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Reasons to Buy a House
- Quality of life - a home provides stability and security for you and your loved ones.
- Pride of home ownership - it's your personal haven.
- Appreciation potential - your home investment can grow in value
- Equity buildup and debt pay down - homeowners enjoy an average net worth of approximately $184,000 versus $4,000 for renters.
- Leverage - where else can you buy an investment of this magnitude with 5-10 percent down?
- Tax deduction advantages - property tax and mortgage interest write-offs ( in Canada, homeowners gain a tax benefit upon selling).
- Tax exemption - up to $500,000 per couple or $250,000 per person upon the sale of a primary residence in the United States (no tax upon sale in Canada).
- The real cost of renting - at $800 per month, with the average 6 percent rental increase per year, you will pay $126,536 over a 10 year period but have zero ownership of the property.