We know that renting doesn't provide any type of stored value, the landlord limits your choices, and can change your spending in unpredictable ways; buying a house removes all these disadvantages. Plus, it can save you money on your taxes. A house is considered an asset and generally stores its value. There are times in the market when you can sell the property for a profit. Since you own the property, you have freedom over your lifestyle choices, you can have animals, paint the walls pink, if you wish. Ultimately, it's yours and you can turn it into whatever you want. Another important aspect concerns tax advantages. You will benefit from a deduction based on the mortgage interest you paid throughout the year, thus improving your return. Of course, there are potential downsides to buying a home. Essentially, once you sign the loan documents, you have a significant long-term commitment. In some cases, this is the same amount less than you would pay for rent, but for others, it can be a significant annual expense. In addition, it is more difficult to move since the property must be sold before moving out..