There have been debates on the necessity of buying one’s own home. Some have been saying that owning a home is a must. Meanwhile, some have been insisting that renting a space is enough.
Deciding not to buy a home could be dependent on the family’s collective thoughts. It could be because of certain factors, such as the different areas of assignment of the head of the family. Thus, they need to transfer from one place to another.
No matter what the reason is, you need to think of the benefits of buying one. Here are some of them:
Investment
When you continue to rent a home, your monthly payments go to the landlord. You end up spending without owning anything. Meanwhile, if you purchase a house for your family, your monthly mortgage payments have a lifespan. When you paid up all the balance, you have a real asset on your hands that you can use to resell or maintain. Therefore, when you are looking for homes for sale in Palo Alto, you are jump-starting an investment.
Owning a home means you are getting a “product” that typically continues to appreciate, especially if you live in prime real estate. Unlike a car whose value continues to depreciate over time, investing in real property is generally a wise investment.
Full Control
When you are renting a place, any renovation or modification will require the approval of the landlord. You won’t encounter such problem if you own your home.
If you are renting, you do not have full control over the property. Even if you signed a contract, you are still held hostage by the whims and caprices of your landlord. Unless you are ready for a protracted legal fight, the landlord may evict you on spurious grounds.
On the other hand, if you own your living space, you have the freedom to execute the modifications and renovations that you want. As a result, you can enjoy the space of your dreams.
Permanence
If you consider available homes for sale in Palo Alto, you would not be afraid of being booted out. You can be assured of a permanent residence.
Added Value
When the place is yours, what does come to mind? Of course, you want to improve it now and then.
When you make all the necessary improvements to your home adds more value to it. In short, you can already sell it at a higher price should you decide to do so. As a result, every penny you invest in it will not be put to waste. Home improvements such as pool, patio, garden, landscapes, and other home amenities are sure to spike the price of your house. Make sure you document all these improvements as proof if you want to sell your property.
If your property is in Palo Alto, you could offer it at a price favorable to you. Based on available data, the price of a median home in the city is pegged at an average of $3,169,000.
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