Take that tax deduction. This is probably the sweetest part of homeownership. The mortgage interest you pay on your home is tax deductible. Other expenses you may be able to deduct as a homeowner are points (fees charged by the lender), a partial chunk of the closing costs and real estate property taxes.

The added benefit of home equity. By investing in your home, you are actually taking part in an appreciable investment, in which, you build equity. In time, this equity can help you finance other major purchases, such as a college education or a new car. The interest on home equity loans is usually tax deductible, too.

Live the way you want to. You can customize your home to your heart's delight. If you need to modify a room into an art studio or would like to try some creative wallpaper, it's your call. No need to worry about how to get around the landlord's rules. Many home improvements may add to your home's value. Your home improvement costs may be used to reduce your capital gains tax, when you sell.