Property – such as small condos and single-family houses that you can use as TORTOLA RENTALS – are fantastic investments due to there always being insufficient housing, and you’ll find there are always lots of people who are able to rent but are not in position to purchase their own home. Due to the high price of owning a home, and the reality that it is usually purchased with borrowed funds, there will always be available tenants, those who are unsure of taking on such a financial commitment.
The main advantage real estate provides offers is leverage. Having a small amount of cash – or possibly no cash at all, in a few cases – you can buy property worth hundreds of thousands of dollars. The second advantage is the price appreciation that occurs in real estate, whether it’s through inflation, or remodeling, or just the fact that buyers and sellers are working in a fluctuating market, usually with only a little understanding about the real value of property.
The house that you just bought yesterday for $60,000 may be worth $65,000 to another person. Locate that person and you have made yourself $5,000. Cost may also be elevated as a result of the law of supply and demand. The supply of housing is growing progressively, with the population which is expanding, through both the consistent flow of immigrants looking for a place to reside in and our reliance in the traditional way of growing our families. As long as the supply of housing fails to keep up with the demand, prices will continue to increase.
Additional elements affecting the price of property will be the general economic condition in your area, the state of the surrounding neighborhood, the condition of your home, the financing terms, time-frame involved, owner financing, down payment, amongst other factors.
