Why Buy A Home

12 Reasons To Buy A Home

Getting a home loan can be a very difficult process. You have to submit mounds of information and then allow someone to scrutinize every aspect of your financial life. Sometimes, you might ask yourself if it is really worth it. Well, it really is and here is why.

Home Appreciation

The greatest reason to own a home is that it is going to appreciate in value. Very few homes lose money although some do. A traditional home is going to gain value though. Riskier property such as mobile homes will probably not fair as well but a brick and mortar home is going to make you money 99 out of 100 times.

So if it is between throwing money away in rent and investing in an asset that will gain value, it is a no brainer. buy a home and start making money.


If you rent, you are never truly independent. Your landlord owns your home and can do with their property as they wish. To truly control your own destiny, you need to own your home so that you are in control. A landlord can always decide to up and sell their property, leaving you on the street, at the end of your lease of course. They could also, default on their note allowing the bank to foreclose on the property, even if you are current on rent. Buy a home and be in control of your own future.


Owning a home can give you a great sense of stability. You will know that you will be living there as long as you like. With a rental, you never know when rent is going to go up or if a landlord decides to sell and non renew you. If you have children this is very important because of school districts. You want to be sure that your child stays in the same school district and within the same school boundary. It can be an awful experience for a child to have to constantly change schools.


For many, saving money can be difficult. A home is a forced savings account because you build equity that you can not easily access. Even better, when you eventually sell the home, most, if not all of the proceeds will be tax free.

Currently, you can exclude $250,000 of the profits of a home from taxes. $500,000 if you are a married couple. To qualify for this tax savings, you merely have to have used your home as a primary residence for 2 of the last 5 years.

Cheaper Than Rent

In the very beginning, buying a home may be a bit more expensive than renting. The price of your mortgage payment however will stay the same, for the most part. Rent on the other hand will continue to go up. Eventually, your mortgage payment will be less than what others are paying in rent. This can happen is as little as a couple of years the way homes are appreciating these days.

It is very common to see people who are paying 500 dollars or more less than a renter in the same neighborhood. Plus they own their home and are earning equity, so think about the future as well as the now.

Do With Your Home As You Wish

When you own a home, you can do with it as you wish. No need to get a landlords approval to paint a room or plant a tree. It is your home and you can do what you like, when you like. Feel free to express yourself as you see fit and make your home exactly what you like.

You Can Get A Dog

Or a cat. When you own your home, you can get a pet without approval and without paying a pricey deposit.

Get A Line Of Credit

Once you have built up some equity in your home, you can get  a low interest line of credit. Use the money when you need it to do upgrades, go on trips or whatever you like. Once you have the credit, you can use it whenever you like, it is a revolving line of credit. Even better, the interest may be tax deductible.

A line of credit is a huge asset. Can’t afford to take that 2000 dollar cruise? Simply use the equity in your home to pay for the trip and pay it back at low interest.

Choose Where You Want To Live

When you buy a home, you can pick where you want to live much easier. Sure, you are limited a bit by your budget but you can buy in pretty much any city or suburb near you. This will improve both your social and work life.

When you rent a home, you are limited to where the rentals are. There may not be anything available in the city you would like to live.

Get The Type Of Home You Want

If you rent, you are very limited on floor plans. You have to take what is available. When you buy on the other hand, you can choose the type and size of home that works best for you. This could be a one bedroom condo with a view or a 4 bedroom home on a quarter acre lot. The choice is yours.

Pride Of Ownership

There is nothing like the pride of home ownership. It makes you feel good about yourself and it is nice to have something to take care of. Home ownership is the cornerstone of the American Dream. Having a home that you own makes you feel like you are successful and stable.

Tax Benefits

You may benefit from tax savings by deducting mortgage interest. This may save you money on the federal and state level.