CHIC (PEARL)
It may seem like a long, uphill climb now, but I guarantee that nobody who bought their first home 10 years ago regrets the decision, no matter what they had to pay. That’s mainly due to the appreciation of the home’s value, but it’s also about the tax benefits. For one thing, you’re living in the home rent-free, and you’re not being taxed on income from renting the property. You can also deduct mortgage interest and property tax payments, as well as certain other expenses from your federal taxable income, as long as you take the time to itemize your deductions. Additionally, you can exclude capital gains you get from the eventual sale of the home – up to a limit, of course!