There are many good reasons to purchase a home of your very own. Among them is the sense of security and freedom owning can provide. As the mortgage holder, you have the right to make changes to the property. For example, you don't need permission from the landlord or building owner to pull up or lay down carpet, change the kitchen countertops, or remodel the bathroom. In the first few years most of your mortgage payment is comprised of interest charges (which is tax deductible), and after that you'll begin to pay off the principal. As the balance of your loan declines, the amount of equity you have in the property will steadily climb.