Other Benefits

They may not be as dramatic as money in the form of tax savings....but the other benefits aren't things to sneeze at either. For example:

Your Own Castle Keep

Being King or Queen of your castle is worth something.

Nothing beats putting your feet up and thinking, "I own this place." You can't put a price on the feelings of satisfaction and permanence that come from owning your own home. It comes from things like the freedom of being able to remodel to suit the needs or your growing family or tastes; or gardening and barbecuing on the new deck; even from watching the kids play in the yard or chatting with a neighbor over the fence. The biggest benefits are putting down roots in the community. None of these benefits are fully available to you when you rent.

Equity, Equity, Equity

If you don't like saving....equity may help.

Paying your mortgage is a type of savings plan, which over time will accumulate into what lenders call "equity," the financial ownership interest in your home.

You can reinvest your equity by borrowing against it and obtaining a home equity loan or second mortgage.

That puts your money to work for anything from remodeling to investments to paying for your child's college education.

Loving Appreciation

Your home may appreciate while you live there.

Homes typically appreciate, or increase in value over time, resulting in a significant return on your investment if you're willing to own and maintain your property for a number of years.

Unfortunately, Good News Is Not the Whole Picture

There are some downsides to owning a home that we would be remiss in not telling you. Move on to see if they are big enough reasons to stay put in your rented residence.

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