Benefits of buying a house

There’s a lot to consider when it comes to buying a home—both financial and non-financial. It certainly isn’t cheap and could leave you in a bad spot if you need to pick up and go. But if you know you can stay in a home for at least 5 years and want to put down roots in a community, the long-term financial rewards of buying can really add up.

Over time you will build equity - assuming that you include principal in your payments on your mortgage as opposed to making interest-only payments. If the house appreciates in value you build equity faster. (Contrary, if home values are falling, they wipe out a part of your equity.)

Buying is usually cheaper in the long run. In the first few years renting may be cheaper but over time the interest part of your payment should be lower than comparable rent.
As an owner you can modify the house to make it fit your taste and needs. No need to ask for permission to paint the childrens' rooms in blue or pink. And even if your landlord would give you permission to install a new kitchen or bigger bath tub, would you want to invest in his property?

Sense Of Pride And Community – One thing that you receive from owning a home instead of renting is a pride in ownership. There is something special about homeownership. There is a sense of pride that you receive when you own your own home. There is also a sense of community that is one of the benefits of buying a house. Homeowners more than renters tend to be involved with their neighborhoods, know their neighbors, serve on boards or committees to help the neighborhood, and are involved in what is going on in your.

There can be tax advantages to home ownership. Tax benefits depends on the country you live in.

When you rent, you are normally limited on what you can do to improve your home. You have to get permission to make certain types of improvements. Nor does it make sense to spend thousands of dollars painting, putting in carpet, tile or window coverings when the main person who benefits is the landlord and not you. When you own a home, however, you can do pretty much whatever you want. You get the benefits of any improvements you make, plus you get to live in an environment you have created.