Reasons To Buy
Reasons To Buy
Deciding on whether to buy property or not is one of the hardest decisions you will ever have to make. There are some pros and cons involves in purchasing a house and multiple factors for you to consider in detail. When you ask others for advice related to the acquisition of property, some people will put forward a long list of plus points of making a purchase, while others will present an equally extensive list of the disadvantages.
However, from investment and real estate experts’ point of view, the benefits of purchasing property overweight the drawbacks. Here a number of reasons why making a purchase just might be the best thing that you ever decide to do:
DEDUCTION IN PROPERTY TAXES:
After the purchase of property, the taxes imposed will also be deductible while paying towards the mortgage. Thus, you wouldn’t have to worry about paying a large amount of government taxes and facing a financial burden.
OMISSION OF CAPITAL GAIN:
If you have lived in your purchased house for a very short time, you would be able to omit up to five hundred thousand dollars of the profit you make from the capital gain once you sell the house.
BUILDING EQUITY:
While paying your mortgage or loan, you will also be building equity. Equity is the amount of the mortgaged property that you own. Thus, when you pay off the mortgage and interest the result is an increase in your investment which you can use for attaining a second mortgage or purchasing a second house.
FREEDOM OF CHOICE:
Once you own property, you have the freedom of doing whatever you please. While you are renting a property, you answer to the owner, but when you own your own home you can make changes when and how you desire. The above reasons prove why buying or purchasing property is a wise and safe decision to make.
