We won't lie to you, home ownership can be frightening. It can also be confusing. Bubbles popping and inflating, interest rates changing, and mortgages are all more than enough to turn someone away from home ownership. Despite all of this though, we're here to reassure you that the benefits of owning your home far outweigh those of renting.
You can make valuable changes to your home: If you own your home, you can make structural and fundamental changes to your home, which can save you money and increase its value. For instance, you can add solar panels, greatly reducing your energy bill and increasing the value of your home, should you decide to sell. Renters cannot make these changes.
You can customize your home: Don't like where the windows are in your rental home? You're out of luck. But, if you own your home you have the freedom to make any change you want. Your home can take on your vision. Paint, flooring, your yard, lighting, you name it and you can make it yours when you own your home.
No more dealing with landlords: This one speaks for itself, right?
You can claim tax deductions: Homeowners get tax benefits! You can deduct your mortgage interest payments and "eligible expenses". If you make updates to your home, like installing solar panels for instance, you can claim those expenses as tax deductible.
Interest rates are low: Interest rates are as low as they'll ever be right now. Secure these low rates while you can now and save thousands of dollars over the life of your mortgage.
Capital Gains!: If you make improvements to your home and increase its value, that's known as "capital gains." Later, when you sell your home, you'll be thankful that you invested in it. When you're renting a home, you have no opportunity to see any return on your investment.