Most people have the dream to own a home. A home is where we build our lifelong memories and express ourselves and it gives us security and a sense of achievement.  You can also gain by capital appreciation of your own home.

Benefits of owning your home:

• Home ownership has many possibilities for you as opportunity to invest in their communities.  It gives you the privilege of voting in the local elections, volunteer and to join professional organizations.  Living in the same community for long years has its own social benefits too.   
• A study by John Hopkins University has revealed that the stability of home owners augers well for their kids. The children of home owners are more likely to graduate and less likely to become teen mothers.
• Home owners are more likely to have gardens and also remain in their own homes longer than those who rent.  If you own your home you create more friendships and associations in the neighbourhood which means you have a lot of social support systems.  
• Some evidence also establishes that there are health benefits resulting from the happiness and self esteem if you own your home.  Homes are considered as safe and steady investments as they help in reducing debt and increase in asset value.   
• You can build equity in your home which is not possible if you are a renter.  The equity you build in your home can help you acquire a next home.  
• The home equity can also help you get a line of credit or for use in home improvement or for funding big budget plans.  Your monthly payments remain the same if you choose the fixed rate mortgage beating inflation.  This is a big advantage in these days of high price increases.
• You have the freedom to decorate your home as you wish and there are no hassles that are usually associated with renting such as sudden increase in rent, being asked to vacate at the most unexpected time.
• There are tax benefits also if you own your home.  You can deduct the interest that you pay on your home loan from your taxable income.  You can also avail tax benefits for repairing and this amount can be deducted from your capital gains tax.  The points paid on your home mortgage and any other real estate taxes you have paid are tax deductible.  
• Above all you have a place that you can call your own and for your family to enjoy the peace of mind that comes from living in your own home.

Because of the many long run benefits most people decide to buy their own homes at some point of their lives.  The benefits include personal, financial and social advantages that are good for you and your family.  The responsibilities that come with owning your own home is worth the many benefits that you can enjoy in the long run.  So it is a good to consider the idea of buying your own home when you are ready for it financially.