Advantages of Buying home
Buying a house has its positive and negative aspects and so before deciding whether to go ahead and purchase that home, look at the pros and cons in conjunction with your situation and decision will be appropriate for you.
Advantages of buying
Build Equity. As you are making your mortgage payment, you're building equity. Equity is the portion of the property that you actually own through your payments, versus the portion that you still owe the mortgage lender. The longer you stay in your home and the more mortgage payment you make, the more equity you'll have. This may assist you in using your equity in purchasing another property or another useful investment.
Appreciation of housing value. Over time housing prices gradually increase although this may fluctuate, in general housing prices consistently over a long period go up.
Stability and Freedom. By owning your own home you can decorate and renovate your home whichever way you like. Also staying in a common location for a number of years will provide a stable environment for children growing up.
Financial Credibility. Owning your own home helps you establish financial credibility with banking institutions which can help if you intend to finance in the future.
Independence. Provides you with independence and privacy from landlords with inspections of your home. Landlord limitations on pets, renovations etc will not longer apply.
Pride. A house is only a building while a home is when people living within its walls. Owning your own home provides owners with the sense of pride and satisfaction knowing that they created, renovated and enjoyed times within their home.