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Building equity.
A renter’s monthly payments only benefit the landlord. Mortgage payments made by homeowners build equity for them. -
The home will be yours.
As a renter, you have a limited ability to personalize your living space. As an owner, you can have things just as you want. You can move the walls, build an extension or paint the walls any color you want. -
A measure of inflation protection.
Studies by Case-Shiller suggest that, over the long term, housing has beaten inflation by a couple of percentage points a year. -
It is forced savings.
Part of a mortgage payment goes towards the principle repayment. You’re paying yourself by building equity. As a forced monthly savings, it is a good discipline. -
Stable housing costs.
The curse of renting is the inevitable increase. With a fixed-rate mortgage, the payments are fixed for the life of the loan, a clear advantage over rental market fluctuations. -
Tax benefits.
Homeowners enjoy tax deductions on interest payments and property taxes. -
Controlling your destiny.
A renter is always at the mercy of the landlord. As a homeowner, the power is in your hands. -
You’ll get a better home.
It’s getting harder to find a good rental. If you want the best home, in the best neighborhood, you may be better off buying.
