Jul
23
The entire lengthy process of buying a house may often scare you off so it is good to explore the reasons to buy a house before you come to any decision.
Here are some of the reasons for buying a house:
- The biggest reason why people yearn to own a house is to enjoy the pride of ownership. In your own house not only can you design it in accordance to your taste and choice but at the same time it proves to be a good future investment.
- Although real estate moves in cycles, sometimes up, sometimes down, over the years, real estate has consistently appreciated. Many people view their home investment as a hedge against inflation.
- Home ownership is a superb tax shelter and our tax rates favour homeowners.
- If you receive more profit than the allowable exclusion upon sale of your home, that profit will be considered a capital asset as long as you owned your home for more than one year. Capital assets receive preferential tax treatment.
- Consumers can borrow against a home's equity for a variety of reasons such as home improvement, college, medical or starting a new business. Equity loan interest is often much less and it is deductible.
What are yours?
Photo source dbking