Why rent when you can own. Top 5 Reasons
- Build equity and wealth. A portion of every mortgage payment goes toward building equity—the difference between your home's value and what you owe. Over time, as you pay down your loan and your property potentially appreciates, your equity and net worth can grow significantly.
- Create a stable financial plan. A fixed-rate mortgage ensures that your principal and interest payments remain consistent over the life of the loan. This provides predictable housing costs, unlike rent, which can increase annually and unpredictably.
- Enjoy the freedom to customize. As the owner, you have complete control over your space. You can decorate, renovate, and make improvements to fit your taste and lifestyle without needing a landlord's permission.
- Experience pride of ownership. For many, homeownership is a major milestone and a source of personal satisfaction. The sense of achievement and the freedom to care for and improve your own property is a uniquely rewarding feeling.
- Become more connected to your community. Homeowners tend to be more civically engaged and rooted in their neighborhoods. They are more likely to participate in local activities and invest in improving their community.