Homeownership is the absolute dream for most of us. It’s a huge move and investment that is significantly yours and for that time to come to you is a monumental responsibility, but a very much welcome one. Who doesn’t want to own a property in their lifetime?

Sealing the deal and to go through the final process of purchasing your first home can be terrifying and can make you rethink what you’re putting yourself into. Don’t worry. This daunting feeling mixed with excitement will pass, and when you know in your heart that buying a home is what’s best for you and for your future, you’ll realize that all is well and not only will it provide you a house to call your own but also financial stability in the long run.

If you’re already considering or in the process of buying a house, here are five advantages of homeownership that will convince you to push through with your decision of investing in a property.

Buying a home is an investment

Buying a house costs a lot of money and will take you years to cover for your mortgage. But let it be known that a home purchase appreciates as years pass by. Naturally, as you consistently pay your monthly mortgage, your loan debt decreases while your home’s value increases. This is where equity comes in the picture.

Cheaper than renting

Hear us out. Obviously, buying a home comes with a lot of costs upfront: down payment, homeowners insurance, and the works. Renting could be a cheaper choice but think about it: just add a little to your rental fee and you could have been paying a monthly mortgage. If you think long-term, owning is more affordable and worth every penny than renting.

Tax benefits

Who knew that owning a home provides tax advantages? Yes, homeowners qualify for and receive tax deductions. We guess tax season got a little exciting now, right?

Tax deductions can come from different factors, a few of which can range from insurance payments and/or home improvement expenses. If you want to know more about tax deductions especially if you’re a first-time homebuyer, get in touch with a tax professional as they will help break down these potential deductions to you and guide you on how to claim them.

Gain equity

Paying your mortgage without fail monthly means you’re a few months close to actually owning your house. This becomes your asset and this is where homeownership outweighs renting—paying your monthly rent does not gain you anything in return whereas in owning a home, you build equity overtime. Equity enables you to use this financial cushion to other investments such as a new car or a new house.

Absolute freedom to modify your space

This can be shallow for some and light compared to the previous points, however, having the liberty to design your space however you want is the type of freedom in homeownership that is worth every penny. As you know, renting limits this aspect and often times, improvements are needed in your space.

Also, home improvement increases your home’s value which makes it not just beneficial to your own day-to-day living in your space but also for your financial return.

Purchasing a home can be one of the monumental decision and responsibility you’ll make in your life. It’s an investment, a great one. Think about it and best of luck!

About the author: When she’s not on Pinterest searching for home decoration and design ideas, Chie regularly writes for PAAL Kit Homes. It is a company that manufactures and supplies steel-framed kit homes that help Australian families build their dream home.