10 Reasons to buy a home in Illinois
- Quality of life – a home provides stability and security for you and your loved ones.
- Pride of home ownership – it’s your personal haven and you’re your own landlord.
- Historically low interest rates – around 5.5 percent in the U.S.
- Tax Credit – U.S. government provides a special $8,000 incentive for qualifying first-time buyers.
- Appreciation potential – your home investment can grow in value.
- Equity buildup and debt pay down – homeowners enjoy an average net worth of approximately $184,000 vs. $4,000 for renters.
- Leverage – where else can you buy an investment of this magnitude with 5-10 percent down?
- Tax deduction advantages – property tax and mortgage interest write-offs (in Canada, home owners gain a tax benefit upon selling).
- Tax exemption – up to $500,000 per couple or $250,000 per person on sale of a primary residence in the United States (no tax upon sale in Canada).
- The real cost of renting – at $800 per month, with the average 6 percent rental increase per year, you will pay $126,536 over a 10-year period but have zero ownership of the property.
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