If you do not own a home, read these reason why owning a home has its advantages:
With housing, you either pay rent or a mortgage. Rents tend to always rise. With a fixed- rate mortgage, you know what your payments will be throughout the time period you have a loan.
Tax break benefits include deducting mortgage interest paid on the home, property taxes as well as some of the costs involved in purchasing the home. (Sometimes energy-efficient upgrades can be deducted, too.)
Real estate does have its cycles – sometimes up and sometimes down. Purchasing a home is a long-term investment and over the years of owning a home, it should appreciate in value.
When you rent, you help the landlord pay his or her mortgage off with your money. By owning a home, you build your own equity when you make payments. This equity can then be used to secure other future loans or to finance home improvements.
When you own a home, you can paint the walls, remodel, have pets – without getting permission from a landlord.
By living in your home long term, you establish roots in the community, which leads to enjoyment of your area and the people who also have chosen to live there.