There are many reasons why people may wish to buy a residential property such as an apartment, house or mansion. These reasons include buying property as a place to live, buying property for their children to live in later on when they grow up, and buying property as a pure financial investment.
Many people will buy a property as a place for themselves to live in, and see this as an essential part of life, like finding work and starting a family. They may be single people or young families. Often people will buy a property as a single person and then get married and start a family. This could mean that the man and woman both have homes already, and then they can pool their property resources for a larger family home.
Some families will already have a home to live in, and may want to buy a property for their children to live in when they get older. So in this case they may buy a property nearby and rent it out to tenants, with the intention that their children may wish to live in it when they reach their twenties. As the property is nearby, and while it is being lived in by tenants, it is easy for the property owners to keep an eye on it and pop round if the tenant needs help with anything in terms of maintenance.
This can work very well for families, and for this reason people may buy a house next door or in the same street if it comes on the market. Having your grown up children living nearby can mean that the extended family works with the fullest possible benefits. It is easy to drop the grandchildren into the grandparents, or the grandparents can go to their children's house to babysit. Also relatives visiting can easily see the whole extended family without travelling long distances.
However it may not necessarily happen that the child or children wish to take advantage of this generous housing offer from their parents. This is often because the young person does not see themselves living in that area. They may want to go to college in a different part of the country, and they may then find work in that area, so that living near their parents will not be feasible.
Some people will already have properties for themselves and their children to live in. Such people may want to buy a property as an investment. Property prices generally go up in the long run, and for this reason property is generally believed to be a good investment. So people with money to spare may buy a property and rent it out to cover their mortgage payments. With rising property prices, the value of their investment will rise too. Then when they wish to realize their investment, they can sell the property and have the cash. Many people do this to fund their retirement.
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