Rent VS Buy
Renting out a basement for 'x' amount of money, or, paying a mortgage for 'x' amount of money? What's the better option to go with? This Question has been asked over and over again and seems like it will be asked and answered eternally.
You may have heard many times of homeowners trying to explain to those who rent that 'renting is like throwing your money down the drain'; and in fact, your literally aiding homeowners in paying off their mortgage(s), so why not purchase your own property and use that money towards your own mortgage payments? What would you do?
Advantages of Buying
Stability - You want to paint your bedroom walls blue? You'd like to change your green carpet to solid oak hardwood? Well, you go right ahead! You don't need to ask a landlord or property manager to do these changes. You can do whatever you wish to, at your own desire.
Capital Gains - If your home increases in value, that's a big plus for you as a homeowner! This will allow you to have that additional home equity. Whereas, if you were renting, you wouldn't have this benefit, your landowner would; which could potentially mean that you will have to vacate the premises with a times notice, or perhaps even have an increase on your current rent...
With a mortgage, every monthly payment that you are doing is essentially helping you build equity in your home.
Investment - Simple and true, you've made an investment. Once you pay off your home, you will have a guaranteed asset in your life.