One of the biggest assets a person can own is their house. Not just a physical building, but their entire home that they spend hours and hours in every day, it should be one of their top priorities. But it’s not always easy to plan for your long-term housing needs – buying a new affordable home in Bend, Oregon could be a wise decision.
Benefits of Buying a House in Bend
As the population of Bend increases, so too does the demand for housing. Because of this, it’s important to be aware of the various benefits of buying a house in Bend.
Hiring an estate agent to assist you in purchasing Bend Oregon real estate may be a wise decision.
Here are three reasons why owning a home in Bend can be a smart financial decision:
1) You can significantly increase your net worth. A single-family home in Bend is worth an estimated $240,000 on average – which means that owning one can significantly increase your net worth. By comparison, renting an equivalent property will only increase your net worth by about $15,000.
2) You can reduce your overall monthly expenses. If you’re currently paying rent and using utilities on a monthly basis, buying a house in Bend will likely reduce those expenses by approximately 70%. This means that you’ll have more money left over each month to spend on other things – like saving for retirement or taking care of other financial obligations.
3) You can potentially save on property taxes. Property values in Bend go up quickly, which means that you’ll likely pay high property taxes if you rent instead of buy. If you own a home in Bend, though, your tax bill
Things to Consider Before Buying a House
When hunting for a house to purchase in Bend, be smart about your decision-making. Here are some things to consider before making an offer:
1. Size and layout: How much space do you need? Will you be able to accommodate all of your planned furniture and belongings? Do you want an open or enclosed living space? What about bedrooms and bathrooms?
2. Location: Consider the neighborhoods you are interested in. Are they close to shops and restaurants, or convenient to public transportation? What is the average sale price for similar homes in that area?
3. Age and condition: is the property in good shape and has it been updated recently? Houses in better condition typically sell for more, but don’t let that scare you off if the property is older. Many historic districts have stricter renovation guidelines, so it’s important to investigate ahead of time.
4. Budget: How much can you afford to spend on a down payment, closing costs, repairs/updates/maintenance etc.? This will help you determine how large of a mortgage you can afford. Don’t forget about property taxes, which can add up quickly!
Pros and Cons of Buying the House with Cash
There are pros and cons to buying a house in Bend with cash. Here are the main Pros:
1. You can buy a house quickly and easily – this is great if you want to move into your new home as soon as possible and don’t have a lot of time to spare.
2. You can save money on closing costs – if you have a down payment saved up, you won’t need to spend as much on closing costs (taxes, mortgage interest, etc.) This can save you quite a bit of money on your overall purchase.
3. You have more control over the property – if you decide later that you don’t like the house or it needs repairs, you don’t need to go through the hassle of finding someone else who is willing to sell you the house at an agreed-upon price. You can just walk away without any penalties or obligations.
4. You could make some extra money from the sale of the house – if it goes for more than you paid for it, you could profit from the difference (this is particularly true in areas where housing prices are rising rapidly).
What are the Costs?
The average cost of a home in Bend, Oregon is approximately $269,000. This amount includes the price of the home, any repairs that may need to be made and association fees. An additional cost to consider when purchasing a home in Bend is the down payment. The average down payment in Bend is 27%.
The benefits of purchasing a home in Bend include increased net worth and lower monthly bills. Purchasing a home reduces your monthly costs by around $794 compared to renting. This figure includes mortgage payments, property taxes and insurance premiums. Additionally, owning a home provides stability and security during tough economic times.
If you are interested in buying a home in Bend, it is important to research all of your options. The costs associated with purchasing a home vary significantly depending on the location, size and condition of the property.
Conclusion
Buying a house in Bend can be an efficient way to increase your net worth, as the city is seeing steady population growth and median home prices are on the rise. Homeownership also offers various tax breaks, such as depreciation and rental income deductions. If you’re looking to buy a home and aren’t sure where to start, contact our real estate experts at Bend Real Estate Connection for help finding the perfect property for you.
