People chose to own homes for many ’emotional’ reasons. However, there are several very practical reasons to buy as well.
- Tax Benefits
- Appreciation on an ‘asset’
- Equity or ‘cash value of your ownership’ in the home
- Savings that you can get when you sell
- Predictability in costs and payments, unlike rent
- Freedom to do as you like to the home (watch those HOAs)
- Stability in your community, you tend to live there longer than rentals