Ron Matin
Buying a home and investing in the housing market has long been welcomed by many and has been one of the best ways to make a profitable investment. But now, due to the economic and demographic conditions of Canada, the housing market is in recession, and we are witnessing a decrease in its prosperity. However, due to the urgency of the need for buying homes and the measures devised by the government, there are hopes for the regulation of this market, and it is possible to enter this market and buy a home with the knowledge of investment conditions.
Investing in the housing market
To enter the housing market and buy a home, in addition to the initial capital, having full knowledge and awareness of this market is also necessary. It can lead to an increase in savings and the value of the property. However, entering the market to buy a home and the possibility of losing capital and financial savings can cause legal problems and issues for individuals. For many people planning to buy or sell a property for the first time and enter this market to buy a home, this issue is of higher importance and requires more research and investigation.
Why is the age of the home important?
People enter the housing market and buying a home with specific goals. Some are just looking for investment, and some are looking for an ideal roof for themselves and their family. People looking to invest in the housing market are looking for profit, and buying a new home may not be a good option given their profit margins. In any case, if the person’s goal is a long-term investment, the purchase of newly built homes can certainly be a good choice.
Why should I buy a new home?
Nowadays, the market for buying multi-year-old apartments is booming, and there is more demand for them. These old and used home’s lifespan of several years makes them mandatory to be renovated, reducing their price. On the other hand, some buyers prefer homes built a few years ago to pay a lower price. In other words, if you are planning to invest in the housing market, keep in mind that a new house is not suitable for investment at all due to the fall in price. However, if you are planning long term and the quality of the home you are buying is important, buying a new home is highly recommended.
Why should I buy an old or used home?
When buying a home, the budget is the main determining factor. New homes are more expensive. However, buying these homes can be a daunting task if you lack the funding. If you are short of money, you should go for houses built for several years. Homes will continue to fall in price sharply, even after one year from the date of construction. In general, the cost of apartments of several years of construction is more realistic, and the price of newly built houses is more tasteful and unrealistic. New flats, whether mortgaged, rented, or sold, are priced 10 to 30 percent more expensive than the base price in the area and have a huge price difference; Therefore, buyers who have difficulty financing should look to buy used homes instead of new ones.