Friday, May 09, 2008
ALEXANDRIA - Based on the information given by a realtor in Greater Alexandria, the local real estate market is having a continuous steady growth in it's value. In the year 2006, the average cost of a residential home in Alexandria was about $161,290 and in the year 2007 the average cost of a home increased to $168,132. One of the greatest financial aspects of purchasing a house is the ability to leverage your money.
Leverage permits you to use a small down payment and financing to purchase a larger investment. For instance, if you bought a $150,000 home with 20 percent down, you leveraged the $30,000 down payment to get an asset worth 5 times that amount. The advantage of leverage really becomes apparent with appreciation or the rise in value of a property. If you take the same $150,000 and the property values in your area were to increase on an average of 3 percent a year, your house would then be worth almost $175,000 in 5 years.
posted by nisha
@ 12:42 AM
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