Sometimes it’s hard to decide whether to rent or buy a property. But in almost every instance, owning your own condo is better than renting. Check out our top 10 reasons to get a place of your own:

Stop wasting money on rent.
Money paid for rent is money you’ll never see again. Consider this: A $1,000 monthly rent payment adds up to $36,000 handed to a landlord in just three years. Why pay someone else for a temporary home when you can invest that money in a place of your own? Depending on your credit, you may even be able to get mortgage payments that are cheaper than what you might pay in rent.

Get a tax break from Uncle Sam.
Owning a condo is a great tax shelter. Your mortgage real estate property taxes and some other costs of buying a home are all tax-deducible. And if you decide to sell your home, you can take a tax deduction of $250,000 for an individual or $500,000 for a married couple, as long as you have owned your condo for 2 years.

Make a secure investment.
Real estate moves in cycles. While year-to-year fluctuations and temporary downturns are normal, real estate has consistently demonstrated long-term, stable growth in value. Over time, your condo will appreciate. The National Association of Realtors estimates that homes increase in value an average of 4.5% per year.

Build equity in your condo.
Equity is simply the difference between the current value of a property and the balance of all mortgage obligations. Payments on your mortgage mean you are acquiring a major possession; with each mortgage payment, you own more and more. As the value of your condo increases over time and mortgage payments reduce your level of debt, your equity grows. And as you build equity, you can use those gains to sell your first condo and afford a newer or bigger condo.

Put money in your pocket.
Building equity in your condo is like building interest in a bank account, but at a more rapid pace. It’s relatively simple: you make your monthly mortgage payment, and the balance is reduced. The value of the home, meanwhile, is rising. So every month, your nest-egg should be growing. More people have used condo ownership as a starting point for long-term wealth than any other investment strategy. The Federal Reserve Board estimates that homeowners have a net worth of approximately 36 times more than that of renters.

Be financially independent.
The quicker you find yourself at 100 percent equity – owing nothing on your home – the quicker your route to a comfortable (or early) retirement, to less financial stress and to true financial independence and wealth. Paying your mortgage also gives you an established credit rating. And if you need to take out a loan, you can always borrow against your home’s equity.

Make your payments predictable.
Rents usually go up as the cost of living increases. But unlike rent, your principal mortgage and interest payments on a fixed-year mortgage won’t go up over the years. It’s even possible that your housing costs may decline as you own the home longer.

Get peace of mind.
You may pay your rent on time every month, but there may come a time when your landlord decides to sell the property you are renting. This means you will have 30 days to find somewhere else to live, and depending on the area you live in, this may be difficult. But when you own your own condo, there are no fears of eviction and no worries about rent increases. When you buy a condo, you gain a sense of security.

Put down roots.
Rental properties have a high rate of turnover, but purchasing a condo in a neighborhood allows you to settle in and establish a sense of community. When you have a place to call home, it creates a sense of stability and continuity for you and your family that can’t be found in a rental.

Be the king (or queen) of your own castle.
There’s no landlord telling you what you can and cannot do. Your condo is yours. Paint your walls with your favorite color. Put up your own window treatments. Install built-in cabinets. You can do whatever you want to your home (within reason) and reap the benefits of your investment. Owning your own condo really does give you full control over your lifestyle.