There are many advantages to owning a home, including:
A feeling of security that comes from owning a home and the knowledge that your home is a safeguard against inflation.
Payments on your mortgage loan mean you are acquiring a major possession. Paying rent means you will have a place to live but never own that property. When owning, the permanent improvements you make like planting a garden - all enhance your way of living as well as the value of your home.
Your real estate taxes and the interest on your mortgage are deductible from your income tax. When you rent, there are no tax advantages.
Most people start on the road to financial independence through home ownership. Your principal and interest payments remain the same for the full term of your mortgage - predictable monthly payments add security. In contrast, while your rent usually goes up as the cost of living increases.
When purchasing a home, you become a part of the community of your choice. Home ownership offers special advantages that make life more enjoyable - backyard barbecues, large family gatherings during holidays, a home workshop, a chance to enjoy your family's companionship in the privacy of your own home.
When you own a home, it is better than a savings account, because your home can appreciate to keep pace with inflation. You have an option to obtain an equity line of credit.
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