4 Interesting Facts About Home Ownership That You Should Know

The world is now driven by data, and numbers often say a lot about facts. A house-buying decision is one of the most crucial steps in your life journey. For most people, buying their dream property is a huge milestone. But, before you schedule a meeting with your mortgage broker, here are the top four facts about homeownership you should know.

1. Owning a residential property is much better than renting

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Growing up into adulthood, you will often hear that buying your own house is a wise financial decision. While this common advice makes sense, you may want to question it further to validate the truths for yourself. One reality is that renting a house may be affordable in some unique personal situations. Before you make up your mind to buy your own home or to rent a room, ask yourself a few questions such as:

How long will you stay in the house? And how much flexibility will buying a home give you? Renting a house may be a great idea if you don’t intend to stay there for more than five years. There are best apartment rental sites NYC to help you find the right apartment to rent. On the other hand, people with larger family sizes will surely want to build their own homes as that’s affordable.

2. Buying a house is not a risk-free investment

While the public may consider buying a house to be a no-risk investment, the reverse may be true. The fact is that the value of real estate properties usually increases over an extended period. But, that doesn’t mean homeownership is risk-free. Buying a house exposes you to the risks of property depreciation, plus unforeseeable maintenance and repair costs. Personal financial author Marc Andre testifies that he actually lost a great deal of money when he acquired his first house. Economic uncertainties such as a recession can have a negative impact on the value of your property.

3. Averagely, buyers spend about ten weeks searching for a new home

Buying a house is a step-by-step process that should never be rushed. A home is a significant investment that may shelter you for 30 years or even more. Property buyers view an average of 10 houses before making their final decision. Looking around for more properties is one way to find affordable quotes and high-quality buildings. After all, the first offer may not always be the best deal. For buyers aged 28 years and below, the median asking price of a home is $177,000 in the USA. This means that millennials account for the largest segment of homebuyers in America.

4. Scottish homeowners prefer red doors

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There is a long history behind red doors in Scotland, and even in colonial American, red doors were a symbol of safety to buggy travelers. The Chinese culture interprets red doors as a sign of positive energy. Many Scottish homeowners choose to paint their front doors red to show that they have fully settled their mortgage. If you live in Edinburgh and come across as a red-door home, you may want to congratulate the property owner.