For many people one of the biggest benefits of owning their own home is being able to whatever they want. They are able to paint the walls any color they choose, plant a garden, landscape the yard to their liking, etc.

Once you have built up enough equity in your home, you can borrow against that equity for any purpose you chose. This really comes in handy when it's time to make home improvements, go on a vacation, consolidate debt or send the kids to college.

Subject to certain limits, the interest you pay on a mortgage that is your primary residence or second home is deductible.

When you own your own home, you can also own pets without asking permission or paying large deposits.

In an investment terms, a new home might come at a fraction of the true cost of the home. Once you own a home, any appreciation the property accrues belongs to you. If you purchase a home for $300,000 but only put 10% down, your investment is only $30,000. If after 5 years, your property gained an extra 10% in equity, you would have a 100% return on your original investment.

The tax benefit of Homeownership - Homeownership represents one of few tax shelters that exist for people who do not have sophisticated income sources.

The amount you will save in taxes will depend on which tax bracket you are in. Your mortgage consultant may be able to give you generalizations about how much you can expect to save, but everyones situation is different so be sure to talk to you accountant to get an accurate estimate on the tax implications.

Around the same time you are receiving your W-2's from your employer, you will also recieve a statement from your lender showing how much mortgage interest you paid over the course of the year. This is the amount you will be able to claim on your taxes.