Recent articles in the media have suggested that putting money into your home is a bad investment.
Many facts and figures have been presented to support this idea including the point that home prices have already fallen. One "genius" said, "People shouldn't look at a home as a way to make money because it won't." Really?
Why is it that homes were a great investment three years ago but now they aren't? Of any large investment, homeownership is the only one that consistently goes up in value in a good economy or bad. Purchase a car and the value goes down the minute you drive it off the lot. Purchase stocks and you take a risk of losing money. How about the fact that the mortgage rates are currently at an all time low? Is this really a bad investment? I am not an expert economist and I haven't analyzed hundreds of charts and tables, but I do work in the real world of putting a hammer to nail and budgeting project after project. An investment through building or renovating is a better investment now more than ever.
Contractors and tradesmen where once swamped which caused material and labor shortages. In turn, this created some higher prices and longer schedules. At Virtuoso we have found better subcontractor pricing, we've been able to shorten the duration on some of our projects, and there has been a shorter turnaround time for custom items. We've encountered many clients who have found existing homes or lots at prices they can afford with great long-term interest rates. A few years ago, this would have been harder to pull off. Here at Virtuoso, we are thrilled that these buyers did not take the advice of the housing naysayers, created homes that they enjoy, and now have immediate value appealing to future home buyers.