There are several reasons that home ownership can offer advantages compared to renting:
1.-Wealth accumulation by PAYING DOWN debt in the form of mortgage payments - whereas rent pays a landlord.
2.-Your credit IMPROVES when you own a home.
3.-Over time your NET WORTH INCREASES allowing you
to establish a preferred status with your bank, and
therefore gives you the opportunity to make other
plans such as owning your own business.
4.-If you become unemployed the landlord still expects the rent payment whereas most lenders will work with you and perhaps add the MISSED PAYMENTS to your mortgage.
5.-Owning your home allows you to CHOOSE HOW TO LIVE, what colours, what decor, what other personal choices you prefer.
6.-If you decide not to live in your home, you can make the choice of selling and moving elsewhere, and over time you will have ACCUMULATED EQUITY to take with you.
7.-If you require short term loans, or lines of credit, or other revolving credit arrangements - home ownership will provide GREATER OPPORTUNITIES.
8.-The wealth achieved by owning your home is TAX FREE - as your principle residences is not a taxable gain.
9.-A program is available ONLY for homeowners that will provide job loss insurance to cover the mortgage payments while you look for work and get back on your feet.
10.-A mortgage payment can be LOCKED up for five years or longer allowing you to budget and forecast, whereas rents will continue to increase.