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Buying A Home - 4 Different Reasons 1. Appreciation The first reason to buy a property is the ability to participate in the increasing value of your home. When you rent, you don’t have the ability to participate in the increase in value of the property you are renting. 2. Interest payment deduction For many people there is also the tax deduction that comes from their interest payments. This can lead to significant tax savings. Check with your tax adviser on this. 3. Tax free selling Selling your home can also have tax benefits. There may be exemptions from $250,000 to $500,000 in capital gains for your primary residence. This can also lead to significant tax savings. Check with your tax adviser on this. 4. Personal quality of life Owning your own property can give you peace of mind and the pride of ownership. Risks There are also risks to owning your own property. The value of the property may decline. You are responsible for the maintenance and upkeep of your property and property taxes. Additional articles to see if a house is right for you include: |