1. It will be Yours and Yours Alone

The freedom of owning your own home cannot begin to compare with the restrictions that renter’s experience.  You can paint the walls the color you like, hammer a nail without the hassles from a landlord.

2. Lifestyle

Homeowners are a different breed.  When you live in a neighborhood that is owner occupied, your neighbors, like you, are more willing to invest their time, money, and effort to improve their property value and community.

3. Equity Buildup

Rental payments are gone once you have made them. But with each mortgage payment, you are “buying” something tangible, you are building equity. The longer you own your home, the larger the equity. At any time you can refinance to "withdraw" your cash equity.

4. Keep Up with Inflation

A home is an investment that helps you keep up with inflation. Although not all homes appreciate at the same rate and some years are better than others, real estate has historically kept pace with and usually appreciated faster than the rate of inflation.

5. Income Tax Benefits

All interest paid on a mortgage is deductible for income tax purposes. Remember too, that property taxes and closing points are deductible, and that special tax deductions such as the Homestead Exemption and Energy Credits are also available to homeowners.

6. Payback on Improvements

A renter who makes property improvements does not receive financial benefits from them if they relocate. As a homeowner, you can realize some or all of the costs of improvements when you sell your home.

7. Trade-Up Value

Even if your first home is not your “dream home,” you are working your way up to it. With appreciation and some improvements, it may provide you with enough equity to make a down payment on your “Dream Home” later.

8. Future Security

Unlike rent, which goes on forever, mortgage payments are temporary, providing you with “rent free” living for your retirement. In addition, a mortgage payment with a fixed interest rate will  remain constant over the course of the note.  Rental prices typically increase 3-10% per year in many areas.

9. Investment Property

For some, investments in single-family homes are proving to be good tax shelters. You can realize profits and tax benefits from having renters who do not know the benefits of owning a home or investment property.

10. Don’t let the Mortgage Interest Rate Fool You  

You pay much less in interest than the mortgage rate of your loan, because the interest you pay becomes tax deductible.  Also deductible are many costs associated with closing your loan.