Are you thinking about buying a house this year? At some point in our lives, we want to have a place we can call our own. There are a lot of factors that could influence our decision whether to buy a home or not. Home ownership is a big decision and here are 4 things you’ve got to know about buying a home in 2018.
Since the economy crashed in 2008, better regulations, especially in the housing sector, have been put in place to avoid a possible repeat scenario. This has resulted in prices going up steadily and will continue to do so this 2018. Expert’s predictions vary, some are saying that it will continue to soar while others are saying that it will slow down a bit. Whatever it is, prices are still going up and 2018 should be a good time to buy. Waiting for too long to can certainly affect your purchasing power.
- Economic and Population growth drives up the housing demand.
A strong economy leads to more job opportunities for everyone. This means that more people are living in a particular place or city because of employment opportunities. Population growth, on the other hand, has seen more people living in one area than ever before. The combination of these two factors has resulted in the steady increase in demand for housing inventory.
- Energy Efficient Homes and Technology.
People are now favoring toward energy efficient designs for their homes to reduce expenses on utility bills. Bigger windows let more natural light in, solar panels help reduce electricity bills by harnessing the power of the sun and converting it to usable energy, and appliances nowadays consume lesser energy. Older houses are being remodeled to adapt to changing times as well as older appliances are being replaced with newer models that consume lesser energy. Technology has also helped usher the emergence of smart appliances and voice-controlled virtual assistants such as Amazon’s Alexa, Apple’s Siri, or Google’s Assistant that can help manage your home’s appliances such as TV’s, AC/Heaters, Lights, or Home Security.
- New Tax Law.
The bill to overhaul the US Tax system has been signed into law by US President Donald Trump last December. This means lower tax rates and bigger take-home pays for Americans. You can now decide where to spend the money that you saved from the new law in effect. A wise move would be to invest in something that appreciates over time like Real Estate.