1. Predictable payments
A landlord can raise your rent whenever a lease expires—and often by as much as he pleases. But as a homeowner, you can lock in a predictable mortgage payment for as long as 30 years.2. AppreciationOwning a house provides you with a valuable asset and financial stability, by purchasing a home, you’ll have an asset that, in many cases, will appreciate in value over time. This makes your home one of the best investments you can make and a way to establish a financial foundation for future generations (aka your kids).3. Tax benefitsThe many expenses of owning a home—like property taxes and accounting costs—are tax-deductible. The largest deduction is generally the interest you pay on your mortgage.
4. It’s cheaper
Sure, there’s the upfront cost of the down payment and closing. After that, the monthly outlay of owning a home is much less than paying rent in the majority of markets in the U.S. plus, mortgage rates are currently low, making it an economically wise choice to purchase a home sooner than later.
5. Community tiesOwning a house you plan to stay in for a while also allows you to have an impact on your community with your taxes benefiting local infrastructure, schools, and organizations. You’ll also have a voice—if you wish—in how things are run in your area.
6. It’s yours!This may seem fairly obvious, but it’s worth emphasizing: With a rental, you run the risk of getting kicked out at the end of your lease. With a home, you can live there indefinitely. And isn’t there something comforting in knowing there’s a place where you’ll always have a roof over your head?