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Excellent Reasons to Buy Real Estate


Blog by Claire LeLacheur | January 10th, 2009


 

Many of my Buyers are looking at me these days and asking the same question over and over again. Is this a good time to buy? Well sure any time is a good time to buy real estate in any market. Right now prices in Vancouver real estate market have fallen and will continue to fall a bit more. The point in this is that everyone needs to have some place to live. We are now at the point with our prices that you can buy a house and live in it and rent out the basement suite and still be in a fairly good position monthly with your bills and payments.

 

Pride of Ownership – I think there would be nothing more frustrating and annoying to redo the hardwood floors in your home – then have your landlord tell you that it is going on the market next week. Not only will you have to find a new place to live – you will also have to redo the wood floors in another place. If you own your own home, the renos you do are your decision, taste, and style. You can also take pride in the fact that your home looks good.

 

Appreciation – it is helpful to know that all market are cyclical. We have been in an up market for a long time here in Vancouver and this down swing in the market was long over due. The fact that prices are down now is fine. Buy yourself a house and get a great deal. If you plan to stay in that home for more the 5 years, the market will have turned around again and prices will have risen. You will have made money on your investment, all the while still have a place to live.

 

Mortgage Interest Deductions – with the recent elections came promises of more tax breaks, but if you are like me you spend a lot of time trying to figure out more ways to give less money to the government every year. The interest payments on your mortgage are tax deductible if you are a small business working from home. So while paying for a place to live you have also found a bit of a tax shelter for your hard earned dollars.

 

Mortgage Reductions Builds Equity – if you are a first time home buyer and have just bought a house in this market, then you are also paying mortgage payments. Once you sell your home besides the appreciation on the home, there is also the built up equity in your home – it’s all yours!

 

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