At times, buying a house is a hit-or-miss thing. Some people get the best deals, while others don’t get what they paid for.
People don’t realize that there are indicators to know if it’s an excellent year to buy a home. You can get huge savings from getting a house rather than continuing with your rent if you know these.
1. Check the rent prices
The cost of renting is becoming more volatile every year. Some analysts conclude that property owners are compensating for the growing inflation by draining the pockets of their renters.
If you’ve noticed significant changes in your rent price, it’s time to buy a house. If you continue to pay rent, you’re just shelling out money for nothing.
2. Check if utility bills stabilize
Aside from thinking about your mortgage, you should also check the trend of utility bills such as electricity and water. You’d be surprised that there are some years where these utility bills show great consistency–sometimes, even reducing costs.
This phenomenon is the most significant indicator that you should buy your home. Aside from having lower monthly bills, it’s also an important indicator that the market values of houses are also going down.
3. There are still no commercial buildings around your target neighborhood
A single commercial establishment can increase the market cost of properties by up to 80%. A single Starbucks branch in the street can raise property value by 20% in just a year.
So if you have a target neighborhood and know what commercial buildings are soon to rise in the said area, there’s no better time to buy a house than NOW. The cost of your target house might skyrocket in just a blink of an eye.