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Nov 03

Ten Reasons to Buy Your Home

thumbnail-2-1024x794Still wondering if it’s wise to buy your own home? 

  1. Quality of life – a home provides stability and security for you and your loved ones, and membership within a community of neighbors.
  2. Pride of home ownership – a home is a personal haven, a place that you can decorate, shape, and share over time because it’s yours.
  3. Excellent affordability – lower home prices combined with low interest rates means there are tremendous opportunities for buyers.
  4. Historically low interest rates – rates below 5 percent in the U.S. gives you more purchasing power… typically you can afford a more expensive home with lower interest rates.
  5. Appreciation potential – your home investment can grow in value.
  6. Equity buildup and debt pay down – homeowners enjoy an average net worth of approximately $184,000 vs. $4,000 for renters.
  7. Leverage – where else can you buy an investment of this magnitude with 5-10 percent down?
  8. Tax deduction advantages – property tax and mortgage interest write-offs (in Canada, home owners gain a tax benefit upon selling).
  9. Tax exemption – up to $500,000 per married couple or $250,000 per person on sale of a primary residence in the United States (no tax upon sale in Canada).
  10. The real cost of renting – at $800 per month, with an average of 6 percent rental increase per year, you will pay $126,536 over a 10-year period but have zero ownership of the property.

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