fortunately, the past few years have been positive for real estate in Durham, and many newcomers to the area as well as retirees are looking to make the city their permanent homes. Of course, it’s always recommended that you rent a home before you commit to buy in any given area, but there are certain benefits to purchasing real estate!
You have to think about real estate as an investment. When you rent something, you’re essentially throwing your money away and not getting anything. You may think your rental situation is temporary, but if you need to live in an area for a few years or simply decide to stay, renting is no longer an affordable option. Purchasing real estate may be a bit more expensive than renting, but you can always rent it out later or sell it again when the market demands a higher price.
Sense Of Ownership
It feels different to own real estate in Durham than choosing to rent a condo or a single-family home. Landlords can be strict and prevent you from redecorating in a certain manner or don’t allow pets. A sense of ownership when you purchase real estate is a feeling that far surpasses any feelings you may have towards rentals, and you will also feel more inclined to put down roots. At the end of the day, ownership equals freedom.
What happens if your home no longer suits your needs? When you have a piece of real estate on your hands that belongs to you, you have the option to turn around and sell it for a profit or turn it into a rental. If your home is in a desirable location, renting out your home can be a great way to earn passive income down the line.
Ownership Is Motivation
When you don’t own anything and you’re knee deep in debt, what motivates you to get a job and go to work? Probably, not much! On the other hand, if you have a beautiful property to go home to every night, you feel motivated to further your career and do well in order to maintain your house. Many people feel stuck when they fall into the trap of constant renting as rentals demand a high price with very few benefits to offer people. Of course, purchasing a home should always be done wisely and you do need to consider the price of a home in your area before taking on a mortgage loan.
Meanwhile, the rental market in Durham is quite strong, there are many options available for residents of the area looking to purchase a home. If you can’t afford a single-family property, there are many condominium complexes that still provide a sound investment. Instead of wasting your money, why not invest in your future?