Is Buying a House a Good Investment?

1 min read
Sep 29, 2023 9:39:33 AM

Many people ask whether buying a house is a good investment and there is no perfect answer. There are so many variables that determine whether the amount of money you make when you sell your house far outweighs what you paid for it. For many, buying a house is a viable investment which eventually merits returns, but there are several situations that affect whether your house is a good investment. The first and most obvious indicator is the state of the housing market at the time you want to put your house on the market. Strangely enough, post Covid 2022 was a time when selling your house usually meant greater returns, because money was still generated during Covid and the housing market was active. It is best to work with a mortgage or financial consultant who can help you gauge the market at the time you want to sell and hopefully you will be able to sell your house for what it is worth.

Your mortgage broker can keep you posted on potential buyers and when the market is particularly active. Make sure you get a formal commitment before making plans to move, because until the mortgage company gets signed documents, the house is still for sale. Many people jump to conclusions and start planning how they are going to spend their money before they get a formal commitment from a potential buyer. Be patient and review each offer carefully, so you can choose the one that suits your situation best. Work with your broker and ask questions. Stay organized and keep lines of communication open during the process.