There may be many benefits of owning your own home. Many people enjoy the flexibility and ability to decorate and remodel the home to their tastes and needs. You have a more permanent home than renting, and you can take advantage of potentially better schools for your children. There may also be tax advantages such as being able to deduct the interest on your mortgage – but be sure to check with your tax advisor. Instead of paying monthly rent, you pay down your mortgage balance over time to create equity in your home.