Is Buying A House A Smart Move?
There are different answers to this question, and it all depends on a couple of factors. Some will say that buying a house is good investment, but in comparison to other investments is it a smart move? Also, very important to consider is the location of the house.
Many experts will advise that you shouldn't look at your home as an investment. You should know that among the primary needs of humans is - shelter. Hence, your home serves as a roof over you and your family, and that is a priority. Even though, it's still an asset, and the value increases with time.
Some other financial experts say clearly that buying a house isn't a good investment, because when you talk about profits making, you can make more profits annually by putting your money in other investments. On the average, it's usually said that houses increase in price only about 0.6% per annum.
Generally speaking, according to facts, homeowners have higher net worth than people who just rent. One reason being that, over a long period of time - the steady increase in the value of your home, directly increases your net worth.
You should also consider that homeowners are generally more stable. And this peace of mind, creates a better mental space to make more money through other income sources and build your wealth. Thus, buying a house is in several ways a smart move.