The U.S government allows tax incentives that make it possible for many homeowners to exceed the standard yearly deduction. Your state may offer the same benefits, a tax deduction for the yearly interest on your primary and vacation home. This amount equals a big chunk of your total payments for the first several years. You can deduct the total amount of your yearly property tax bill. If you refinance to consolidate other debts, the interest on the home equity loan is tax deductible.

Monthly mortgage payments can change if property taxes and insurance go up, but increases usually happen gradually. Rental fees can sometimes be more unpredictable. When you rent you may be forced to move out from your building, if the apartment complex is being converted into condominiums or if the homeowner sells the property.

Even though interest makes up a good portion of your monthly payment, especially during the first years, the amount paid toward the principal increases each month. Appreciation and equity work together, helping you use your initial investment to move into a home with more features if that’s what you wish to do.

The house is yours. You are the only one with the power to allow anyone to enter the house to inspect it. Paint it and decorate it in any way you wish. Put nails in the walls to hang pictures and artwork. Bring home a pet without asking anyone if it’s allowed. It belongs to you.