 TITLE: How to Build Wealth CONTENT: Consider Buying a House\n-----------------------\nHomeownership isn't right for everyone, but buying a home could be a potential path toward building wealth. If you choose to pursue it, there are first-time homebuyer programs available that can make buying your first home easier.\nWhile you'll need to pay for maintenance, repairs, insurance and property taxes, you may also be able to deduct some of your mortgage interest and property tax payments from your income and save money come tax time. You'll also be building equity (ownership) in your home when you pay monthly mortgage payment, rather than paying a landlord.\nThe big benefit comes when you sell your home after it increases in value. As long as the home was your primary residence for two out of the past five years, you won't have to pay federal income taxes on your first $250,000 of profit (or $500,000 if you're married and file a joint tax return). The exclusion applies to every home you sell, not just your first one. END