Nine Great Reasons to Buy a Home

by Lynette Chapman on September 29, 2009

1. Quality of life – a home provides stability and security for you and
your loved ones.
2. Pride of home ownership – it’s your personal haven.
3. Historically low interest rates – around 6.5 percent in the United
States.
4. Appreciation potential – your home investment can grow in value.
5. Equity buildup and debt pay down – homeowners enjoy an
average net worth of approximately $184,000 versus $4,000 for
renters.
6. Leverage – where else can you buy an investment of this magnitude
with 5–10 percent down?
7. Tax deduction advantages – property tax and mortgage interest
write-offs (in Canada, homeowners gain a tax benefit upon selling).
8. 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).
9. 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.