Buying a house is a big decision, so it’s only natural to give the idea a lot of thought before making a final commitment. Here are some of the biggest reasons why homeowners love owning their own home.

1. Pride of ownership

One reason people choose to purchase their own home has nothing to do with money. It’s all about making your home truly yours. From changing paint colors to updating the kitchen to swapping out light fixtures, planting the garden of your dreams, setting up a backyard barbecue or building a basketball court, when you own your home the possibilities are endless. Owning your own home is a chance to build a legacy for your family, and a place for memories to blossom and grow.

2. Stability and security

Home ownership provides long term stability and the security in knowing how much your mortgage payment will be for years to come, especially if you choose a fixed rate loan.

3. Appreciation

While housing prices tend to move in cycles, it’s still a pretty good bet that if you stay in your home for a while that the value of the property will increase over time.

4. Build equity with every payment

Every month a portion of your mortgage payment goes towards paying down the principal on your loan. When you own your home, this is essentially putting money back into your own pocket.

5. Tax deductions

Mortgage interest and property tax payments can provide significant write-offs to lower your overall tax burden.

6. Capital gains exclusion

Home ownership offers the opportunity for another large tax savings should your house appreciate significantly between the date of purchase and the time you’re ready to sell. An individual can earn up to $250,000 in capital gains tax free on their primary residence. The exclusion for a married couple is $500,000. More good news. Even when the capital gains on the sale of your home exceeds your exclusion, the additional earnings are given preferential tax treatment, with most homeowners paying a significantly lower tax rate on these earnings compared to their income.

7. Access to additional lending options

As you build equity in your home, you open up the possibility of accessing that equity for other needs. Whether it’s paying for your kids’ college, renovating the kitchen, purchasing a second investment home, or taking your dream vacation, home equity loans or a line of credit can add additional financial flexibility to your world.

8. Get exactly what you want

In most housing markets, the variety of homes available for sale is much broader than homes you can rent. Purchasing a home makes it easier to get the right layout, in the right location, with the perfect-sized yard and the ideal amount of living space. Buying a house isn’t only about the investment, it’s also about achieving the lifestyle you really want.

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