Plain and simple, owning a home can improve your quality of life, provide stability and give you a sense of control you just can't get from renting. You have a place to live when you rent, but buying is something much deeper – and better.
- The intangibles are tough to measure, but there are other benefits you can quantify:
Your monthly mortgage payment creates equity for you, not your landlord.
Fixed monthly housing payment:
If you opt for a fixed-rate mortgage, the monthly rate of your mortgage won't change for the length of the term.
- Tax-free gain:
When it's time to sell your home, you don’t pay taxes on the proceeds of the sale that are above what you paid (with some restrictions – see information on capital gains).