With so much uncertainty surrounding the pandemic, some people are nervous about the thought of purchasing property right now, but it’s actually a great time to buy if you’re in the market. Between interest rates hitting record lows and greater loan options, potential home buyers have the opportunity to make an investment with more potential for profit in the future.
Many areas throughout the country are experiencing increasing property values over time, especially in desirable areas like the towns surrounding Charleston, SC. dunesproperties.com options offer the opportunity to own property in a beautiful destination where home values continue to increase. Do your research to find a home in an area you love and consider the benefits of becoming a homeowner.
1. It’s a Great Long-Term Investment
Long-term investment is one of the top reasons many people decide to take the leap and purchase a home. When you rent your home or apartment, you’re spending a lot of money, but not receiving much in return outside of the fact you have a place to live. When you own your home, you have the opportunity to grow your equity and, in most cases, make a profit off the property when you opt to sell in the future. The key is buying in an area where property values are increasing, which is already happening in many areas of the country. As the values increase, your profit margin increases, giving you a greater sense of financial security.
2. Interest Rates Are at an All-Time Low
Amid the coronavirus pandemic, interest rates have reached one of the lowest points in history making it a great time to buy. If you can lock in a mortgage with an extremely low interest rate right now, you’ll benefit in the future and have the chance to pay off your mortgage loan more quickly and affordably. Although there are less property options on the market right now because of the pandemic, homes are still selling—and quickly—because so many people are looking to take advantage of the low interest rates. As of August 2023, 30-year mortgage interest rates were just below 3 percent, the lowest in almost 50 years, while 15-year mortgages were even lower, dropping below 2.5 percent.
3. Turn It Into a Pandemic Project
For some people, the idea of buying in the middle of a pandemic can be scary, but if you have the means and job security, it might be the best time to buy. After you’ve closed on the property and plan a move-in date, it’s likely you’ll have some work to do on the house whether it’s necessary change or cosmetic alterations. With COVID cases on the rise as we approach flu season, it’s likely people will continue to social distance and refrain from normal social gatherings and activities, giving you a lot of free time. Turn your new home into a quarantine project. With the extra time on your hands, it’s the perfect opportunity to touch up the house and make it into a home that feels like your own.
4. Rising Property Values
Housing prices across the U.S. have been steadily rising over the last several years after the housing market took a major hit in 2008. Because property value is often driven by supply and demand, it makes sense that the more buyers there are on the market, the more valuable the available property. Although 2023 was an unusual year with many people opting not to sell their homes as financial security was an issue for countless numbers, many people are looking to buy because of low interest rates. With more potential buyers, the market value has increased gradually. The growth may not be as significant as past years, but it continues to rise, offering new homeowners a great opportunity for returns on their investment in the future.
5. Greater Loan Options
Younger buyers have more opportunities than ever to own a home as most states offer loans specifically targeted for first-time buyers. These loans tend to be easier to get approved for and they offer low down payment rates to encourage young people to invest in property. First-time buyer programs are different throughout the country, but almost every state has some version, so inquire with a real estate agent and do some research to learn about all of your options.
How to Decide on a Home to Buy
Once you’ve decided owning a home is for you, it can be tough to actually pick the right property. As the saying goes, it’s all about location. We can’t stress this enough. You want to buy in a location that has a lot of potential growth for property value and is a desirable destination. Of course, if you’re planning to live in your new home, you always want to move to an area you enjoy. For anyone interested in living along the coastline surrounded by Lowcountry beauty, check out Kiawah Island homes for sale. You’ll have the privacy of a gated community in one of the most desirable areas in South Carolina. For some, especially new homeowners, these properties might be out of your budget, so it’s important to look at other surrounding areas like James Island or Mount Pleasant. Once you’ve decided on a location, you need to also consider price and potential problems with the home itself that you may need to repair if the current owner isn’t willing to repair. To begin the process, set up a time to talk with a real estate agent and view a few homes to get a feel for the process.
Take the Leap and Become a Homeowner
Buying property can be overwhelming, especially if this is your first time going through the process. But, now might be one of the best times to invest in property as a permanent home or as a rental property. If you’re interested in growing your equity and owning a valuable piece of property to secure your financial future, but you’re not necessarily looking to move into a new home, consider buying property and renting it out to others. This is a great way to meet your mortgage payments and potentially profit on a monthly basis from the rent. Either way, owning your home is a rewarding experience that offers many benefits. Look for Mount Pleasant real estate to purchase a home in a charming Southern city right outside of Charleston and close to all of the area’s best beaches.