Depending on your circumstances, you may save a considerable amount in taxes. Of course, you should always consult a real estate professional, tax specialist or investment advisor about your specific circumstances. No one can guarantee if or how a property will appreciate. 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. You can reinvest that appreciation in other real estate or you may want to downsize and keep the value of that appreciation for retirement or other purposes.
Most homeowners pay for the property by obtaining a mortgage.
As you pay off that mortgage, your equity builds and you gain an increasingly larger share in a valuable asset. When you buy a home with a fixed-rate mortgage, you have more predictability over future housing costs. Because your interest rate never changes, the amount of your payment never changes, unlike rent payments that can be periodically raised. Homeowners are free to redecorate, remodel and accessorize a home to suit one's taste and lifestyle. The benefits of homeownership are not only that you have the right to make improvements but that the value of those improvements becomes yours as well.