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When considering property investment, you're going to have several options. Some of the ideal
and most well-known choices these days are houses, condos and multiplexes. You may have
asked your family, friends and colleagues and they might have provided varying views concerning
what option to choose. Some might be in favor of purchasing a house while others have a
preference for a multiplex or condo. These may make you feel perplexed on what decision to take
and you might still be having second thoughts with buying a house. If you're a novice property
investor, it is only normal to have worries. The whole process of home buying will be less
frightening when you know its offered benefits instead of buying a multiplex or condo.
The satisfaction of home ownership is among the significant reasons why people want to have a
house. You could do whatever you want with your property and never having to be concerned
with breaking the rules or end up worrying about other people's convenience. You could do
whatever you like repainting the walls, renovating your kitchen or even get your backyard done.
You could play your songs aloud and never have to be worried about disrupting your neighbors.
You could literally do whatever you desire depending on your personal taste and preferences. It
also offers you and your loved ones a high level of safety and stability that condos or multiplexes
The real estate market regularly goes through a cycle including houses. There are instances
when the market prices are cheap and there are also instances when they are fairly substantial.
Owning a house, however, assures you that its appreciation will consistently be beneficial for you.
It is like building your wealth over time through your house. If in case you decide to sell off your
house, you'll be able to do so at a very financially rewarding price. Apart from that, you won't have
problems looking for a potential home buyer. Your property may be considered by several
homebuyers especially if it's well-maintained and in a good location.
You'll also get to build up your equity every month. Fundamentally, an equity is the cost of your
house if you decide to sell it less the amount that you still need to pay. You're going to be required
to pay for your house through mortgage payments each and every month except if you paid it
totally when you purchased it. The amount you owe will decrease each month as you consistently
pay your mortgage. Your equity is also raised. When you pay your monthly mortgage dues, you
can expect your equity to increase.
You can even enjoy the benefit of paying lower taxes each year if you buy a house. Your
mortgage interest are deductible to the state and federal taxes that you're paying for. There are
cases when your loan discounts and closing costs are deductible from your taxes. This can be
very beneficial during the early years in your mortgage since you can get some of your money
back to your pocket. You'll also be able to build a strong and credible credit history if you buy a
house. If you pay your house mortgage in a timely manner, you'll eventually have a great credit
standing. If you do this, you'll be regarded as a great loan debtor. If, you need to apply for a loan
in the future, you'll certainly have good chances since you already have a good credit score.
It is now time for you to understand the drawbacks of investing in a condo or a multiplex. The
association fee is among the significant disadvantages of this kind of property investment. You
should cover this fee on top of your house payment. This can be quite pricey especially if you've
got a limited budget. Besides that, you will need to pay more if there's a required maintenance.
The opinions of all the owners should be considered with regards to making decisions involving
the condo. Some may or may not accept your ideas and you cannot expect to get the final say on
the matter. Finally, if you opt to buy a multiplex or condo, you will have less privacy since you will
be residing in a property that's filled with other renters.
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