Why should you buy a home of your own, instead of simply carrying on renting?
Individual style
The feeling of having a home that is all yours, a home where your own personal style will tell the world who you are, could be reason enough. A swimming pool in the backyard, a water feature in the front, a kitchen in the colour you like - you can do it all your way, if you own it. But there's more...
Tax Advantages
In some countries your property can become a deduction for income tax purposes. Even in South Africa you can deduct some, or even all of the interest you pay on a mortgage bond, as long as the property is used to generate an income (rent or home office). Interest will compose nearly all of your monthly payment for more than half the term of the bond. This could add up to hefty savings at the end of each year.
Rising Value
Last but not least, the value of your property is likely to increase every year at the average property appreciation rate, or more, if you buy in a good location and the equity in your mortgage is available at low cost and tax-free.
If you rent, your money is gone forever.
This is by no means the last word that will be said on the subject of Rent vs. Buy, but it should give you a good starting-point for your own argument...
