If you have bought prudently, your property value may increase over time

A cash deposit is needed (though this will reduce the mortgage amount)

You may renovate and decorate to suit your taste

Risk of not being able to meet mortgage payments due to unemployment or changes in income level

Easier to develop a sense of permanence and belonging to the neighbourhood

Interest cost on a mortgage loan may be as much as the cost of the home itself (depending on the mortgage details)!

More flexibility in changing your home if your financial situation changes

You may be subject to rental increases

When family size grows or contracts, you can change your living environment accordingly

You won’t benefit from any increase in the value of the property

You know exactly how much you have to spend each month on housing expenses.

Some people prefer to have “a place of my own” which carries a positive emotional feeling