Why Buy a Home

Aside from the availability of low mortgage rates, there are many strong arguments in favor of homeownership. Here are a few of the benefits you'll enjoy upon becoming a homeowner.

• Appreciation in value. One of the best reasons to consider homeownership is that it is possibly one of the most lucrative investments you'll ever make. Real estate has consistently appreciated in value in the United States for over three decades now. Especially if you find low mortgage rates, you will realize a substantial return on your investment.
• Freedom of ownership. When you own a home, you can renovate, decorate, landscape, and even add on however you please. You can also play your music a little louder and not have to worry about noisy upstairs neighbors stomping around in the middle of the night. Homeownership generally gives you a sense of pride and a lot more freedom.
• Tax-deductible mortgage interest. If your mortgage balance is smaller than the price of your home, then the interest on your low mortgage rates is tax deductible. Considering that interest represents the largest component of your payment, this is good news.
• Deductions on property taxes. Though you should consult your tax advisor for specific guidance, most property taxes are fully deductible on your income taxes.
• Exclusion from capital gains tax. If you lived in your home for at least two of the past five years, you can exclude $250,000 for an individual or $500,000 for a married couple of selling profit from capital gains tax. This means you could sell your home as a married couple and pocket up to $500,000 of the profits, tax-free. You don't have to move up or buy a replacement house to qualify, either.
• Equity loans. As you begin to build equity in your home, you will have a valuable source of cash for major expenses. You can take out loans against the equity you have built in your home to pay for college tuition, supplement retirement income, or cover the cost of major repairs or renovations to your home. Unlike with credit cards or other loans, you will also be able to deduct the interest on equity loans on your income taxes.

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