THE BENEFITS OF HOME OWNERSHIP
No more rent increases!
When you own your home you don't have to answer to a landlord and however much they want to raise the rent. Now you have a fixed home loan payment (assuming you didn't do an ARM - Adjustable Rate Mortgage) for however long you did your loan. Most people select a 30 year mortgage. Imagine that, 30 years of no rent increases, and at the end of that 30 years you have a paid off house!
With every payment you make you build equity in your home. What is equity? Equity is the difference between what your home is worth and what you owe on it. Every time you make a payment your loan balance goes down.
IT'S YOUR HOUSE
When it's your home and not a rental you don't have to ask when you want to paint a room, or build a patio, or switch to hardwood floors. When it's your home it's your home everything you do could be a potential investment in the value of your home.
Home ownership carries potential tax benefits through interest and mortgage insurance deductions. You'll definitely want to discuss the specifics of your tax returns and the impact of a home with your preferred tax professional.