While not everyone can afford to buy a home, there are many advantages to owning the place you call home, even if you have to take a mortgage on it. Here are just a few:
Freedom. You have peace of mind knowing the place belongs to you, as well as pride of achievement. You can do a lot with your property and make various improvements to raise its value.
Stability. When you take out a mortgage, you know it is for a good cause and this is an incentive for you to work even harder to meet your obligations. There is also no landlord to change the rules and you don’t need to worry about being kicked out at a moment’s notice.
Equity. As you make your mortgage payments, and the property’s value increases, you build equity, which is the difference between what you own on your house and what you could sell it for. In other words, it’s how much value you have stored in your home, which is a smart way of increasing your net worth.