Most people today look forward to purchasing their first property. When individuals decide to purchase a home, they should consider all of their options and all of the pros and cons of purchasing a home. The economy plays a large role in deciding whether people will buy a home, buy a condominium, or rent a property. An option for people looking to purchase property is the option of purchasing a house. The advantages are: “the pride of ownership, privacy, owning land, tax advantages, a fixed rate, security and the possibility of renovating according to their desires. The disadvantages are: less flexibility, mortgage has interest, more money stress, requires down payments, closing costs and moving costs, requires a fixed/stable income and the bank can repossess the house if payments are not made. Zillow, May 12, 2012). Pride of ownership is an advantage because it gives these individuals a sense of accomplishment and shows that their hard work has paid off and they no longer have to deal with landlords” (Free Advise Staff, date unknown). Privacy is another benefit because it gives owners the freedom to do whatever they want without fear of breaking the rules. Owning land is an advantage because “every time you pay off your mortgage, individuals gain equity and increase their assets” (Chapman lecture, date unknown). Another benefit is that individuals will benefit from a “tax benefit that will help them repay mortgage interest and increase their income” (Kirlew, date unknown). Security is an advantage because in the long run, if some people want to have children, they don't have to worry about moving every year, but rather help their children grow up in a... middle of paper... . ..against. buying a house: pros and cons [web journal article]. Accessed April 2, 2014, from http://www.sheknows.ca/home-and-living/articles/960555/pros-and-cons-of-renting-vs-buying-a-homeProperty24. (2014). Advantages and disadvantages of buying and renting. Accessed March 29, 2014, from http://www.property24.com/property101/rent-vs-buy-guide/pros-and-cons-of-buying-and-renting/17510Pros and Cons of Condominium Living. (August 27, 2007). Retrieved March 29, 2014, from https://www.lendingtree.com/mortgage/pros-and-cons-of-condo-living-articlePros and Cons of Renting Versus Buying a Home. (2014). Retrieved April 3, 2014, from https://homes.yahoo.com/news/pros-and-cons-of-renting-vs--buying-a-home-20120531.html Rotter, K. (July 8, 2013). Daily Sesame credit. Retrieved April 6, 2014 from http://www.creditsesame.com/blog/using-your-rent-to-build-credit/