Advantages of being a homeowner

Homeownership: This is something many people think about. For many, it's a lifestyle. For others, it's a way to build wealth. How do you decide whether buying makes sense for you? Once you break it down, it depends on your current financial situation and/or phase of life. If you're still trying to figure out how to pay down debt, maybe it's best to continue renting. But even with that, purchasing a home can still be an option for you.

Here are a few advantages of owning your own home:

• Potentially lower housing monthly costs

• Fixed monthly payments

• Your home is an investment; depending on where you live, your home and property can appreciate over time

• Property taxes and loan interest are often tax deductible

• You can personalize your space!