Below are some of the advantages of purchasing a home:
Build Relationships in the Community
Often when you buy a home, you stay in the neighbourhood for many years. This allows you to build a sense of community and develop relationships with the people around you.
There are many tax advantages that you receive from the government when you become a home buyer.
Customize and Remodel Your Home to Meet Your Needs
Unlike renting, where customizing and remodeling could impact your security deposit, when you buy a home you are able to customize and remodel it as you please.
Buying a home is an investment in your family's future.
Fixed Mortgage Payments
A fixed mortgage payment includes both principal and interest payments. This means that every payment you make on your mortgage puts you a step closer to owning your home in full. This is better than renting, where you are paying out of pocket and not reaping any benefits.
As you pay down your mortgage you will build equity. Equity is considered the value of the property which you own.