Asking yourself if you should buy or not? Still not absolutely convinced that you are ready for the big commitment of ownership? here are ten reasons that can probably make you re-think your position and become one of the fortunate people able to take advantage of this market.
This article is courtesy of my broker: KELLER WILLIAMS SIGNATURE PARTNERS
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 – around 5 percent in the U.S. gives better purchasing power to those who qualify.
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 3.5-10 percent down?
8.Tax deduction advantages – property tax and mortgage interest write-offs .
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 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.