While you only need one reason to buy your own home and that is to provide future security, Samuel Seeff’s chairman of the Seeff Property Group says that we will enter 2020 with one of the best property buyer’s markets in years and the reasons to buy are compelling.
Here’s twenty reasons to make 2020 the year to buy property:
1) Most areas are still overstocked, so there’s plenty of excellent buys in the market;
2) It’s a buyer’s market so you can negotiate strongly;
3) Sellers who have been holding out will now be ready to sell;
4) Interest rates are at the lowest level in many years;
5) The banks are keen to lend, and first time buyers can find bonds of up to 105%;
6) Price growth has barely kept track with inflation and will remain flat into next year which means you can buy at last year’s prices;
7) You can finance your property purchase;
8) You can buy property with friends or as part of a syndicate;
9) Unlike other asset classes, property generally retains its capital value;
10) Property generally appreciates in value, but know the rules about buying well;
11) Property is not a volatile investment and you’re unlikely to wake up in the morning and find your property value has suddenly plummeted as can happen with shares;
12) It’s forced savings and wealth creation;
13) If you hold onto it for long enough, you can achieve excellent capital growth or profit when you sell it;
14) Property creates security for your future and a foundation to build a life and raise a family;
15) It creates stability and you don’t have to move unless you sell your property;
16) You can start small and grow with your needs;
17) You can renovate and customise your home to suit your lifestyle and needs;
18) You can earn an income from your property by house sharing or renting out a room, flat or cottage;
19) You can rent out your entire property, yet retain the asset and benefit from the potential capital growth;
20) It is the best nest-egg and if you have invested well, you can end up with a good retirement.
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