In United States, the interest payable on your home mortgage and property taxes are eligible for tax exemption. The US government permits tax incentives that enable homeowners to exceed the standard annual deduction. For many homeowners, tax benefits are the central financial benefit of owning a home. Overall, if you manage your taxes well you stand to save a decent amount of money depending on your circumstances. The beneficial deductions are as under : 

• Deduction of annual interest on your primary and vacation home loan. This amount normally is a substantial portion of your total payments for the initial few years.
• Deduction on the total amount of the annual property tax.

You can also plan to refinance in order to consolidate other debts. These loans typically carry a lower interest rate than the debts they replace, plus, the interest on the home equity loan is tax exempted.

It is better to seek professional advice from a real estate consultant, tax specialist or investment advisor about your specific requirements and needs.

Pride Of Ownership

There is a significant difference in your self-esteem and pride on owning your own home. Few achievements in life are as satisfying as the experience of owning your own home.

More Stable Costs For Homeowners

Your expense pattern becomes more stable and predictive. Monthly payments can change if property taxes and insurance go up, however these changes are usually gradual. Rental fees on the hand can sometimes be more unpredictable.

Creating Self Equity

You start paying rent to yourself instead of the landlord with your home ownership. Most homeowners pay for the property by obtaining a mortgage. After that mortgage is paid off, your equity builds and you gain an increasingly larger share in a costly asset.

Return On Investment

It is difficult to predict with certainty. But past observation suggests that over time most real estate increases in value. If the value of your home increases to the point where you can sell it for more than your purchase price, that difference in value is called appreciation. If you are careful about your selection then it is likely that there will be a significant appreciation of your property over the next few years.

Family Stability

According to the 2000 National Association of REALTORS Profile of Home Buyers and Sellers nearly half (45%) of all homeowners stay put for eight or more years. By living in one place for an extended period of time, children are more likely to be raised in a stable environment. Advantages of this include a consistent educational experience, ability to form long-term relationships, and the child's overall emotional security.