Here are the great things about buying a house:
You can customize your home.
When you own your home, you can turn it into your ideal living space. Unlike renting, you have the freedom to renovate, remodel and even expand.
You may be able to stabilize your housing costs.
With a fixed-rate mortgage, your principal and interest payment will stay the same for the life of your mortgage. That means you’ll never have to worry about your landlord increasing your rent at the end of your lease. The only things that could change are taxes and homeowners insurance.
You can build equity in your home.
As you pay down your mortgage, you build equity in your home. In time, you may be able to use your equity through a Home Equity Loan for home improvements, pay down debt or put toward other financial goals.
Eventually, you'll own the house.
Once you have made all of the mortgage payments, you will own the house. The only payments you'll need to make are to pay your taxes and insurance. Renters will have to pay rent every month indefinitely.
A house may increase in value.
Depending on where your home is located, what kind of home you have and economic conditions, your home may become worth more than you paid for it.
Homeownership offers potential tax advantages.
You may be able to deduct mortgage interest and your local property taxes at tax time. That could save you a lot, especially in the early years of your mortgage, when your payments will be mostly interest. Renters don’t get this tax break. Consult your tax advisor about your personal situation.