Got a million dollars? Buy a house
There’s usually a positive side to everything, even the housing slump. And if you have a million-plus dollars to spend? There’s a big positive.
A story in BusinessWeek by Prashant Gopal, which you can read here, says that the housing slump, and the lowered real estate prices it has brought, make this the ideal time to buy a house worth $1 million or more.
The reason? That million dollars buys a lot more house these days.
The story explains that people buying homes that cost a million dollars or more generally have good credit, good (of course) jobs and don’t worry about making their monthly mortgage payments. They are taking advantage of low interest rates and falling housing prices to get even more luxurious homes than they would have been able to purchase two years ago during the residential real estate boom.
So, if you happen to be a millionaire, what are you waiting for? Buy a house.
Your real estate agent will thank you.
Tags: BusinessWeek, million-dollar homesRelated Stories
POSTED IN: Buying a Property, Educational Tools, Insights and Commentaries, Mortgage, People Who Made it Big in Real Estate, Real Life Stories, Road to Profits
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