Homeownership has its benefits. Going through the process can be a little stressful but, in the end, you will marvel at your accomplishment. The joy of placing your key into the lock and opening the door to your home is one of life’s most special moments.

Not everyone will have the opportunity to buy a house for various reasons. Most often it is the inability to qualify for a loan due to bad credit or debt-to-income ratio. Another reason is insufficient savings for the down payment and closing costs.

The benefits of owning a home are both personal and financial.

When the chance comes to buy a house, we suggest you go for it. It is better to have given homeownership a try, than not to have had the experience.

Keep reading for five benefits that come with buying versus renting.

The Benefits of Owning a Home Depend on the Owner

Taking out a mortgage to buy a home is one of the biggest and most important purchases you’ll ever make. With it comes a lot of responsibility. On the flip side, there are advantages of buying a home.

These are the most notable ones.

1. Tax Breaks

Depending on your income bracket, owning a home could mean tax breaks on your income taxes. Not only can you claim the interest paid but also property taxes, mortgage insurance, and homeowner’s insurance.

2. You Can Build Equity

With every monthly mortgage payment, you’re building equity in your home. The equity can be used down the line if you need money to send the kids to college or to pay for major repairs.

3. It Can be Remodeled

Unlike rental properties, the benefit of owning your home is the freedom to decorate and remodel whenever you like. If you need extra room, you can add on. If you want a swimming pool, you can have one installed.

Remodeling can also increase the home’s resale value.

4. There Are No Increases

When you’re a renter, chances are each year your lease renews, you’ll face a monthly increase. When you purchase a home the mortgage payment remains the same until you refinance the home. Even then you could end up with a smaller monthly payment.

As a renter of a house, there is also the possibility the owner will decide to sell the property. In this instance, you’re out of luck and may have to move.

5. One Day You Can Own It

Whether it’s 15 years or 30 years, if you really love your home and remain in good financial standing, you will one day own your home. In the event, you decide to sell, with enough equity you can walk away with enough money to upgrade to a new home.

Is It Time to Buy?

Knowing some of the benefits of owning a home should have you thinking about buying your own. It’s definitely worth looking into.

Did you enjoy this article? Keep checking back for more useful tips on the benefits of homeownership and the process to get there.