There are many reasons that people choose to buy depending on the area or the type of home they are looking for. According to Royal LePage there are some common reasons why people buy. Real estate agents should keep these reasons in mind so that they are able to relate with their potential prospects. Understanding the reasons that people buy is important when converting leads into clients and eventually commissions. Some of the top reasons people buy are listed below:
For an Investment
Generally the price of real estate increases every year, therefore purchasing real estate is one of the safest investments a person can make. Houses and real estate for the most part appreciate in value so they are often a good investment. Once you own one house you may also be in a financial position to buy another and rent one out. This rental income can pay residuals for years to come.
To Stop Renting
Why contribute to someone else’s expenses when you could be paying off your own home? It is now easier than ever to own a home because of all the financing options available. With the current market increase in rent it can sometimes be cheaper to own than it is to rent. The peace of mind in owning your own home can be something that is unmatched by renting.
The security knowing that you own your home and it cannot be sold out from under you. If a person is renting and the owners change then they could find themselves faced with an unreasonable increase in rent. These increases could continue indefinitely so the investors can make more money. Sometimes sections of cities will be sold to developers without consulting the renting residents of these areas.
Low Interest Rates
Right now there are some great interest rates which will help you get into home ownership. It is a great time to get into the market and lock into a really good interest rate to build equity.
One of the biggest reasons people buy properties is the pride of saying they own their own home. Ownership is an accomplishment, even just a small house or an apartment can be very rewarding and ownership has its perks.
As mentioned above one of the best things about owning a home is that you are building equity. People can then borrow against the equity they have built in their home. Building equity is a great way to more financial freedom and less reliance on financial institutions.
Owning your own home means that people never have to answer to roommates or landlords. A person will gain much more independence and privacy when they have their own property. This privacy is something that drives people to move out and buy their own home. Privacy is a key catalyst to why people decide to own their own home.
People are free to do what they want in their own home, whether they want to paint the walls or refinish the floors. A person has the freedom to express themselves and their personal tastes and change the house to suit their needs. Hang as many pictures as they want and do renovations as desired. Potential clients are also drawn to the fact that they can sell at any time and use the equity to move anywhere.
Sense of Community
Owning a house gives the owner a feeling of belonging in that area and gives the sense of putting down roots and getting established. Often people will buy a home in order to settle down. From here they can begin to explore the entertainment and social scene close to their home.
At Colour Tech, we have experienced customer service representatives who can offer personalized marketing services and marketing programs that will help you become successful. This can save you time and will allow you to focus on your business, while we take care of your marketing needs. Contact us today for a complimentary marketing consultation.
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Phyllis Lamont, Sutton Group Quantum Realty Inc., Mississauga, ON