Buying a home is the largest single investment most people ever make, and this also makes it one of the most important decisions they will face. Here is the Top 8 Reasons Why To Own Your Own Home:
Freedom and Privacy When you own your own home, you are not subject to the occasional inspections of the premises by the landlord. You can paint, decorate, or improve the property as you like.
Inflation Protection Your rent can keep going up, as do house prices. Once you purchase a home, you, not the landlord, reap the benefits of its appreciation in value. Historically, home prices will maintain value even in recessionary times, and increase in normal or good economies.
Tax Benefits Probably the single greatest Tax Shelter in Canada today is the Principle Residence. If you own your own home and live there the Capital Gain (profit) realized upon sale is yours to keep, not taxable.
Improvements Speaking of improvements, a renter gains nothing when he improves the house he lives in. A homeowner reaps a return on those improvements when the house is sold. Benefits of Being the “First Time” Buyer
Retirement Security Unlike rent, which goes on forever, a mortgage is paid off at some point in time. This can provide a “rent-free” retirement dwelling for you.
Environment and Lifestyle It is usually apparent whether a neighborhood is made up owners or renters. Homeowners have a financial stake in their neighborhood, and consequently take better care of their property. This, in turn, helps your property continue to increase in value.
“Trading Up” In today’s real estate market place, not everyone can afford their ideal home as their first purchase. By purchasing any home and gaining by its appreciation and any improvements made, many people are able to sell their first house and “trade up” to that ideal home of their dreams.
Investment or Income Property A second home can be an excellent tax deduction and investment. Interest on a second home is tax deductible, and you will be able to gain profits and tax benefits from renters.
Scott Leaf
Keller Williams Results Realty
Maple Ridge Real Estate
Comments(0)