Sound Investment. When you make a mortgage payment each month, you’re building equity in the place you own, unlike rent that goes to your landlord. The more payments you make and the longer you stay in your home, the more equity you build.

Ability to move up. Once you build equity, you have more options to either renovate your home to suit future family’s needs, or move up to a larger one.

Make it your own. One of the best benefits of homeownership is the ability to personalize your home and make it your own. This is a luxury renters typically don’t have.

Make it a second income. Whether it’s renting your basement or parking space, you can earn a steady second income to help pay off your mortgage quicker.