Why should I buy a home instead of renting?

Number 1, you will have a sense of personal satisfaction owning your own home. You will be able to create your own private space that is unique to you. When you own, you can do it all your way! Another benefit of owning is that you can deduct the cost of your mortgage loan interest from your Federal income taxes. In the beginning, interest will compose nearly all of your monthly payment, for over half the number of years you will be paying your mortgage. This can add up to BIG savings at the end of each year. You are also allowed to deduct the property taxes you pay as a homeowner. Another financial plus in owning a home is the possibility of the home increasing in value over time. If you rent, you write your monthly check and it is gone forever. At the end of your lease, you have nothing and face the possibility of increasing rental rates. Owning a home you can have a fixed payment for 15 or 30 years.