If you are currently hunting for a good piece of real estate to buy (for investment or a possible place of retirement), then buying real estate Long Island NY can be very advantageous at this time. Read on and find out why.
The prices of real estate Long Island NY have been low for quite some time now but you should not expect them to remain that low for years to come. The year 2013 could be the last time that you will see real estate Long Island NY prices at record lows so don’t waste your time deciding whether to buy or not because tomorrow might already be too late. There are reports that home prices across the country are on the rise and Long Island real estate is no exception.
Mortgage rates are still near all-time lows. A few years ago, the fixed rate (for thirty years) was above 6% but in December, 2012, the fixed rate only averaged 3.35%. What does it mean? Simply put, you can save more money if you buy Long Island property now. Don’t gamble and wait for rates to go lower than the grasshopper’s knees because that will never happen.
You can save more money that way than renting your own place because the prices of Long Island properties are currently low. After you have paid the mortgage in full, the property becomes yours unlike when you are only renting your place.
If you have decided to buy real estate Long Island NY you are actually protected against inflation. In order to cope with the inflation, your landlord will most likely pass the increase on to your rent. This will never happen if you have your own place. Inflation will not hurt or affect you if you have applied for fixed rates (though interest rates will remain the same for the next thirty years).
If you pay your mortgage on time (and make sure that you do), you will be able to increase your credit score. The higher the credit score, the better. It can give you lots of opportunities. You will not only gain worthwhile real estate Long Island NY. You can also enjoy perks such as tax savings, loan points, and mortgage insurance.
You will see that buying real estate Long Island NY offers nothing but great advantages. Even if your earnings can only be considered as average, you will find something that will surely fit your budget. There are agents or brokers that can help you with your dilemma. Just remember one thing, though—you need to buy real estate Long Island NY now before the prices start to shoot up.
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