Thursday, 11 May 2017

4 Reasons to Buy A House Today!

Home ownership will always be a part of the Canadian Dream. Owning your own house has countless advantages(educational, health, social) that far eclipse any economic impact. However, we want to look at some key economic advantages of home ownership in today’s post.Check out these 4 Reasons to Buy A House Today!

1. Buying is Cheaper Than Renting

The results of the latest Rent vs. Buy Report show that home ownership remains more affordable than renting with a traditional 25-year fixed rate mortgage in the largest cities in the Canada. Check out this article on rent vs buying here https://andrewweaver.ca/rent-vs-buying/

2. Being a Home owner "encourages" You to Save

According to SavingAdvice.com, home ownership is a great way to save. Their advice is quite simple:
“Home ownership is a “forced” savings account because you own the home, you have no choice – that monthly housing cost has got to be paid no matter what…Home ownership can be an outstanding way to force yourself to be more frugal in the rest of your spending so that you can save and build equity in your home.”

3. Tax Deductions and Home Ownership

According to the Tax Policy Center’s Briefing Book -“A citizen's guide to the fascinating (though often complex) elements of the federal Tax System” - there are several tax advantages to home ownership. Here are three:
  1. Homeowners who itemize deductions may reduce their taxable income by deducting any interest paid on a home mortgage.
  2. Homeowners who itemize deductions may also reduce their taxable income by deducting property taxes they pay on their homes.
  3. Taxpayers who sell assets must generally pay capital gains tax on any profits made on the sale.

4. Economists Predict House Price Appreciation to Continue

Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts, and investment & market strategists about where they believe prices are headed over the next five years. They then average the projections of all 100+ experts into a single number.
Over the next five years, home prices are expected to appreciate 3.22% per year on average and to grow by 17.3% cumulatively, according to Pulsenomics’ most recent Home Price Expectation Survey.

Conclusion

Some are afraid that house values may have already peaked. Nonetheless, we believe that purchasing a house now will prove to be a sound financial decision for years to come. As Warren Buffet said, “When others are greedy, be fearful. When others are fearful, be greedy.”


Andrew Weaver
REALTOR®
"Your source for Wasaga Beach and surrounding area real estate."
705-331-2374
andrewweaver.ca


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