My thoughts on Real Estate

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Real Estate

Real estate is the business of buying land, with or without structures.  Bare land can be purchased and held over years as value increases or decreases.  Homes or condos can be purchased and lived in while the value changes over time or while improvements are made to increase value.  Income properties are also common, purchasing a property for someone else to live in and pay rent.  This is a large responsibility, owning someone’s shelter they live in.

Home ownership

It is not as simple as just moving in.  There will be maintenance regardless of what structure is purchased if a person plans on having clean drinking water and sewage.  Maintenance is absolutely unavoidable so the best option is to learn how to maintain yourself.  If this isn’t an option than hiring the proper professionals is the next logical route.  Contractors will hire employees for specific trades.  It’s not very difficult with technology now to be your own contractor and call individual qualified tradespeople.  If this is also not an option for whatever reason than contractors are out there for this very reason.

Interest rates

An important factor to always remember is that interest rates can rise as well as fall.  If you’re getting a mortgage, be prepared for interest rates to possibly double in the future when considering how much house can be afforded.  This is erring on the side of caution to protect that investment and to avoid defaulting on a mortgage payment.

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