Becoming a home owner is a huge milestone for many people, and as such is often viewed as part of the “American Dream.” Navigating the world of mortgages, housing markets and other additional costs such as HOA fees, insurance and repairs can be overwhelming, especially for a first-time homebuyer.

You may be going back in forth as to why you should buy a home or not, and we’re here to help you figure out what may be best for you and your situation.

It’s no surprise that costs of living are going up. Whether you’ve been renting your whole adult life or are interested in investing in other properties as a source of income, everything is getting more expensive, and that trend is projected to continue as inflation rises. Don’t let this scare you off though, as currently mortgage rates are historically low.

1. Security. A top reason that people buy over renting is the security that provides them and their families. When you are renting, you are subjected to whatever the landlord wishes, and if they decide to sell, increase rent or not renew your lease, there isn’t much you can do about it. When you buy a home, you don’t have to worry about any of those happening, as the home is yours.

2. Predictable Home Payments. As a renter, your landlord can ask for more rent each year when you go to renew your lease. That can cause inconsistencies in your budget and may have you worried in future months when rent did due. As a homeowner with a fixed mortgage rate, your home payments will never change, creating more peace of mind for you.

3. The ability to do as you wish to your home in terms of decorating, landscaping or renovating. This is another huge benefit for many people when they consider buying over renting. Having the ability to make your home a sanctuary and do as you wish to personalize it is something a renter usually can’t do without approval.

4. Subletting. Many people use their homes as a passive source of income, especially if it’s a vacation or 2nd home. Even if it’s your only home, and you have the ability to open up a room to rent out as needed, you can make a little extra money on the side to help pay down your mortgage.

5. Tax breaks. We won’t go into too much detail here as this can be a complicated subject, but being a homeowner can give you the ability to deduct certain things, such as energy efficiency, mortgage interest payments and more from your taxes so more money stays in your pocket.

6. Owning is an investment in yourself and your future. When you pay rent, you are more likely to be throwing money away that could be going to something real and tangible in the future. Sure, you don’t have to pay for home repairs as a renter, but the benefits of buying outweigh the risks for most people when considering homeownership. As a homeowner, you build equity with your mortgage payments and add to your home’s value for the future. If worse comes to worst, you can tap into that equity in the future for emergencies and home repairs. Homeownership is also a legacy, and by doing so you can ensure future generations will have money or assets when you pass away.

7. Payments eventually stop. As a renter, you are stuck in a perpetual cycle of paying rent, forever. With home ownership, you will eventually own that home and payments will stop since you will have paid it off over the years. Not only is this good for your wallet, but it also is one less thing to worry about when you retire and may be living on a fixed income with little to spare for rent payments that never end.

 To learn more about some of the benefits of buying a home over renting one, click here. For pros and cons of buying over renting, click here.