1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, property taxes you pay, and some of the costs involved in buying your home.
2. Gains. Between 1998 and 2002, national home prices increased at an average of 5.4 percent annually. And while there’s no guarantee of appreciation, a 2001 study by the NATIONAL ASSOCIATION OF REALTORS found that a typical homeowner has approximately $50,000 of unrealized gain in a home.
3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home. Owning a property can always help you with financial freedom.
4. Savings. Building equity in your home is a ready-made savings plan. It is also a great investment, that is, when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.
5. Predictability. Unlike rent, your mortgage payments don’t go up over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will rise.
6. Freedom. The home is yours. You can décor the place and invest in the appliances you like. If you happen to follow the green living, you can propane fuel your appliances with the help of a company like Nelson Propane Gas (one of the companies that do Texas tank installations). You have the freedom to change the curb or roofing style, and change it to your taste.
7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity. Moving from one house to the next will not help your children to form trusting relationships. A stable home and stable school can only help your kids feel safe and succeed in life.