Owning your home is a major commitment, but it can come with major financial and psychological benefits as well.

• Building equity and wealth. Whereas rent that you pay to a landlord is simply a monthly expense, when you make mortgage payments on a home that you own, you build up the percentage of the property that you own over time, which builds wealth for you and your family.

• Tax benefits. Homeowners can claim deductions on their tax return for mortgage interest and property taxes that they have paid in that calendar year, which can add up to a substantial amount of money in some cases.

• Sole control of the property. Unlike a rental home where you as the tenant have very little to no say over the property, when you own your home, you’re in the driver’s seat regarding any changes, upgrades and improvements, or additions that you wish to make. That does mean that you’re also on the hook financially for any associated costs, but any investments that you make to improve your property should be reflected in increased value for your property when you sell it in the future.

• Stability and predictability. If you rent your home, your landlord could decide at any time to raise your rent or even to sell the property without giving you any input or advance notice, which leaves you at their whim. On the other hand, if you own your home and if you have a fixed-rate mortgage, you know exactly what your monthly housing payments will be, and you can budget and plan accordingly to ensure that you can protect the stability of your housing situation.

• Personal pride. For many people, owning a home is a life goal that gives them a sense of pride and accomplishment. While it may be hard to assign a monetary value to this psychological benefit, it can be a powerful motivator for many homeowners and their families.

When determining whether you’re ready to reap the benefits of homeownership, it’s important to understand what the trade-offs are relative to renting. Buying a home requires a significant upfront financial cost in the form of a down payment, closing costs, and fees. Owning a home also doesn’t provide as much flexibility as renting, where you can more easily decide to move to a different rental property or even to a different city or part of the country. Finally, homeowners bear responsibility for maintaining their property and making any needed repairs, whereas tenants can rely on their landlords to handle those responsibilities. However, new construction like the homes built by First Homes America generally incurs lower maintenance and repair costs than existing homes that are older, that show signs of wear and tear, and that weren’t built with today’s latest materials and technology.