No rent. Financial Gain. As a renter, you never see your money again. Paying on your mortgage is different. Part of the money you pay each month pays the principal and interest on the loan, but part is going toward your ownership of the house. You are building equity. At the end of your loan term, you’ll have money invested in the home that someone would pay directly to you should you elect to sell your home.
Tax deductions. From a dollars and cents viewpoint, owning your own home makes good sense. When tax time rolls around, you have the benefit of deducting the interest paid on the mortgage throughout the year. If you have paid points, either discount or origination, you can deduct these as well. Probably the biggest advantage, though, is the fact that the principle you pay on the mortgage is like putting money in the bank, in the form of equity.
Peace and quiet. In many cases, your own home provides you with more privacy than rental living. Many individuals prefer a more quiet, peaceful living environment free from noisy neighbors. Others enjoy having the ability to garden and having a garage for their car. If you love growing your own tomatoes and having a clean car, then you should consider home ownership.
Freedom of choice. As a homeowner you have the ability to change anything about your home and make it exactly the way you want it. Tired of carpet? You may install hardwoods in your favorite finish. Owning your own home means you can do whatever you please to make your environment both personalized and, in the process, add value to the home. When you own a home, your options are endless. This benefit gives you more control over your living environment, allowing you to make adjustments as your family changes or just as your personal taste dictates.
Social benefits. Many homeowners seek communities that offer swim, tennis, fitness center and golf amenities. Often the community will require an annual home owner’s association fee. There are many social benefits associated — affordable activities for individual and family members, friendships within the community, and networking opportunities for individuals. Both condos and single family home residences offer many social benefits for homeowners.