You can customize your space
Whether you need to knock down a wall to make a larger master bedroom or redo the bathroom to reflect your Art-Decoration tastes, owning the space you live in means you have the freedom to do so without worrying about landlord’s opinion.
Home ownership allows you to build a second income stream
From taking in a renter in a boys quarters to renting out Flats, homeowners are increasingly finding ways to monetize their homes.
No landlord can kick you out
Renters can face an unexpected eviction notice if their landlord suddenly decides to sell the home, rent to someone else, or otherwise end the lease.
A Mortgage Is Like a Forced Savings Plan
Paying that mortgage every month and reducing the amount of your principal is like a forced savings plan. Each month you are building up more valuable equity in your home. In a sense, you are being forced to save, that is a good thing.
Long Term, Buying Is Cheaper than Renting
In the first few years, it may be cheaper to rent. But over time, as the interest portion of your mortgage payment decreases, the interest that you pay will eventually be lower than the rent you would have been paying. But more importantly, property value appreciates, considerably you are not throwing away all that money on rent